Submitted by Rep Todd Tiahrt (KS) and Cosponsored by Rep Bachmann, Michele [MN],Rep Bartlett, Roscoe G. [MD], Rep Carter, John R. [TX], Rep Gingrey, Phil [GA], Rep Mack, Connie [FL], Rep Moran, Jerry [KS], Rep Paul, Ron [TX], Rep Price, Tom [GA], Rep Shimkus, John [IL]
Providing that the Congress should stop passing massive Government bailouts.
Whereas financial markets have been saturated with well over a trillion dollars from the Government ranging from the bailout of Fannie Mae and Freddie Mac at $200 billion, Bear Stearns at $29 billion, AIG at $85 billion; Wall Street at $700 billion, the automakers at $25 billion, and Citigroup at $247.5 billion;
Whereas, in 2008, total Federal spending increased by 11 percent to nearly $3 trillion;
Whereas Congress should not rely on the same failed economic policies of the past;
Whereas, by looking in the past, we see the massive spending initiatives that occurred during the 1930s and 1970s failed to produce economic growth;
Whereas the Government has a role in helping ensure American workers and industries are free to prosper, but these bailouts are nothing more than a mere band-aid that continues to follow a pattern of throwing more taxpayer money at a problem instead of addressing the root causes of the problem; and
Whereas Congress should address fundamental reforms to help American workers and businesses achieve long-term prosperity through incentives for private-sector solutions instead of Government involvement: Now, therefore, be it