Senate Proceeding on Aug 6th, 2009 :: 5:57:15 to 6:07:45
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5:57:08 to 5:57:29( Edit History Discussion )

Tom Harkin: will repeat here again today, that why would we want to give $4,500 to the president of the united states who makes a year so he can buy a new car? why would we wt to give a member of the senate who macks

5:57:15 to 6:07:45( Edit History Discussion )
Speech By: Tom Harkin

5:57:30 to 5:57:51( Edit History Discussion )

Tom Harkin: $172,000 a year, $4,500o boy a new car? quite frankly, we can afford to buy a new car. but how about theest of the american people out there, those that are making, you know, $30,000 a year, just above the minimum wage. or $35,000 a year, $40,000 a

5:57:52 to 5:58:12( Edit History Discussion )

Tom Harkin: year -- how about them? what would they get out of this? they can get $4,500 to buy a new car, too. but, mr. president, someone who is making $35,000 a year, over the minimum wage, probably doesn'tave health insurance, either, and they probably got

5:58:13 to 5:58:33( Edit History Discussion )

Tom Harkin: some old clunker back in the 1980's that they're still driving and they are paying a lot because and they're it repaired because they can't afford to buy a new car, you give them $4,500 they still can't buy a new car. so

5:58:34 to 5:58:55( Edit History Discussion )

Tom Harkin: when we did this we ought to put an income limit on it. that way if you put an income limit on it, the amount of money that we are appropriating -- that's what we're doing, by the way, spending taxpayers' money, putting this money out there -- then that amount of money goes to a

5:58:56 to 5:59:17( Edit History Discussion )

Tom Harkin: those that moderate-income and if you do that, you can afford to give them a little bit more money. so that someone making $35,000, $30,000, $40 thousand a year,000 a year might be able to get not $4,500 but maybe

5:59:18 to 5:59:42( Edit History Discussion )

Tom Harkin: $7,500 or $8,000. now, someone in that category could then go buy a new car because they could get a loan, say, if t or $17,000 some of the more modest new automobiles are selling

5:59:43 to 6:00:03( Edit History Discussion )

Tom Harkin: they got more money, that means they could get a loan. for 50% of the price. they probably couldn't get a loan for 75% because they simply don't have that much credit. but they could get a loan for maybe half of the price of the

6:00:04 to 6:00:27( Edit History Discussion )

Tom Harkin: car. because, obviously when they drove it away the value of the car would still be more than that. so i argd at the time that that was what we should do tw this money and that's what again with this money this. amendment just basically says it limits the income restrictes the participation to individuals with adjusted gross

6:00:28 to 6:00:49( Edit History Discussion )

Tom Harkin: incomes of ls than $50,000 and families wit income oless than $75,000. so i income as a single person of less than $50,000, you can participate. if you are a family, less than $75,000, you can participate. now, again, what i this amendment is increasing the

6:00:50 to 6:01:13( Edit History Discussion )

Tom Harkin: amount of money. but that can be figured out. i don't wherewithal to do that here. all i can do is put the income limit on it. but that could be revised in terms of how much money an individual person or a family could get. so that's really the thrust of this amendment.

6:01:14 to 6:01:35( Edit History Discussion )

Tom Harkin: i know the program has been very successful. the first $1 billion was rapidly exhausted. i assume the second billion that we're going to would do the same. my way of thinking is, let's g a couple of bangs for the buck. let's not only stimulate our economy by getting a lot of

6:01:36 to 6:01:57( Edit History Discussion )

Tom Harkin: those cars off the lot and giving a shot in the arm to the auto industry, but let's help some people who really need some help, lower-income, moderate-income individuals and fa them

6:01:58 to 6:02:18( Edit History Discussion )

Tom Harkin: afford to buy tha new car. well, t to me, that's what we ought to do. we ought to ensure that we get the maximum economic stimulus for every dollar is that we spend. if you're going to give a lot of money to people that make $150,000, or $200,000 a year, whatever -- there's no income

6:02:19 to 6:02:39( Edit History Discussion )

Tom Harkin: limit on this that's a lot of economic stimulus. i might like that i could probably take my car -- i don't know what year my car is -- i forget what year my car is, early 2000 -- i can take it in and get $4,500. but is that fair? is that fair?

