The Myth of Government Created Wealth

Feb 10, 2009
Economy
In The News

Last week, the House of Representatives passed the “Pelosi Pork Package,” a massive spending bill disguised as a stimulus plan.  I joined every one of my Republican colleagues and 11 of my Democrat colleagues and voted against this obscene bill, standing up for the American taxpayer and our future generations.

The total cost of this spending bill is a whopping $820 billion.  However, this country already has a $10.6 trillion deficit, so we must borrow this money.  The bipartisan Congressional Budget Office estimates that we will have to pay an additional $347 billion in interest, racking up the total cost of this bill to over $1.1 trillion.  With this one vote, if it is passed by the Senate, Speaker Pelosi and her leadership team will have increased the national deficit by almost 10 percent.
I am not opposed to an actual stimulus bill; in fact I voted for the first stimulus package.  But the spirit of a stimulus bill is to stimulate the economy as quickly as possible through one-time activities.  Instead, Nancy Pelosi and her leadership team used Americans’ desire for economic assistance and President Obama’s popularity to pass a bill filled with long-termed spending projects that would have little to no immediate impact on the economy.

Some of the projects that will supposedly stimulate the economy in the Speaker’s bill: $600 million to purchase new cars for government workers, $25 million to rehabilitate off-roading trails for all-terrain vehicles (ATVs), $34 million to remodel the Department of Commerce headquarters, and $400 million for climate change research.  All told, the plan establishes at least 32 new government programs at a cost of over $136 billion.  That means more than a third of this plan’s spending provisions are dedicated to creating new government programs.  I am not quite sure how the Speaker feels this will stimulate the economy, but I do know this is not sound economic policy.

Government does not create wealth.  It simply takes money from one person’s pocket and puts it in another’s.  Speaker Pelosi would do well to remember that in the future, before she burdens our children and grandchildren with trillions more dollars of debt.

Frank Lucas represents Oklahoma’s Third Congressional District in the United States House of Representatives.

# # #

Recent Posts


Aug 7, 2024
Press

Chairman Lucas, Rep. Miller introduce legislation to improve weather prediction

Washington, DC – Science, Space, and Technology Committee Chairman Frank Lucas and Congressman Max Miller (OH-07) introduced H.R. 9219, the Weather Data Taxpayer Protection Act. This legislation is a critical step in improving the accuracy and reliability of weather prediction by ensuring weather tools, purchased with taxpayer funds, are more accurate, standardized, and able to account for ever-changing weather risks. […]



Jul 30, 2024
Press

Lucas to Hold August Town Hall Meetings

Yukon, OK – Congressman Frank Lucas (OK-03) will hold town hall meetings in Cimarron, Texas, Beaver, Harper, and Ellis Counties next week. Residents around the locations are invited to attend and share their thoughts on current events in Washington, D.C. and across Oklahoma. For more updates on what Congressman Lucas is doing in Oklahoma and D.C., […]



Jul 26, 2024
Economy

Lucas Underscores the Need for a Full Re-Proposal of Basel Endgame

Washington, DC – Today, Congressman Lucas discussed the consequences of Basel Endgame and the need for a full re-proposal with Walt Lukken, the President and CEO of the Futures Industry Association (FIA) and and Tom Sexton, the President and CEO of the National Futures Association (NFA). Stakeholders agree that the banking regulators should re-open the proposal […]