The keys to stimulating our economy are private capital, small business innovation, reducing the burden big government imposes on the economy, and job creation. Several months ago, before the Democrats’ cap and trade bill was railroaded though Congress and before we faced their newly announced health care bill, we, along with 46 of our colleagues, introduced H.R. 1431, the No Cost Stimulus Act of 2009.
The No Cost Stimulus Act would significantly increase the production of more American-made energy, which, in turn will create close to two million jobs and reduce our dependency on foreign oil. No country in the world has locked up its natural resources and forced itself to rely on foreign suppliers as we have done here in America. These stifling policies are hurting our economy and placing our national security at risk.
As our Democrat colleagues continue to introduce policies financed on the backs of hardworking American taxpayers, we introduced legislation true to our principles – getting government out of the way of productivity. Intended to stimulate the economy and create jobs at no cost to taxpayers, our plan accomplishes this without borrowing money from foreign governments. We simply cannot continue to incur debts our children and grandchildren will be responsible for repaying.
Our economy can’t withstand the Waxman-Markey bill or impending Democrat health care reform legislation. The Waxman-Markey cap and trade legislation, crammed through The People’s House by twisting arms and back room deals, serves as nothing more than a distraction from what we should be working towards – real energy independence.
When all is said and done, Heritage experts project it will cost American families an estimated $3,000 per year and destroy millions of jobs – many of which will be outsourced to countries without a national energy tax. It will raise electricity prices by 90% and gasoline prices by 58% while reducing the Gross Domestic Product by $9.4 trillion.
As parents, we all hope to leave the world a better place for our children and grandchildren. Yet this huge, job-killing tax hike won’t even reduce global temperatures by a degree in a century.
Americans continue to be hit hard by our worsening economy – and with unemployment on the rise, there is no end in sight. Not only has the President’s stimulus plan not accomplished what it promised, it has added to our federal deficit, while more Americans have lost jobs. The solution is not a second costly stimulus bill designed to increase government intervention in the global economy. Instead, Congress should consider the merits of the No Cost Stimulus Act.
If we are serious about lessening our footprint on the environment, getting government out of the way of economic growth, and stopping the incessant increase in the federal deficit, Congress should take a second look at much of the legislation being considered now and in the future. We can create more jobs with American-made energy from a variety of sources, including solar, hydropower, nuclear, wind, and geothermal. Real solutions will come not by enacting massive new government programs that our grandchildren will be stuck paying for, but instead, by being good stewards of the land and the economy and by allowing American innovation to pave the way towards a prosperous country.
The views expressed by guest bloggers on the Foundry do not necessarily reflect the views of the Heritage Foundation.