By Brandon Moseley
Alabama Political Reporter
Congressman Mo Brooks (R) from Huntsville took to the floor of the to explain his position on the government shutdown, the debt ceiling, and the debate on the unpopular Affordable Care Act and how those things relate to America’s future.
Rep. Brooks said, “As bad as government shutdown and debt ceiling risks may be, they are relatively inconsequential compared to the economic devastation resulting from an American bankruptcy.”
Rep. Brooks said, “History proves shutdowns can be overcome, but a debilitating bankruptcy can destroy the America our ancestors took centuries to build. Knowing this threat, I fight over funding bills, the debt ceiling, and socialized medicine because they are the only leverage I have to cajole financially irresponsible Washington politicians into doing what must be done to prevent an American bankruptcy. I fight because America’s future depends on it. This is not a fight America can afford to lose.”
Rep. Brooks continued, “Today, Washington is in an epic political battle that will affect America’s future for decades and centuries to come. Some see a fight between Republicans and Democrats. I see a fight between those who are financially responsible and those who are not, between those who have the understanding and backbone needed to prevent an American bankruptcy, and those who do not.”
Brooks said, “Why do I fight? I fight for America’s children and grandchildren. I fight for America’s future. President Obama’s five deficits have averaged $1 trillion dollars per year, the worst in history. America soon will blow through the $17 trillion debt mark, again, the worst in history.” ‘In each of the last five years, the federal government borrowed 20 to 30 percent of its operational costs. How many American families or businesses could avoid bankruptcy if, year after year, 20 to 30 percent of what they spent was borrowed money? Not many, and not for long. Economic principles don’t care if you are a family, a business, or a country. If you borrow more than you can pay back, you go bankrupt.”
Rep. Brooks warned, “America has been warned of the consequences of financial irresponsibility. Greece is further down the debt path than America. Greece’s unemployment rate is 27 percent – worse than any year in America’s Great Depression. Earlier this year, Cyprus confiscated as much as 60 percent of their citizens’ savings and checking accounts. The Detroit and Stockton municipal bankruptcies risk retirees losing their pensions.”
Rep. Brooks said, “Between 1976 and 1995, there were 17 government shutdowns. Yet, America’s economy boomed in the 1980s and 1990s. Shutdowns can be overcome. No question, not raising the debt ceiling poses economic risks. No one knows for sure how much risk because America has never crossed this threshold before. Whatever it is, it can be overcome.”
Rep. Brooks said that he understood the risks but chooses too fight anyway because,
“Too many Washington politicians pander to next election voters without caring one twit about America’s future. Because appropriations bills, continuing resolutions, the debt ceiling, and the like are the only leverage I have to cajole financially irresponsible Washington politicians into doing what must be done to prevent an American bankruptcy.”
“Think about the chaos and hardship that will ensue if America has no national defense, no FBI, CIA or DEA, no Social Security, Medicaid or Medicare, no NASA, no justice system, because an American bankruptcy has deprived us of the money needed to pay for them.”
Congressman Brooks said, “I fight to minimize the risk of America suffering a debilitating bankruptcy that can destroy the America it took our ancestors centuries to build.” “It is my duty to use any tools I can to win that fight because this is one fight America cannot afford to lose. That is why I fight.”
Meanwhile Senate Democrats and the Obama Administration continue to refuse to negotiate on Republican demands that any Continuing Resolution (CR) contain concessions on the unpopular Patient Protection and Affordable Care Act (commonly referred to as Obamacare).
Republicans cling to the view that Democrats will negotiate rather than allowing the government shutdown to go into overdrive once the debt ceiling is hit on October 17. Some pundits including Paul Krugman in Monday’s column argue that Obama will never negotiate with Republicans no matter the consequences.
Fiscal conservatives worry that the U.S. Federal Reserve can not continue to create new money in order to buy U.S. Treasuries so that Congress can keep giving the government more money to fund booming growth in entitlements like Social Security, Medicaid, SSI, SNAP, Medicare, and now subsidies for many families to purchase health care insurance.
Other economists argue that as long as there is a demand for dollars the Federal Reserve can keep making them in incredible quantities.
Congressman Mo Brooks is in his second term in the U.S. Congress.