Texas Congressman Ron Paul has slammed the stimulus bill, passed by the House and Senate last week, as a blatant continuation of the destructive economic policy that caused the financial crisis in the first instance.
Paul, who is also a member of the House Financial Services Committee, pointed out that not one member of the House or the Senate has even read the bill.
“There were five copies available to the House and I think five to the Senate, and that wasn’t available ’til the House opened at noon time.” The Congressman told CNN viewers yesterday.
“So essentially it was not available to us and who can stay up all night and read a thousand pages?”
“So obviously it was done like business as usual. Things have been going on like this for a long time, but this one was a little bit worse, it was bigger than usual so it was not a very good day for America.” Paul said.
The Congressman again explained how the bill will do very little to stimulate the economy and will only prolong the problem and delay financial recovery.
“The rate we are going, we are just throwing more money at it, we don’t change any policies, whether it’s the welfare policy or the warfare policy, they always remain the same when either party is in power.”
“We got into the mess by spending too much money, running up to much debt, and printing too much money.” Paul said.
The Congressman added that cutting taxes is not effective enough when the stimulus bill also mandates continued spending.
“This bill was equivalent to what we had spent prior to 1980. The national debt was $800 billion in 1980. We had to raise the national debt this time with this bill by another nearly $800 billion.”
“So it is a process that will delay the recovery, we won’t have the correction, and we will drive ourselves into depression the way we are going.” he urged.