Serrano Denounces 'Cut, Cap and Balance' Bill
This week, Congressman Serrano denounced a House Republican effort to impose an economically-devastating fiscal plan on the country through their so-called 'Cut, Cap and Balance' bill. Serrano called the ill-advised austerity package “a path to another recession” and the “wrong solution to our nation’s problems.”
“Our nation has run into fiscal problems for three reasons—none of which are addressed by the Republicans’ bill—they were primarily the Bush Tax Cuts, the foreign wars, and the recession,” said Congressman Serrano. “With the Republicans refusing to address the fiscally-disastrous tax cuts for the wealthy, refusing to end the costly foreign wars, and actively taking action that will make the economy weaker, we are left with few options but to denounce this backwards approach.”
“When the fiscal situation of the government was better, I warned that their spending on tax cuts and foreign wars would cause fiscal problems which they would then balance on the backs of social programs. I warned that my constituents, who work hard for their families, would be the victims of the wasteful, reckless Bush fiscal policies. But when the times were good, Republicans ignored these valid concerns—saying that ‘tax cuts pay for themselves’ and famously ‘deficits don’t matter.’ They were wrong and working families are suffering.
“Now we get the perverse reasoning that by cutting government jobs and spending, you will create jobs and revive the economy. This logic is so backwards as to be laughable. Good, stable government jobs and stimulus spending is precisely what the economy needs to begin to grow again.
“They claim that businesses need ‘confidence’ and tax incentives to begin hiring. The truth is that businesses first must have customers in order to need new employees. Big corporations are sitting on piles of cash, and tax incentives will do little to change their lack of customers. We can create demand in the economy through stimulus spending—not through severe fiscal austerity plans.
“My constituents never got the benefits of the Bush bubble. They worked the jobs that were available and paid taxes. They did their fair share. Now the jobs are evaporating, and the social safety net that they paid into during the better times is under severe threat.
“I will vote against this bill on behalf of my constituents, and the people like them across the nation. I am casting a vote for fairness and economic growth. I am casting a vote against the Bush policies that the Republicans’ are seeking to extend. I am voting for a better future for our children, despite what Republicans claim about the debt.
"Our nation became great by making investments in our people and infrastructure. It became great by creating a stable middle class and a robust social safety net. It became great through Americans supporting one another and paying their fair share of the taxes. Today we watch as the Republicans continue to turn their backs on that history and continue their ideological push towards a ‘me-first’ economic system. I want no part of that bleak future, nor should our nation.”