While legislators on all sides of Congress scramble to solve the country's financial problems, John Boehner explains the GOP vision of a new economic path to prosperity.
The Economic Club of New York, a self-described “nonpolitical, nonpartisan and nonprofit” club of about 700 individuals from organizations like Koch Industries, JPMorgan Chase, GoldmanSachs, and the Federal Reserve Bank of New York, welcomed Speaker of the House John Boehner on Monday to the Hilton Hotel in New York City. Boehner delivered a speech about the condition of the American economy which revolved around “job creators,” “real economic solutions,” and America's inability to “tax, borrow, and spend our way to prosperity.”
Speaker Boehner's speech constantly reiterated his stance concerning taxes and the infamous GOP-backed Ryan Budget. He reminisced about his early days in Congress and the balanced budget during the late 1990s. He readily admitted the federal surplus from the Clinton era was a result of a 1990 bipartisan deal which included higher taxes. However, Boehner's stance was made clear: “I would note that my colleagues and I are not calling for tax cuts in this budget. Rather, we are calling for the end to the threat of tax hikes and a fundamental reform of our tax code so that we can provide more certainty for our job creators.”
The various stimulus packages enacted from DC were also described as obstacles for private sector growth. Boehner empathized with small business owners and understood why “instead of hiring new employees, they make the logical decision to sit on their hands.” He later went on to remind the guests “if we're serious about balancing the budget and getting our economy back to creating jobs, tax hikes should be off the table.”
Along the lines of energy concerns as Americans face near record-high gas prices, Speaker Boehner questioned why Washington DC has kept American energy reserves “under lock and key for decades over the clear objections of the American people.” He suggested by opening these untapped energy resources the economy stands to gain over 1 million jobs.
Towards the end of the event, some members of the Economic Club asked Speaker Boehner questions. Jane Hartley, who worked as an advisor under the Carter administration, asked about prospects of the House passing corporate tax reform. Boehner believed the issue would be addressed in both sides of Congress within the next 2 years. “We are not going to use tax reform, though, as a way of increasing taxes on the American people or American enterprises.”
Peter Peterson, the former president and CEO of Lehman Brothers during the 1970s, referenced Admiral Mike Mullen in describing “the biggest single threat to our national security is our debt.” Peterson then asked about a review of defense spending priorities “...based on today's—not yesterday's—threat, and today's—not yesterday's—budget outlook.” Boehner responded that “everything is on the table—except raising taxes.” “It has to be an important part of the debate, and I will guarantee you it will be.”
Here's looking at you, John..
-MDS
