The Economy Fit

Floor Speech

Mr. DURBIN. Senator McConnell was also critical of President Obama, the President's attempt to deal with the economy he inherited from the previous President. The economy was in the worst shape we have seen it since the Great Depression when President Obama was sworn into office. It was not, as he said, his choice to face that kind of an issue or challenge, but it was the reality of what he faced. He did the right thing. He said: I am not going to stand idly by and observe this economy continue to decline, with more and more people facing unemployment, businesses failing, and people losing their savings. I am going to step up and try to create jobs, save and create jobs here in America so that we do not see more people in the unemployment lines.

I supported that. Luckily, three Republican Senators at the time joined us; otherwise, we could not have passed it. So we had a bipartisan vote supporting President Obama's recovery and reinvestment package. Senator McConnell, the Republican leader, opposed it. He came to the floor today to say that we wasted our money on this stimulus package and that we should be very skeptical of these things. The fact is, the Republicans in the Senate had nothing to offer as an alternative. Their alternative was to stand idly by and watch the economy continue to descend, continue to deteriorate, and maybe with a little prayer and hope that it would turn around. That is not good enough.

President Obama said: Let's first, in this stimulus package, take at least 40 percent of all of the funds I am asking for and give it back to Americans in tax breaks for working families. Families need a helping hand, the President said. I voted for that. I think that was sensible. The President made that decision. Senator McConnell thinks that is wasteful, to give tax breaks to working families--at least he said it was wasted. I do not believe it is wasteful. It is a good thing to do to try to revitalize the country.

The President said: Let's invest in what will pay off for a long time to come. Let's put money into infrastructure, let's build that which will serve our economy and serve America, and let's create good-paying jobs to do it. I thought that was sensible.

The President said: Let's look to the next generation of needs in America. Let's make sure we are investing in energy projects which will pay back in years to come and lessen our dependence on foreign energy sources--another good investment from where I am sitting.

He also said: Give a helping hand to those unemployed, a little extra money for them each month to get by. It was not a lot, but for many families it made a difference.

He also said: Give the unemployed a helping hand so they can keep their health insurance. If you lose a job, you lose your health insurance. Think about that if you are trying to raise a family. The President said: Let's try to reduce the premiums unemployed people will pay.

Now Senator McConnell comes to the floor and said this was a waste of time and a waste of money for us to make that kind of investment in America. I believe the President did the right thing. I would commend to Senator McConnell, the Republican leader, the latest Pew Poll, which shows that when Americans were asked if America's economy is on the right track or wrong track, they have come in with the highest number--53 percent on the right track, 39 percent on the wrong track--we have seen in months. There is a feeling that we still have a long way to go. There are still too many people unemployed, too many businesses failing. But at least we are on the right track toward recovery. It may take some time. Nobody predicted this would be fast or easy. But the President showed leadership, inheriting a bad economy and showing leadership to deal with it.

Source