[AUTHENTICITY CERTIFIED: Text version below transcribed directly from audio]
Good evening. My name is Congresswoman Michele Bachmann from Minnesota's 6th District.
The Tea Party is a dynamic force for good in our national conversation, and it's an honor for me to speak with you.
ago, when Barack Obama became our President, unemployment was 7.8
percent and our national debt stood at what seemed like a staggering
10.6 trillion dollars. We wondered whether the President would cut
spending, reduce the deficit, and implement real job-creating policies.
Unfortunately, the Presidentís strategy for recovery was to spend a trillion dollars on a failed stimulus program, fueled by borrowed money. The White House promised us that all the spending would keep unemployment under 8 percent. Well, not only did that plan fail to deliver, but within three months the national jobless rate spiked to 9.4 percent. It hasnít been lower for 20 straight months. While the government grew, we lost more than two million jobs.
Let me show you a chart.
Here are unemployment rates over the past ten years. In October of 2001, our national unemployment rate was at 5.3 percent. In 2008 it was at 6.6 percent. But just eight months after President Obama promised lower unemployment, that rate spiked to a staggering 10.1 percent. Today, unemployment is at 9.4 percent with about 400,000 new claims every week.
After the 700 billion dollar bailout, the trillion-dollar stimulus, and the massive budget bill with over 9,000 earmarks, many of you implored Washington to please stop spending money that we donít have. But instead of cutting, we saw an unprecedented explosion of government spending and debt. It was unlike anything we'd ever seen before in the history of the country. Well, deficits were unacceptably high under President Bush, but they exploded under President Obamaís direction, growing the national debt by an astounding 3.1 trillion-dollars.
Well, what did we buy?
Instead of a leaner, smarter government, we bought a bureaucracy that now tells us which light bulbs to buy, and which may put 16,500 IRS agents in charge of policing President Obamaís healthcare bill. ObamaCare mandates and penalties may even force many job creators to just stop offering health insurance altogether, unless, of course, yours is one of the more-than-222 privileged companies or unions that's received a government waiver under ObamaCare.
In the end, unless we fully repeal ObamaCare, a nation that currently enjoys the worldís finest healthcare might be forced to rely on government-run coverage that could have a devastating impact on our national debt for even generations to come.
For two years President Obama made promises just like the ones we heard him make this evening. Yet still we have high unemployment, devalued housing prices, and the cost of gasoline is skyrocketing.
Well, here's a few...suggestions for fixing our economy:
The President could stop the EPA from imposing a job-destroying cap-and-trade system.
The President could support a Balanced Budget Amendment.
The President could agree to an energy policy that increases American energy production and reduces our dependence on foreign oil.
The President could also turn back some of the 132 regulations put in place in the last two years, many of which will cost our economy 100 million dollars or more.
And, the President should repeal ObamaCare and support free market solutions like medical malpractice reform and allowing all Americans to buy any healthcare policy they like anywhere in the United States.
We need to start making
things again in this country, and we can do that by reducing the tax and
regulatory burden on job creators. America will have the highest
corporate tax rate in the world. Think about that. Look no further to see why jobs are
But thanks to you, thereís reason for all of us to have hope that real spending cuts are coming -- because last November you went to the polls and you voted out the big-spending politicians and you put in their place great men and women with a commitment to follow our Constitution and cut the size of government.
that we're in the very early days of a history-making turn in America. Please know how
important your calls, visits, and letters are to the maintenance of our
liberties. Because of you, Congress is responding and we're just
beginning to start to
undo the damage thatís been done the last few years; because we believe in lower taxes;
we believe in a limited view of government, and
exceptionalism in America. And I believe
that America is the indispensible nation of the world.
Just the creation of this nation itself was a miracle. Who can say that we won't see a miracle again? The perilous battle that was fought during World War II in the Pacific, at Iwo Jima, was a battle against all odds, and yet this picture immortalizes the victory of young GIs over the incursion against the Japanese. These six young m[e]n raising the flag came to symbolize all of America coming together to beat back a totalitarian aggressor.
Our current debt crisis we face today is different, but we still need all of us to pull together. But we can do this. That's our hope. We will push forward. We will proclaim liberty throughout the land. And we will do so because we the people will never give up on this great nation.
So, God bless you. And God bless the United States of America.
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