Real Estate Bank Owned Distressed Properties,
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Florida Foreclosures
California
Foreclosures
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The legislation was drafted by a small
handful of members with little input from Republicans
January 2009 Obama Pledge - I will
create new jobs and provide tax relief for 95 percent of Americans.
Obama rushes the American Recovery and Reinvestment Act of 2009 on the taxpayers
with his Democrat majority and only 3 Republicans. Promises the package will
stimulate the economy, provide relief to struggling individuals, small
businesses and create 3 to 4 million needed jobs across the country.
--------------------------------------------------------------------------------------------------------------------------
Sept 2009 - Unemployment rate is the highest in 26 years. Unemployment in California hits
post-World War II high 11.9%. Nevada's unemployment rose to 12.5. New York
City jobless rate hits 9.6% - a 12-yr. high.
More than 35
million Americans receive food stamps. Consumer bankruptcies may pass
1.4 million by Dec. 31 as jobs are lost and loans are harder to get.
Federal Reserve chief Dennis Lockhart said the real US unemployment rate
would move from the official 9.4 percent to 16 percent if persons who
have dropped out of the labor pool and those working less than they would
like are counted.
-------------------------------------------------------------------------------------------------------------------------
June 2009 the average unemployment rate 9.4 % with Illinois
9.4% Nevada 11.5% California 11.5% Michigan 13.4%. The Stats do not account
for those that have given up looking for a job. Some say the current U.S.
unemployment rate is closer to 20%. During the Great Depression the
unemployment rate was 19.1%, almost one out of five workers was unemployed,
this is from the official Bureau of Census Bureau of Labor Statistics data
series for the 1930s.
-----------------------------------------------------------------------------------------------------------------------
Republican U.S. Representative C.W. Bill Young of Florida Addresses the
Obama Plan
I rise to express my concerns about H.R. 1, the American Recovery and
Reinvestment Act of 2009.
They are concerns about its cost, estimated at more than $1.1 trillion; its
ability to really create jobs stimulate our economy; and about the procedure
with which it was written and brought before this House.
The Congressional Budget Office estimates the cost of this legislation at
$815 billion. But that is before we factor in the cost of the interest
payments totaling $347 billion over the next 10 years, that Americans will
incur to finance this, the largest spending bill every brought before
Congress.
And what do we get for our ‘‘investment?’’ Nobody knows how many jobs, if
any, this legislation
will create. The Congressional Budget Office estimates that only 15
percent of the spending in this bill will even take place between now and
the end of the fiscal year on September 30th.
The agency further estimates
that by the end of the next fiscal year on September 30, 2010 that just half
of the funds provided
in this legislation will be expended. One can only wonder how this
legislation, with the intended goal of creating sustainable jobs, can do so
with such a slow obligation of funds. Instead, this legislation puts our
nation on the hook by creating 32 new programs totaling some $137 billion.
This includes a $79 billion
State Fiscal Stabilization Fund at the Department of Education which the
State of Florida I represent and our public schools and their students will
not even qualify for because of the complicated formula under which the
funds will be given to the states. How many jobs will these new programs
create? How would the money be spent? Who would receive the money? These are
all questions I would have asked if our Appropriations Committee, which has
the responsibility of overseeing discretionary spending, had ever
held a single hearing on these programs.
The truth is, none of our
subcommittees ever held a hearing on any of the programs in this bill.
This legislation was drafted by a small handful of members with little if
any input from Republican members of this House. President Obama met
with the Republican
members of the House Tuesday to ask for bipartisan
support for this stimulus legislation.
Instead, I sense there is bipartisan opposition
to the process under which we consider this
legislation. Democrats and Republicans alike
are on record as saying we should slow down
the process and do it right.
We need only look back four months ago to
the way in which the House and Senate handled
the $700 billion financial bailout to see
what happens when we act in haste, with little
deliberation, and virtually no input from the
members of Congress. We wind up with
wasteful federal programs, managed by government
bureaucrats, with little or no oversight,
and with few if any positive results. Last year, we considered legislation to help
individual homeowners with their mortgages. I
supported that bill, because it tried to help
people keep their homes. Last October, we
considered legislation to bailout the financial
industry and financial executives. I voted
against that legislation twice because it was a
$700 billion mistake that did not help people.
Now we are on the verge of repeating that
mistake with a new $815 billion bailout that
likewise does little to help people get back on
their feet and find work.
Mr. Chair, no one in this chamber would
deny that our nation faces unprecedented economic
challenges in the days and months
ahead. Many of my colleagues in this House
who oppose this legislation want to provide
help to get Americans back to work. But we
want to do it the right way without driving our
nation further into the economic doldrums and
passing the debt on to our children and our
grandchildren.
We also want to do so in a fiscally responsible
manner. The Congressional Budget Office,
in its analysis of this legislation, concluded
that ‘‘federal agencies, along with
states and other recipients of that funding,
would find it difficult to properly manage and
oversee a rapid expansion of existing programs
so as to expend the added funds as
quickly as they expend the resources provided
for their ongoing programs.’’
Let us heed the calling of the American people
last November 4th. They asked us to put
the elections and politics behind us and start
working together to solve America’s problems.
President Obama came to Congress this week
to ask for our help. But we cannot help if we
do not have any input. We cannot help if we
have no committee hearings. We cannot help
if our subcommittees do not have a hand in
writing this legislation. And we cannot help if
we have little opportunity to amend this bill
when it is brought before the House. No legislation
is perfect, let alone one that will spend
$815 billion and create 32 new programs.
Mr. Chair, let us vote down this legislation to
send it back to the committees and signal that
the American people demand a thoughtful and
deliberative process in deciding how to spend
their hard earned dollars. This is their money,
not ours, and we have the responsibility to be
good stewards of it.
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