Corporate welfare

Because George Bush has spent his way into the largest deficits in American history, the retirement of millions and the future of our children are now at risk. A child born today will inherit a $20,000 debt – a “Birth Tax” that he or she had no part in creating. And middle-class Americans who have worked a lifetime may be forced to choose between a retirement of more hard work or hard times. That’s wrong, that’s a betrayal of the middle-class, and we can’t let it happen in our America.

When this President took office, he inherited the largest surplus in American history -- $5.6 trillion that could have saved Social Security for generations.

As my friend President Clinton likes to say, if you see a turtle sitting on a fence post, you know it didn’t get there by itself. The surplus was the culmination of a 15-year, bipartisan battle to get federal spending and the federal budget under control. Back in the 1980’s, I broke with my party and joined with reformers like Warren Rudman, a Republican from New Hampshire, to push for deficit reduction. It wasn’t a popular position, but I believed then – as I do now – that it was the right thing to do.

Second, every budget I send to Congress will detail how we intend to pay for every proposal. And we’ll restore the simple rule that George W. Bush opposes: pay-as-you-go.

That’s what we have done in this campaign. Every proposal I have made details how we plan to pay for it.

And we’re going to go further – we’ll go after wasteful government spending and bloated government contracts – because you deserve a government that works better and costs less.

Third, I will ask Congress for constitutionally-permissible line item veto to slice the pork out of the federal budget.

Fourth, John Edwards and I will fight for automatic spending cuts if Congress can’t keep spending in check.

This President not only ignored the spending caps we had in place since the 1990’s --he got rid of them.

He got rid of these rules, I will restore them.

Finally, I will implement the McCain-Kerry proposal to end corporate welfare as we know it.

It’s time to stop asking taxpayers to subsidize loopholes and giveaways to make rich corporations richer. Today, there are more than 100 corporate welfare programs in the budget that cost you more than $65 billion a year.

http://www.presidentialrhetoric.com/campaign/speeches/kerry_oct19.html

The historic inauguration of President Barack Obama went a long way toward renewing American hopes for a better future. But our nation's economy remains on shaky ground. We must act immediately to solidify our economy by addressing weaknesses in our financial and housing industries, while at the same time kick-starting job creation with our national economic stimulus plan...In response to this crisis, President Obama has correctly called for an economic recovery package focused on job creation and short-term growth while boosting productivity in the long term.

http://kerry.senate.gov/cfm/record.cfm?id=308089

BOSTON – Senators John Kerry and Edward Kennedy today announced the release of $437,865,255 from the Economic Recovery and Reinvestment Act to support critical repairs to Massachusetts’ aging infrastructure.

“This investment will produce or save thousands of jobs here in Massachusetts over the coming months. It will also help bring some of our state’s aging infrastructure into the 21st Century, ensuring that every single bridge and road in Massachusetts is as safe as it can be. President Obama committed to invest recovery dollars in efforts that save jobs and help those who are struggling, and folks across our state can attest that this funding is proof that he’s keeping his word,” said Senator Kerry.

Senator Kennedy said, “Saving and creating jobs is at the heart of reviving our economy, and this vital investment in infrastructure will help significantly to do that for Massachusetts. All across our Commonwealth, men and women will be able to repair and revitalize our roads and bridges, contributing to our economy, protecting the public and providing benefits that will last long into the future. I commend President Obama for his strong commitment to this goal for every state.”

http://kerry.senate.gov/cfm/record.cfm?id=309124

WASHINGTON, D.C. – Today, Sens. John Kerry (D-Mass.) and Arlen Specter (R-Pa.) introduced a bill to create new jobs by updating the nation’s crumbling infrastructure. The High-Speed Rail for America Act of 2008 would transform America’s outdated and underfunded passenger rail system into a world class system.

“At a time when our economy desperately needs a jumpstart, we need an effective national investment that puts Americans back to work,” said Sen. Kerry. “A first-rate rail system would protect our environment, save families time and money, reduce our dependency on foreign oil, and help get our economy moving again. The High-Speed Rail for America Act will help fix our crumbling infrastructure system, expand our economy, and match high-tech rail systems across the globe.”

http://kerry.senate.gov/cfm/record.cfm?id=305116