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House Proceeding 04-06-06 on Apr 6th, 2006 :: 0:18:09 to 0:26:33
Total video length: 6 hours 32 minutes Stream Tools: Stream Overview | Edit Time

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Jim Saxton

0:13:29 to 0:18:09( Edit History Discussion )
Speech By: Jim Saxton

Jim Saxton

0:17:52 to 0:18:09( Edit History Discussion )

Jim Saxton: situation is solid and the outlook remains favorable. i reserve the balance of my time. the chairman: the gentlelady from new york. mrs. maloney: to address the house. the chairman: yes. without

Carolyn B. Maloney

0:18:09 to 0:18:21( Edit History Discussion )

Carolyn B. Maloney: objection. mrs. maloney: mr. speaker, i am pleased to speak in the time reserved for the budget -- by the budget act for a discussion of economic goals and policies and traditionally led by members

Carolyn B. Maloney

0:18:09 to 0:26:33( Edit History Discussion )
Speech By: Carolyn B. Maloney

Carolyn B. Maloney

0:18:21 to 0:18:35( Edit History Discussion )

Carolyn B. Maloney: of the joint economic committee. if you listen to the president and his supporters on the other side of the aisle, you get a very upbeat assessment of the american economy. but if you listen

Carolyn B. Maloney

0:18:35 to 0:18:52( Edit History Discussion )

Carolyn B. Maloney: to the american people, you get a very different assessment. the president likes to talk about how fast the economy is growing and how successful his policies have been in stimulating an economic

Carolyn B. Maloney

0:18:52 to 0:19:05( Edit History Discussion )

Carolyn B. Maloney: recovery from the 2001 recession. but the american people are saying, what economic recovery? and when am i going to see the benefits from this president's economic policies in my take-home

Carolyn B. Maloney

0:19:05 to 0:19:24( Edit History Discussion )

Carolyn B. Maloney: pay in my pocket? mr. speaker, we should listen to the american people and we should adopt economic policies that promote the economic well-being of all americans. not just those at the very

Carolyn B. Maloney

0:19:24 to 0:19:38( Edit History Discussion )

Carolyn B. Maloney: top of the economic ladder. the president's f.y. 2007 budget and the house budget resolution do not do that. instead they continue economic policies that have produced a legacy of deficits and

Carolyn B. Maloney

0:19:38 to 0:19:54( Edit History Discussion )

Carolyn B. Maloney: debt that leaves us unprepared to deal with the budget challenges posed by the retirement of the baby-boom generation. and that weakens the future standard of living of our children and grandchildren.

Carolyn B. Maloney

0:19:54 to 0:20:11( Edit History Discussion )

Carolyn B. Maloney: this administration has set a series of records, only they're the wrong kind of records. they have raised the debt ceiling four times. it is now over $8 trillion. every man, woman, and child in

Carolyn B. Maloney

0:20:11 to 0:20:26( Edit History Discussion )

Carolyn B. Maloney: america now owes at least $28,000 of that debt, and we have had the largest deficit and trade deficit in the history of this country. this chart shows how the president inherited a budget

Carolyn B. Maloney

0:20:26 to 0:20:39( Edit History Discussion )

Carolyn B. Maloney: situation with large surpluses, but we have ended up with a string of large deficits. economic policy over the past five years has not served the interest of the typical american working family.

Carolyn B. Maloney

0:20:39 to 0:20:55( Edit History Discussion )

Carolyn B. Maloney: the resilience of the american economy has allowed it to recover from the 2001 recession, but we are still experiencing the labor market effects of the most protracted jobs slump in decades.

Carolyn B. Maloney

0:20:55 to 0:21:10( Edit History Discussion )

Carolyn B. Maloney: job creation has lagged far behind what is typical in a strong economic recovery, there is still evidence of hidden unemployment, and the benefits of productivity and productivity growth have

Carolyn B. Maloney

0:21:10 to 0:21:29( Edit History Discussion )

Carolyn B. Maloney: been showing up in the bottom lines of companies rather than in the paychecks of american workers. finally, and very disturbingly, there is a growing gap between the have's and the have not's

Carolyn B. Maloney

0:21:29 to 0:21:42( Edit History Discussion )

Carolyn B. Maloney: in this country. as income and earnings disparities have widened. this is a very troubling trend. yes, workers have become more productive. they produce more and more in each hour that they work, but they

Carolyn B. Maloney

0:21:42 to 0:21:56( Edit History Discussion )

Carolyn B. Maloney: have not been getting rewarded for their productivity. average hourly earnings have not kept up with inflation. for the past two years and they have barely kept up before that. median family

Carolyn B. Maloney

0:21:56 to 0:22:11( Edit History Discussion )

Carolyn B. Maloney: income has failed to keep up with inflation every year that president bush has held office. those who are already well to do are doing very well in the bush economy, but the typical hard-working american

Carolyn B. Maloney

0:22:11 to 0:22:23( Edit History Discussion )

