Video archive of the US Congress

House Proceeding on Nov 17th, 2009 :: 0:15:05 to 0:20:45
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Peter A. DeFazio

0:15:02 to 0:15:22( Edit History Discussion )

Peter A. DeFazio: groups is disparate. delivering now on the long overdue health insurance reform. i yield back. . the speaker pro tempor the gentleman from oregon, mr. defazio, is recognized for five minutes.

Peter A. DeFazio

0:15:05 to 0:20:45( Edit History Discussion )
Speech By: Peter A. DeFazio

Peter A. DeFazio

0:15:23 to 0:15:43( Edit History Discussion )

Peter A. DeFazio: mr. defazio: too many americans are out of work. the stimulus certainly preserved some public sector jobs and was a benefit to public education. and filled in s but the rest of the spending has not been of great impact.

Peter A. DeFazio

0:15:44 to 0:16:04( Edit History Discussion )

Peter A. DeFazio: particularly the $340 billion in tax cuts insisted upon by three republican senators, and unfortunately the obama administration at the urging of its chief economist, larry summers, caved in to those demands for yet more ineffective tax cuts. mething that failed miserably during the bush era to put the economy back on track and failed again.

Peter A. DeFazio

0:16:05 to 0:16:28( Edit History Discussion )

Peter A. DeFazio: if you don't have a job, tax cut doesn't do you much good and doesn't put you back to work, does it? it's time for a new approach. and that would be it's considered unfortunately by some old school. that would be rebuilding the infrastructure of america. according to the american society of civil engineers, we

Peter A. DeFazio

0:16:29 to 0:16:49( Edit History Discussion )

Peter A. DeFazio: have a $2.2 trillion dollar infrastructure deficit in this country. 160,000 bridges on the federal highway system are either load limited or functionally obsolete. our transit agencies across america have an $80 billion backlog. now, the chief economist for

Peter A. DeFazio

0:16:50 to 0:17:12( Edit History Discussion )

Peter A. DeFazio: the president, mr. larry summers, an academic, doesn't think that infrastructure investment's a good thing. cut it bk and the stimulus last spring, but you know, actually the 4%, 4% of that huge bill went to infrastructure. and guess what?

Peter A. DeFazio

0:17:13 to 0:17:36( Edit History Discussion )

Peter A. DeFazio: that created 25% of the jobs. so perhaps mr. summers was wrong yet again. like he was when he prevented the clinton administration from regulating derivatives which caused our world collapse of the economy. but he thinks that infrastructure t long to spend out. what he doesn't understand is

Peter A. DeFazio

0:17:37 to 0:17:59( Edit History Discussion )

Peter A. DeFazio: when you have a massive backlog, you have projects that can be put on the ground or to work immedtely. i'll use an example that's kind of close to home for the president. the chicago transit authority, they have a $6.8 billion backlog on their transit system. they testified before my

Peter A. DeFazio

0:18:00 to 0:18:20( Edit History Discussion )

Peter A. DeFazio: committee that they could spend $500 million tomorrow tomorrow, productively, bringing that system back to toward a state of good repair. it still would take another $6.5 billion, and it would take quite some time. they got out of the stimulus

Peter A. DeFazio

0:18:21 to 0:18:42( Edit History Discussion )

Peter A. DeFazio: $240.2 million for their transit backlog. they spent that money productively. until 30 days. they bought buses, guess what? you buy a bus, people make bus vs. jobs, people who make parts r the buses have jobs. we have a buy america rule. those jobs are actually here i the united states of america. and then those people work and

Peter A. DeFazio

0:18:43 to 0:19:06( Edit History Discussion )

Peter A. DeFazio: they pay taxes and there's revenues to the government. sort of a good old-fashioned way of stimulating the economy and helping the deficit. unfortunately the president's chief economist doesn't believe in this. it's time for him to reorient his thinking. we need a massive our infrastructure.

Peter A. DeFazio

0:19:07 to 0:19:28( Edit History Discussion )

Peter A. DeFazio: it is so degraded that we have projects ready to go all across the country in transit districts, in states with bridge replacement. these aren't things that require five years to 10 years of planning and a long spendout, those things that ethereal academic economists think about when they think about transportation infrastructure. no, when you're in deficit like

Peter A. DeFazio

0:19:29 to 0:19:49( Edit History Discussion )

Peter A. DeFazio: the united states of america is today, when you're headed towards a third world transportation infrastructure while our competitors like china are spending hundreds of billions of dollars for high-speed rail what, are we doing? we are struggling to keep amtrak running at 19th century speeds. that's kind of pathetic. we can do better.

Peter A. DeFazio

0:19:50 to 0:20:11( Edit History Discussion )

Peter A. DeFazio: but it will take a commitment, a push by the white house a. reorntation of the thinking down there, or perhaps ignoring bad advice te getting and have the president champion the creation of jobs and rebuilding of our infrastructure. you know, we could do this in a way that actually wouldn't have to add to the deficit. they have done a great job of

Peter A. DeFazio

0:20:12 to 0:20:32( Edit History Discussion )

Peter A. DeFazio: bailing out wall street. goldman sachs will be paying bonuses that average $700,000 this year. whoa, e again, except not for most of america. suffering very high unemploynt. maybe it's time that wall street just gave back a little bit. we could reinstitute a tax we hafrom 1916 to 1966, a modest

Peter A. DeFazio

0:20:33 to 0:20:45( Edit History Discussion )

Peter A. DeFazio: transaction tax. d the last great depressi the cuts to actually double that tax, disaster was predicted on wall street. guess what? the economy only went up from there and tens of thousands,

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