Washington, DC - “The Administration recently requested $87 billion from Congress to fund the war and rebuild Afghanistan and Iraq’s infrastructure and economy.  This is in addition to the $79 billion that Congress made available for these efforts last spring.  I have no problems with fighting the war against terrorism, whether it is in Iraq or in Afghanistan, but I am wondering where the funding is to rebuild our own economy.

 

“Just to put this $87 billion in context, $87 billion is more than our government spends on any domestic agency, with the exception of the Department of Defense and the Department of Health and Human Services.  With this request, we will spend more rebuilding Iraq than we spend rebuilding crumbling American roads and bridges. We will spend more in Iraq than we spend rebuilding the outdated schools where our children are educated. 

 

“In fact, we will spend more rebuilding Iraq that President Lyndon Johnson spent to fund the entire federal government his first year in office. My colleagues on the other side of the aisle talk about how bad it was, but, we are actually spending more in Iraq than we were in the first year of the Great Society.

 

“While this Administration is focused like laser beams on Iraq, I agree with some that we are falling asleep at the wheel while driving our economy.  Our economy is swerving and is heading for a wreck.

“We have presided over the largest fiscal reversal in history by turning a $5.6 trillion surplus into a $3.3 trillion deficit.  Under this Administration’s economic leadership, 3.2 million Americans have lost their jobs and these jobs will not return, if you read the business section of our major dallies.  The gross domestic product growth has averaged 1.6 percent, and real business investment has fallen 10.4 percent. 

 

“Show these figures to the Administration, and you’ll hear their cries of recession and economic swings.  This country has weathered recessions before, but these figures don’t represent just any recession.  They represent the worst economic conditions since the Great Depression. 

 

“This administration has the worst economic record since Herbert Hoover presided over the Great Depression.  And as much as this Administration hates to admit it, tax cuts are not the answer to every economic problem. 

 

“They promised us that cutting taxes would ease the burden on businesses and pave the way for job creation.  Since this President took office, we have had three major tax cuts and lost 3.2 million jobs -- that is over 1 million jobs lost for each tax cut. That is over a million jobs lost for each cut.

 

“This country has already lost 437,000 jobs this year, raising our unemployment levels to 6.1%.  Factory employment in this country has declined in every single month for the last three years.  In fact, of the 3.2 million jobs lost under this President, 2.7 of them have been manufacturing jobs.  And over 150,000 have come from the state of Texas. 

 

“I represent the 29th District of Texas, which is the third most blue collar district in country, according to the last census.  These good paying jobs belonged to my constituents and provided them with a livable wage and a good chance at the American dream.

 

“In 1950, manufacturing jobs represented a third of this country’s labor market.  Today, they represent just over one-tenth.  Part of this country’s economic problem is that it doesn’t make anything

anymore.  Our push toward free trade has pushed our products and our jobs right out of this country.

 

“I also represent the Port of Houston, the second largest port in this country.  The port has been an economic boon for both the City of Houston and Texas. But for the sake of our country, I just wish those ships going were full as when they come in.

 

“Our country is in a dire economic situation.  The President recently talked about the need for unity and sacrifice and I think he’s right.  But our country’s economy and unemployed workers have sacrificed enough. 

 

“It’s high time that we made some sacrifices and the tough decisions necessary to start putting this country, and all of its people, first.