House Proceeding 02-13-09 on Feb 13th, 2009 :: 1:14:30 to 1:18:15
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1:14:16 to 1:14:36( Edit History Discussion )

Phil Gingrey: enacted in the world. in the history of the world. we're talking about increasing our na deficit, but the national debt, which today is about 0.7 trillion -- with a t. we're talking about increasing that by 10% in one snap of your finger.

1:14:30 to 1:18:15( Edit History Discussion )
Speech By: Phil Gingrey

1:14:37 to 1:14:58( Edit History Discussion )

Phil Gingrey: as soon as president obama signs this bill into law monday, all of a sudden we have increased the national debt 10%. up to 2.5 trillion. how in the world, mr. speaker, are we ever going to pay that off? i mean, it's downright

1:14:59 to 1:15:19( Edit History Discussion )

Phil Gingrey: depressing, is what it is. not just scary, but it's downright depressing. and speaking of that money that was spent on the new deal, and i know people love to say, well, f.d.r. was one of our greatest presidents and no doubt he was a man of great courage, great

1:15:20 to 1:15:42( Edit History Discussion )

Phil Gingrey: personal courage, overcame tremendous adversity physically and was our president during very difficult times, world war ii, and did some wonderful things. and i commend him for that. but i am not so sure that the new deal was such a good deal. in fact, it may very well have

1:15:43 to 1:16:03( Edit History Discussion )

Phil Gingrey: been a raw deal. and let me quote someone who should know better than i. because he was there and he lived through it, he advised president roosevelt. he was president roosevelt's secretary of the treasury. and his name was henry morgenthau.

1:16:04 to 1:16:24( Edit History Discussion )

Phil Gingrey: and listen to what the secretary of the treasury under president roosevt said to a hearing before the ways and means committee of this house in 1939. and i'll quote, we have tried spending money, we are spending

1:16:25 to 1:16:45( Edit History Discussion )

Phil Gingrey: more than we have ever spent before and it does not work. i want to see this country prosperous, i want to see people get a job, i want to see people get enough to eat. we have never made good on our promises.

1:16:46 to 1:17:06( Edit History Discussion )

Phil Gingrey: i say after eight years of this administration, we have just as much unemployment as when we started and an enormous debt to boot. end of quote. secretary of treasury, henry morgenthau, under president roosevelt, 1939, some seven

1:17:07 to 1:17:27( Edit History Discussion )

Phil Gingrey: years into the new deal. that's probably why vice president biden, mr. speaker, said that, you know, look, this thing's got a 30% chance of not being successful. and making -- allowing this recession to be deeper and more prolonged than if we indeed did nothing.

1:17:28 to 1:17:48( Edit History Discussion )

Phil Gingrey: well, let me ask my colleagues to join with me and look at a few more posters, just to again put the spending in perspective. with this amount of money, the $ 789 billion and of course when i say .2 trillion, that's the interest over 10 years on the

1:17:49 to 1:18:09( Edit History Discussion )

Phil Gingrey: debt, but when you do the math, it's fairly simple, and you say that you're going to create four million jobs, four million jobs with this, that means you're spending 75,000 for every job. 75,000 for every job. that's what it's going to cost.

1:18:10 to 1:18:15( Edit History Discussion )

Phil Gingrey: and a lot of these jobs are going to pay 5,000, maybe even