House Proceeding 01-26-10 on Jan 26th, 2010 :: 2:37:20 to 2:41:35
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2:37:15 to 2:37:36( Edit History Discussion )

Bob Goodlatte: will not have it beter than the previous generation. and i yield back. mr. goodlatte: i agree with the gentleman. we are at great risk. and let's start with the stimulus that a group just before us were touting the benefits of the economic stimulus package of the during the time we have been in the

2:37:20 to 2:41:35( Edit History Discussion )
Speech By: Bob Goodlatte

2:37:37 to 2:37:59( Edit History Discussion )

Bob Goodlatte: process ofspending this $1 trillion, al of which is borrowed ainst our children and grandchildren, every penny is added to the national debt, but before we mentioned that we lost 2.74 million jobs sincthe stimulus program began, but the stimulus is founded on an

2:38:00 to 2:38:22( Edit History Discussion )

Bob Goodlatte: economic theory and that is keynesia if there is an ecpkeynesian which says if there is an economic downturn the government will borrow money to spend on various programs to employ people and they will generate economic activity and spend the money they earn and will cause people to manufacture goods in reonse to that demand

2:38:23 to 2:38:45( Edit History Discussion )

Bob Goodlatte: and the economy will start growing. and this is the last part and always left out when they talk about the economic stimulus package, the last part of keynes ' theory and there would be a

2:38:46 to 2:39:09( Edit History Discussion )

Bob Goodlatte: growing economy and use those revenues to pay back the money they borrowed to get the proces going. and every time there is one of these so-called economic stimulus programs do they pay the money back at the end? no it's very clear there is no such intention here when you

2:39:10 to 2:39:31( Edit History Discussion )

Bob Goodlatte: have $80 million-plus deficits to say nothing about the unfunded liabilities that is far, far greater than what we are seeing here on this chart. so that is what realy puts the lie to the idea that this stimulus is going to have any long-term good effect but the first concern i have is that at some point in time at the amount of money we borowed when

2:39:32 to 2:39:53( Edit History Discussion )

Bob Goodlatte: the economy starts to grow not only in this country but elsewhere in the world and some economies are growing at a healthy pace like in countries like china and brazil, they will have increased demand to borow money and our government will, to, and that means at some.,

2:39:54 to 2:40:19( Edit History Discussion )

Bob Goodlatte: that at some point because people are saving money and interest rates are very low and banks are afraid to lend money, therefore there is a lot of money in the banks and therefore interest rates are low, but in the not too distant future, we are going to see demand for that money rise and the point made by the gentleman from florida that

2:40:20 to 2:40:40( Edit History Discussion )

Bob Goodlatte: if you have a $14 trillion, $18 trillion debt and incht rates go up to 5%, 6%, 7% and i remember when the prime rate went over 20% during the carter years, we face those interest rates with this amount of debt, the burden on our government is going to be

2:40:41 to 2:41:03( Edit History Discussion )

Bob Goodlatte: staggering and therefore the burden on our economy and our people and it's going to result in near term staggering problems in terms of high interest rates and hyper inflation and very weak dollar and then we're going to have wat et seems lke what

2:41:04 to 2:41:24( Edit History Discussion )

Bob Goodlatte: we are going to get into, some evidence in some growth in our economy but continuing to lose jobs. and then behind that, you have inflation set in. then going to have the stagflation that people remember from the early 1980's. this is not a prescription for

2:41:25 to 2:41:35( Edit History Discussion )

Bob Goodlatte: the future of our children and grandchildren but an economy that will go downhill and have a very, very different future for this country and the people of this country.