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The Policies of this Administration are Lengthening and Deepening this Recession

Date: July 21, 2009
Location: Washington, DC
Issues: Government Budget and Spending Energy


THE POLICIES OF THIS ADMINISTRATION ARE LENGTHENING AND DEEPENING THIS RECESSION -- (House of Representatives - July 21, 2009)

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Mr. McCLINTOCK. Mr. Speaker, I was struck by the chilling similarity between the broad-based taxes under the Waxman-Markey cap-and-trade tax we passed several weeks ago and the Smoot-Hawley Tariff Act of 1930 that economists blame as one of the major factors in producing the Great Depression.

Another of Hoover's blunders was the Emergency Relief and Construction Act of 1932. Its centerpiece was a radical increase in income tax rates from 25 percent to well over 50 percent.

If that sounds familiar, it should. That's one of the financing proposals in the health care bill that would push State and Federal income tax rates to more than 50 percent in most States.

Mr. Speaker, when I see the same policies from this administration that turned the recession of 1929 into the Depression of the 1930s, I'm reminded of Ben Franklin's observation that ``experience keeps a dear school, but fools will learn in no other.''

Mr. Speaker, these policies are lengthening and deepening this recession because this administration did not even learn from experience.

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