Recovery Rebates and Economic Stimulus for the American People Act of 2008

RECOVERY REBATES AND ECONOMIC STIMULUS FOR THE AMERICAN PEOPLE ACT OF 2008 -- (House of Representatives - January 29, 2008)

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Mr. DOGGETT. Mr. Speaker, while the Bush Administration's reaction to
the economic downturn was to continue whistling ``Don't Worry, Be Happy,'' we were at work on a prompt response. But today's stimulus is far less effective than it could have been and should have been because those who doubted that we needed to do anything insisted on supporting only action that would give one of every $3 to corporate America and would delay until this summer giving any assistance to ordinary working families.

And now there is even an effort to add tax cut rebates to this bill for multi-millionaires. That is hardly ``stimulus'' unless they decide to increase their tips to the butler or the limousine driver.

Although the risk of recession is very real and it requires a bipartisan response, let's be very clear: this danger did not result from any bipartisan cause.

Like the Republican mythology that tax cuts pay for themselves, this downturn had its genesis in the wrongheaded notion that markets can do no evil, whether the subject is environmental protection or economic stability. They think the only desirable action is for the government to get out of the way. Well, the Bush Administration got way out of the way, and as a result we had overzealous lending and sometimes fraud in the subprime market while the Bush Administration stood by.

We wouldn't need a $150 billion stimulus today if they had done their job. Whatever we do here, it can still be a stimulus without letting go of the pay-as-you-go rule and adding to our soaring national debt.

Borrowing too much is what helped create this Bush economic mess. Borrowing even more can make it even worse. Political expedience should not trump sound fiscal policy.

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