You Cannot Spend Your Way Out of Inflation or Tax Yourself Out of Recession

Washington, D.C. - Congressman McClintock today delivered remarks on the House floor on H.R. 5376:

Watch the full remarks here and a transcript as prepred is below:

M. Speaker:.

The Democrats printed and spent trillions of dollars we didn't have and unleashed the worst inflation in forty years. They waged war on American energy and plunged us into recession.

Now they are doubling down on these foolish policies. It seems the more that some people invest in their mistakes, the less willing they are to admit them.

They're adding 87,000 new IRS agents - larger than the entire population of Flint, Michigan -- to collect $200 billion of new taxes - mostly from middle class families and shopkeepers who don't have the resources to contest expensive audits. They're adding $300 billion of new corporate taxes which will be passed on to families as higher prices, lower wages and lower returns. All to give away ¾ of a trillion dollars MORE of your earnings to their green energy cronies and other political supporters - averaging $6,000 per household.

Just as you can't drink yourself sober, you cannot spend your way out of inflation or tax yourself out of recession or borrow your way out of debt. Yet that's what the Democrats claim they can do. What makes them think socialism will work any better here than everywhere else in the world it has ever been tried? This bill takes our country further into this dismal future - and only more suffering and poverty will come of it.