6:02:40 to 6:03:00( Edit History Discussion )

Tom Harkin: is that fair that status -- let's face it. we make $172,000 a year. is that fair that i should get $4,500 to go out and bay a new car? i just don't think that's fair. i don't think it's right. but i think it would be right for someone making less than $50,000 a year. you bet i do. because they are eight twhawns need the them. they need some

6:03:01 to 6:03:22( Edit History Discussion )

Tom Harkin: also. as i said, a low-income family with an old gas-guzzler, they're paying me for gas, they're paying more for repairs because car but they can't afford to get a new car, and so they're stuck. i always thought cash for

6:03:23 to 6:03:46( Edit History Discussion )

Tom Harkin: clunkers was a great idea. i still do, if it was targeted, if lower- and moderate-income people, really, enough money to go out and do thi well, i think the $1 billion fore, now the $2 billion, $3 billion, i think it could have been much better spent by targeting it to low-income

6:03:47 to 6:04:09( Edit History Discussion )

Tom Harkin: people and them the economic stimulus that they need, so they'll be saving money because they'll be spending less on gas and they'll be saving money because they're spending less on car repairs. so, people of modest means are the most likely to have a vehicle that's really old, really gas guzzler, and again

6:04:10 to 6:04:31( Edit History Discussion )

Tom Harkin: in the absence o an incentive, they're going to stick with their old vehicle because they simply can't afford a well, a $4,45 u7b rebate obviously provides a powerful incentive. we've soon that. it works. -- we've seen that. it works. now, i don't have any demographics. i don't have any data on who purchased these cars and what

6:04:32 to 6:04:52( Edit History Discussion )

Tom Harkin: their income levels were because since there is no on this, we don't really know who walked into the showrooms and bought these cars. we do know about half of the cars were foreign cars. we do know that.

6:04:53 to 6:05:14( Edit History Discussion )

Tom Harkin: about half were u.s. big three cars. we do know that. but we just don't know what the incomes were, what the economic status was of the individuals or families that came in and purchased this now, i will say that i have, on a few

6:05:15 to 6:05:35( Edit History Discussion )

Tom Harkin: individuals that i know that are of modest-income means, asked them if they were taking advant few instances that i've been able to tap into means is this any kind of a poll that would b accurate, but in just the few cases that i've

6:05:36 to 6:05:57( Edit History Discussion )

Tom Harkin: asked, people said, well, you know $4,500 is nice, but i have the rest of it, and quite frankly, my credit is not very good because i'm up to here credit cards could get the money together to buy that car.

6:05:58 to 6:06:20( Edit History Discussion )

Tom Harkin: that's just a instances. but it gives me an indication that there are a lot of people out there that would like to have a new car, that would like to have the wherewithal to do it, but even with $4,500, won't be able -- won't be able to. so, again, that's what my amendment is. it is very simple. it just says right now t

6:06:21 to 6:06:41( Edit History Discussion )

Tom Harkin: $50,000 per person, $75,000 per family. so think about t right now an executive with a $1 million salary and a 10-year-old gas-guzzling second car -- probably a cadillac; that's their second car or their third car -- they could walk right into the brand-new cadillac that gets an additional eight miles per

6:06:42 to 6:07:05( Edit History Discussion )

Tom Harkin: gallon and that executive m a $1 million salary we'll give them ads 4,500 gift from the federal government. is this what we want to do? i don't think so. i just don't think it is a wise use of the limited funding that we have. probably will stimulate the economy. i'm sure. i have no doubt about but does it stimulate the economy for lower-income people who i think we also ought to be

6:07:06 to 6:07:26( Edit History Discussion )

Tom Harkin: stimulating in terms of their economic situation, so, again, that's really the essence of the amendment. it's -- i think it's -- the program works. it is good. but it should be appropriately targeted to americans of modest incomes and modest means. they vehicles. they need those cars to get to

6:07:27 to 6:07:45( Edit History Discussion )

Tom Harkin: work, to take their kids to after-school activities, to get to the doctors. and if they live in rural areas like iowa, places like that they depend on that car for their lifeline. so i think it makes good sense to offer a car purchase rebate. i am not opposed to the program. i thi but i just think that it ought