Watch me chair the committee right now, 12:30 PM, on C-SPAN 3. [Update 3/05, 12:00 PM: For the full video of the hearing, watch here].
Reproduced below are a few of my words about President Obama's proposed budget:
"President Obama’s budget lays out a responsible, straightforward roadmap to put our nation back on track to prosperity. This Administration is ushering in a new era defined by core principles of strengthening economic security for America’s middle-class and making overdue investments in health care, education, and infrastructure to make our nation stronger.
The budget also provides a framework for simplifying our tax laws to close loopholes and make the code leaner and stronger. I have no doubt that this budget outline will spur vigorous discussion, but it is a discussion we cannot shy away from. I look forward to working with President Obama to move forward in a bipartisan manner to simplify our tax laws and help our workers and companies remain competitive internationally.
For too long, hardworking families have watched their wages, savings and hopes dwindle – and at the same time, they have watched the wealthiest among us grow wealthier. This Administration knows that the middle-class is the backbone of our economy, and this budget makes an investment in their future to help them take home more from each paycheck to provide for their families and rekindle the American dream. The budget makes good on our promise to provide permanent tax relief for 95 percent of working families to help them restore some of the economic peace-of-mind that has been lost in recent years.
We are also paving the way for comprehensive health reform to expand coverage and address skyrocketing health costs that threatens access for those with insurance and prevents tens of millions of Americans from getting the care they need. By strengthening existing programs, we can lay a foundation for reform to ensure that everyone has access to affordable care that meets their needs. President Obama has been clear from the beginning that the challenges we face will require tough decisions and this budget further demonstrates the strength of his leadership to guide our nation through these difficult times.
President Obama’s budget offers a clear vision for the future, and a clean break from irresponsible budget gimmicks of the past that hid the true cost of the wars in Iraq and Afghanistan, so that the American people can see clearly how their hard-earned tax dollars are spent. I look forward to working with President Obama and Congressional leaders to make this vision a reality so that we can pick our nation up out of this recession and build a brighter future for all Americans."
Don't forget to tell me what you think in the comments section below!
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Many people in the U.S. are wealthy because they worked hard for a living. For example, is Bill Gates and his wife bad people just because they are smart and worked hard to get to where they are today? Why should they be penalized? Also, if someone is wealthy because they inherited family money, just because they are getting wealthier are they bad people>? NO! they are living in the U.S. where anything should be possible. It is a certain few that make them look bad because they use unethical ways to make there money or they make the policies in order to gain. Many people I know make more than $250,000 and are going to work less because the of the tax Obama is going to expire.
Dear Representative:
Do you actually believe what you are writing here? This little space does not provide enough room to begin to discuss the flaws with this budget proposal. First of all it improperly calculates tax receipts which will fall far short of estimates because the budget takes investment money from those that actually stimulate the economy. This effect is well known my economists. Increasing the government's share of the GDP does not help the economy; therefore, does not help your constituents.
What this budget does will create the largest deficit in U.S. history. All Congress and the Administration are doing is buying votes and making a larger part of the population dependent on the government. What you and your peers are doing is reminiscent of the U.S.S.R. Hard work and capitalism is what made this country great, and this Congress is destroying it.
When the tech bubble broke in 2001, I saw many businesses go bankrupt and people even went to jail. The economy survived. Now because of their ties to Washington, we had a new set of failed businesses receive large checks instead of convictions. Let Citi, AIG, and others fail. Our bankruptcy laws will handle it. The funny thing about capitalism is that it is self-regulating. If you get too big, you fail, and then correct your business model.
All the "stimulus" package and this budget is is pork to direct the government towards a failed socialist state and benefit your friends. Americans are beginning to wake up and realize the truth.
Congressman Rangel, as chairman of the Ways & Means Committee, you are first in the line of defense for the people of the United States. You are not my state representative, but you are my representative in the position you hold. I was disgusted by the spending spree the Republicans took us on and continue to be disgusted and now alarmed at the course the new administration is taking. Washington has come to view the taxpayers' dollars as Monopoly money with no real meaning, other than buying the next great thing we just cannot live without. It is not Monopoly money -- it is sweat equity from millions of American citizens who work and contribute daily to our great nation. The federal government is not responsible for providing money in our pockets, health care or guaranteed credit. It is responsible to guard the freedom we have to succeed greatly or fail, not to orchestrate or prevent either. The proposed budget is not for the people, and will enslave each of us and our future. I implore you to act with Godly wisdom, reject this unsustainable course and protection the future of this great nation.
I don't think President Obama or Congressman Rangel is saying wealthy people are "bad." They both know "Traditional Wealth" was gained by providing good services and good products to the general public at a reasonable price. TRADITIONAL BUSINESS VALUES HAVE GOTTEN LOST. It is not good business sense for the wealthy to increase their bottom line by taking away jobs from the bottom of the company... and giving bonuses and perks for themselves, at the top. It is not good business sense to destroy your own economy by moving business services out of the U.S. because another country will do the services or make the product for a cheaper price. While this may earn a couple of dollars for shareholders and the bottom-line... your company is supporting a foreign economy, and destroying your own. It is not good business sense to become wealthy by "taxing-feeing-contracting" consumers into poverty. THIS IS TRUE FOR BUSINESSES AND LOCAL GOVERNMENTS THAT USE THESE PLOYS AND TACTICS TO RAISE REVENUES. This "inherited disaster" that Congressman Rangel's committee has to struggle with will never veer onto the right track until the economic giants and the American people FIRST adopt President Obama's "Paridym of Hope." and let go of the "Greed is Good Theory" that now shows... it totally destroys the traditional values of wealth America was built on.
Can you please explain to me why JP Morgan who handles the EBT accounts for Food Stamps in 30 states is planning to outsource another 25% of its jobs to India?
In these hard economic times when jobs are scarce for Americans? Through the division of children and families in the State of Florida I was advised to call JP Morgan to replace my EBT card. I was in a state of shock when the call was answered and I realized I was speaking to someone in India. Here I am, without a full time job in the USA, having to apply for food stamps to survive with a college education. The company we have chosen to pour billions of dollars into is outsourcing work....this is a disgrace. I felt like someone stuck a knife in my heart and was turning it.
Should some constraints be put on this company we are pouring money into both through initial TARP funds and who knows how many billions through state dollars to hire in the USA?