
Congressman McClintock’s Floor Speech Against Further Bail Out Money For Wall Street
Rep. McClintock gave the following floor speech in support of H.J.Res. 3, which was a Republican measure to deny the authorization of the remaining portion of the $350 billion in bailout funds.
Mr. Speaker:
This resolution presents the House with its last chance to admit that the Bush bailout has not worked. And it will not work because of a simple and self-evident truth:
Government cannot inject a single dollar into the economy that it has not first taken out of the economy.
It’s true that if I take a dollar from Peter and give it to Paul, Paul has one more dollar to spend and that dollar will ripple through the economy.
But we forget the other half of the equation: Peter now has one less dollar to spend, meaning one less dollar to ripple through the economy. In short, it nets to zero.… Read More