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| Steve Pearce |
By U.S. Congressman Steve Pearce - If we divided the debt we accumulate in just one year among everyone in Las Cruces, every single person would owe $13.5 million. The American people deserve better—it is time for Congress to take responsibility and face our debt crisis. For too long, the federal government has chosen to repeatedly raise the debt limit, sending the bill to our children and grandchildren. Our national debt is crippling our ability to compete internationally, is stifling our job growth, and is pushing us to the brink of economic collapse. Internationally, our credit is already faltering. Both Moody’s and Standard & Poor’s have said that they could soon consider downgrading the U.S. government’s credit rating if our deficits are not addressed. China will not continue to loan us money forever, and we can’t afford the bills we’ve already built up.
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The federal government’s thinking simply doesn’t match its wallet. Washington continues to act as though it just got a paycheck, spending more and more, buying into every program that seems like a good idea. Meanwhile, payday is a long way off, and our credit cards are all maxed out. If you knew someone so out of touch with reality, you would call him irresponsible, even foolish. But in Washington, it’s the norm.
As a result, New Mexico suffers. Our small businesses can’t survive, because every new program comes with new regulations, new taxes, and new ways to choke off productivity. Our people struggle to make ends meet as prices rise and government promises fail. The President recently joked that “shovel-ready was not as shovel-ready as we expected.” But to New Mexicans out of work, broken promises are no laughing matter. In 2009, the President promised that by spending even more taxpayer money, he could keep unemployment below 8 percent. Unemployment is now 9.2%.
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Knowing how desperately our state needs job creation, I proposed legislation earlier this year to help put New Mexicans back to work. Overbearing restrictions have killed over 20,000 logging jobs nationwide. So, I introduced a simple, two-page bill that says the government should get out the way and let American businesses create the timber jobs that once drove local communities. Common sense ideas like these can create hundreds of thousands of jobs in America.
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Instead, Washington has tried for over two years to spend our way out of recession, and we’ve seen the results. We’ve lost 1.9 million jobs, 13 million more Americans are on food stamps, our gas prices have doubled, health insurance is more expensive, home values have fallen, and the federal debt has risen to record levels—a back breaking share of $46,000 for each American. Isn’t it time we try a new approach?
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New Mexicans want real solutions. This is why I voted against H.R. 1, the House’s lukewarm budget proposal, earlier this year. The bill simply didn’t show that Washington is listening. It didn’t demonstrate the real change we need: change in the way we spend, the way we operate, even the way we think. We must promote policies that allow businesses to put Americans back to work. We must stop spending money we don’t have on programs we cannot afford. Increasing our debt limit doesn’t fix the problem. So, when the President asked Congress earlier this month to write him another blank check, I said no.
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Recently, I emailed 47,000 constituents asking for their opinion regarding the debt ceiling. Over 83 percent of those who responded said that they do not support legislation like what the President asked for—a debt limit increase with no corresponding spending cuts. An overwhelming 93 percent said that Washington is not doing enough to address our national debt. And even more—over 97 percent, said that this issue is important to them, with 92% calling it “very important.”
Americans made their voices heard last November, and they are continuing to do so. We are tired of our money being wasted on programs we don’t need and can’t afford. We are afraid for the futures of our children and grandchildren. We are tired of struggling to pay our bills while we watch Congress continue to rack up more debt. We are tired of Washington politicians not making tough decisions and standing firm. It is time to stop kicking the can down the road. It is time for real, serious solutions to our national debt. I am ready to tell Washington, “Enough is enough.” I will continue to stand against Washington’s wasteful spending, and demand that we face our nation’s debt crisis.
Washington Must Listen to Americans, Face Debt Crisis
A new Sonecon study released by API shows oil and natural gas holdings are key to the performance of New Mexico’s public pension funds. State pension fund investments in oil and natural gas companies are providing strong returns for teachers, firefighters, police officers, and other public pension retirees in states across the country. Study results were based on New Mexico’s largest public pension funds: Public Employees Retirement Association of New Mexico (PERA) and the State of New Mexico Educational Retirement Board. Returns on oil and natural gas assets in these funds averaged 41 cents for each dollar invested compared to just 2 cents for other assets in these funds from 2005 to 2009.
During good economic times – or challenging ones – oil and natural gas investments far outperformed other public pension holdings in the state. While oil and natural gas stocks made up an average of 4.5 percent of holdings in New Mexico’s public pension funds, they accounted for an average of 14.7 percent of the returns in these funds, according to the Sonecon study. Click Here to Download New Mexico Report and read rest of story here: News New Mexico
The federal government’s thinking simply doesn’t match its wallet. Washington continues to act as though it just got a paycheck, spending more and more, buying into every program that seems like a good idea. Meanwhile, payday is a long way off, and our credit cards are all maxed out. If you knew someone so out of touch with reality, you would call him irresponsible, even foolish. But in Washington, it’s the norm.
Instead, Washington has tried for over two years to spend our way out of recession, and we’ve seen the results. We’ve lost 1.9 million jobs, 13 million more Americans are on food stamps, our gas prices have doubled, health insurance is more expensive, home values have fallen, and the federal debt has risen to record levels—a back breaking share of $46,000 for each American. Isn’t it time we try a new approach?
New Mexicans want real solutions. This is why I voted against H.R. 1, the House’s lukewarm budget proposal, earlier this year. The bill simply didn’t show that Washington is listening. It didn’t demonstrate the real change we need: change in the way we spend, the way we operate, even the way we think. We must promote policies that allow businesses to put Americans back to work. We must stop spending money we don’t have on programs we cannot afford. Increasing our debt limit doesn’t fix the problem. So, when the President asked Congress earlier this month to write him another blank check, I said no. 
From boston.com -Proposals under consideration include raising taxes on small business owners and potentially low- and middle-income families. You won't hear about that from Obama. Instead the president focuses on the very rich, and speaks euphemistically. Here are a few of the phrases the president has used of late to talk about what amounts to raising taxes for some: "What we need to do is to have a balanced approach where everything is on the table." "We need to take on spending in the tax code." "The tax cuts I'm proposing we get rid of are tax breaks for millionaires and billionaires; tax breaks for oil companies and hedge fund managers and corporate jet owners." More News New Mexico
Pulaski note: Bingaman has obviously had a change of heart when it comes to ethanol subsidies. In Feb. 2009 he was pleading to congress and the public for more financial assistance. The article can be seen here. WASHINGTON – U.S. Senator Jeff Bingaman voiced his support for the end of a subsidy of ethanol – an additive to gasoline aimed at reducing pollution. Today, Bingaman voted in favor of an amendment introduced by Senators Dianne Feinstein and Tom Coburn that would immediately end the subsidy, which is set to expire at the end of the year. The amendment passed 73-27. Bingaman has said he would prefer to allow the subsidy to expire rather than to surprise businesses with a mid-year elimination. But he voted in favor of the amendment to make it clear he wants the ethanol subsidy to end. More News New Mexico
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