Simpson Votes Against Stimulus Package
Washington,
January 28, 2009
Idaho Congressman Mike Simpson voted against H.R. 1, the $819 billion stimulus package, today. The bill passed by a vote of 244-188. H.R. 1 will launch the United States into the largest deficit we have ever seen, tipping at $1.4 trillion. "A trillion dollars is hard for most people to grasp," said Simpson. "Ronald Reagan suggested imagining a crisp, new stack of $1,000 bills. If you had a stack 4 inches high, you’d be a millionaire. That stack would need to be over 63 miles high to equal a trillion dollars." The legislation has been promoted and described as a transportation and infrastructure investment package, yet only three percent ($30 billion) of this package is to be spent on road and highway spending. "I support spending money on transportation projects that are ready to start, it will put people back to work immediately and our economy will benefit from a much needed and improved infrastructure system," said Simpson. "But instead of targeting money to necessary, ready-to-go projects that will create jobs, this bill is simply a vehicle for all the government spending we’ve ever wanted to do but haven’t been able to pay for. I can’t support this type of irresponsible spending binge that leaves our children and grandchildren holding the check." Economists agree that the most direct and cost-effective way to get the economy back on track quickly is to boost tax incentives for private businesses to expand and create more jobs. A good stimulus bill should be temporary and targeted, putting people back to work and providing our economy with the tools to grow and flourish in the long-term. Congressman Simpson believes we need to not only look at our own history with recessions, but that of other countries. Japan responded to a 1990 recession by passing ten "stimulus" bills over eight years, resulting in the largest national debt in the industrialized world, yet their economy remained stagnant. Their per capita income went from the second highest in the world to the tenth. "We must learn from these examples and not fall into similar situations," said Simpson. "Unemployment is rising, businesses are suffering, individuals are suffering, we know our economy is in a recession - the question is what should the government do to spend taxpayer dollars wisely," said Simpson. "I agree with Speaker Pelosi, this stimulus package needs to be temporary, timely, and targeted; however, this bill is none of these." |