>November 25, 2009
As the Thanksgiving holiday approaches, many of us begin to ponder the things for which we are thankful. This year has been a particularly tough one for the economy and for Congress:
Over 120 banks have failed this year, and continued bailouts have seen the government become a significant shareholder in multiple banks, as well as a majority of the American auto industry. The House of Representatives passed a failed stimulus package to the tune of $787 billion, along with Cap-and-Trade legislation which many say will kill jobs and a trillion dollar health care package. The Financial Services Committee is also considering a bill that will establish a permanent bailout fund to continue to bail out failing financial companies.
I was concerned about this in January (see my January 27th Garrett Gazette, “Incurring Massive Debt is Not a Stimulus Plan”), as I believe massive spending does little to stimulate economic growth. I even wrote a letter to President Obama on January 27, encouraging him to consider additional stimulus options. Unfortunately, Congress passed a “stimulus” that has done nothing to stimulate the economy, and we are currently facing an unemployment rate that is over 10%.
You may ask what this has to do with Thanksgiving. I am writing to let you know that what I am thankful for this Thanksgiving: I’m thankful that it’s not too late to fix our economy. It’s not too late to turn the unemployment trend around. It’s not too late to stop contributing to our country’s massive debt. We’re in a hole right now, so let’s stop digging.
As Congress explores options of yet another stimulus, I would encourage my colleagues to consider an option we haven’t tried yet: tax relief for small businesses that will enable them to create jobs for Americans.
In January, I introduced H.R. 470, The Economic Recovery and Middle-Class Tax Relief Act, an economic stimulus package designed to provide short-term stimulus, while encouraging long-term economic growth.
This legislation focuses on broad, growth-oriented, permanent incentives for economic activity across all sectors and industries, with immediate application and sustained, long-term implications. Provisions center around three main themes: support for families through tax relief, economic relief for American businesses and entrepreneurs, and protection for future generations from a crushing debt burden.
I’m sure that by now, you’ve seen the stories about the millions of stimulus dollars that went to create jobs in congressional districts that don’t exist (i.e. New Jersey’s 80th district – as a reminder, we only have 13 representatives. See the Wall Street Journal editorial, “The Phantom Jobs Stimulus: ‘Who knows, man, who really knows’” for an in depth discussion of this issue). Rather than spend taxpayer dollars on programs the government might have great difficulty administrating effectively, The Economic Recovery and Middle-Class Tax Relief Act is a tax relief program which allows businesses and individuals to keep more of their own money. I have confidence that you know how to manage your money more effectively than the government does.
I will continue to work to protect your taxpayer dollars from government abuse: I have opposed ALL bailouts, as well as Congressional spending that grows our federal deficit. I will also continue to work with my colleagues to propose taxpayer-friendly alternatives. With your continued support, we can spread the message of fiscal responsibility throughout Washington, DC. It’s not too late to fix our economy, but we need to act now to change our course.
Sincerely,
Scott Garrett
Member of Congress
