Congressman Tom McClintock (R-CA) yesterday talked about the history of nations that failed by taxing, in a debate on the 2012 budget bill introduced by Budget Committee Chairman Paul Ryan.
McClintock said “History walks with us today as we begin this debate. History offers us not a single example of a nation that has ever spent, borrowed and taxed its way to prosperity. Not one.”
Reminding the house that there are many examples of nations that spent, borrowed and taxed their way to economic ruin and bankruptcy, he said history is screaming this warning at the US.
“Nations that bankrupt themselves aren’t around very long, because before we can provide for the common defense and promote the general welfare, we have to be able to pay for it – and the ability of our nation to do so is now in grave danger.”
The budget proposal aims to end many loopholes that allow some of the wealthy to pay less than their fair share of taxes, while lowering the overall rate for those who paid more.
Economists say the tax relief provided by the Ryan plan will produce a million new jobs next year, because over 80 percent of small business income is affected.
President Obama, McClintock says, believes that more jobs can be created by taking more money from small businesses.
The Ryan proposal aims to save Medicare and Medicaid by putting them on a sound financial foundation. It reverses the growing trend of doctors refusing to treat Medicare patients and assures future seniors a far wider choice of physicians and plans than is currently available.
“Medicare and Medicaid will collapse if we continue business as usual.”
– Congressman Tom McClintock (R-CA)
Ryan’s budget proposal aims to bring federal spending back under control.