Carolyn B. Maloney: family is struggling to make ends meet in the face of high costs for energy, health care, and a college education for their children. this chart illustrates the problem very clearly. the

Carolyn B. Maloney

0:22:23 to 0:22:39( Edit History Discussion )

Carolyn B. Maloney: red bar shows the growth and the inflation adjusted usual weekly earnings of full-time wage and salary workers under president bush at different points in the earnings distribution. you have

Carolyn B. Maloney

0:22:39 to 0:22:57( Edit History Discussion )

Carolyn B. Maloney: to be in the upper half of the distribution to have seen any gain. earnings at the top have grown fast relative to inflation and earnings at the bottom have fallen fastest behind inflation

Carolyn B. Maloney

0:22:57 to 0:23:09( Edit History Discussion )

Carolyn B. Maloney: . i would note the contrast with the last five years of the clinton administration, which is the blue bars, when earnings gains were strong and were spread throughout the distribution.

Carolyn B. Maloney

0:23:09 to 0:23:22( Edit History Discussion )

Carolyn B. Maloney: they spread the wealth, they shared the wealth. the budget we're debating tonight does not address any of these problems. in fact, it makes matters worse . an analysis by the democratic staff of

Carolyn B. Maloney

0:23:22 to 0:23:38( Edit History Discussion )

Carolyn B. Maloney: the joint economic committee shows that budget cuts in programs that provide payments for individuals are concentrated among lower income families while the tax cuts go overwhelmingly to

Carolyn B. Maloney

0:23:38 to 0:23:55( Edit History Discussion )

Carolyn B. Maloney: those at the top of the income distribution. the blue bars in this chart show that more than 1/3 of the cost of spending cuts for families go to those in the bottom 20% of the distribution.

Carolyn B. Maloney

0:23:55 to 0:24:15( Edit History Discussion )

Carolyn B. Maloney: families that together have only 3% of aggregate income. meanwhile, those at the top get nearly 3/4 of the benefits from the tax cuts in this budget as shown by the red bars in this chart. with policies

0:24:15 to 0:24:30( Edit History Discussion )

that have turned a $5.6 trillion 10-year budget surplus into a deficit over those same 10 years of at least 2.7 trillion, this administration has turned us into a nation of debtors relying

Carolyn B. Maloney

0:24:30 to 0:24:46( Edit History Discussion )

Carolyn B. Maloney: on the rest of the world to finance our budget deficits and the rest of our excessive spending. last year, we had a current account trade deficit of over $805 billion, the largest in the history

Carolyn B. Maloney

0:24:46 to 0:24:59( Edit History Discussion )

Carolyn B. Maloney: of this country, the largest in the world. that is the amount of money we had to borrow from the rest of the world to finance our trade deficit and international payment imbalance. foreign

Carolyn B. Maloney

0:24:59 to 0:25:17( Edit History Discussion )

Carolyn B. Maloney: governments are holding large quantities of our public debt, putting us at risk of a major international financial crisis if they should decide that the benefits of holding dollars are

Carolyn B. Maloney

0:25:17 to 0:25:30( Edit History Discussion )

Carolyn B. Maloney: no longer worth that risk. mr. speaker, our future prosperity depends on increasing our national savings and making wise investments. it depends on being ready for the retirement of the alabama boom

Carolyn B. Maloney

0:25:30 to 0:25:42( Edit History Discussion )

Carolyn B. Maloney: generation and the pressure we -- of the baby boom generation and the pressure we know will be put on the environment. how do we prepare for that? with more deficits and more debt, the largest

Carolyn B. Maloney

0:25:42 to 0:25:56( Edit History Discussion )

Carolyn B. Maloney: in the history of our country. they want to make the tax cuts that have gotten us into this mess permanent, and they have no realistic plan for controlling spending or bringing revenues

Carolyn B. Maloney

0:25:56 to 0:26:09( Edit History Discussion )

Carolyn B. Maloney: into line with the amount we need to spend to defend the country and take care of the needs of our citizens. this is the wrong direction that we are going in. we need a better plan. i reserve

Carolyn B. Maloney

0:26:09 to 0:26:20( Edit History Discussion )

Carolyn B. Maloney: the balance of my time. the chairman: the gentlelady reserves. the gentleman from new jersey. >> mr. chairman, i yield such time as he may consume to mr. english, the gentleman from northwestern

Carolyn B. Maloney

0:26:20 to 0:26:33( Edit History Discussion )

Carolyn B. Maloney: pennsylvania. mr. english: i want to thank the gentleman for yielding. and i think the time has come particularly after the last speech for a reality check here. what we have seen since the 1990's

Phil English

0:26:33 to 0:26:51( Edit History Discussion )

Phil English: is that the key to balancing the budget is economic growth and pro-growth tax policies. that is what our budget resolution stands for and what our budget resolution promises to preserve. in

Phil English

0:26:33 to 0:30:35( Edit History Discussion )
Speech By: Phil English

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