Congressman Canseco's Statement on Federal Reserve Chairman Bernanke's Testimony

Washington, DC – Congressman Francisco “Quico” Canseco (TX-23), a member of the House Financial Services Committee, released the following statement after Federal Reserve Chairman Ben Bernanke delivered his semi-annual report on monetary policy and the state of the economy:

 

“When it comes to our economy, one thing is abundantly clear – we cannot ‘buy’ an economic recovery through excessive government spending and loose monetary policy. We are experiencing the worst stretch of unemployment since the Great Depression, despite a trillion-dollar stimulus plan that the Obama Administration said would hold unemployment below 8% and record low interest rates. The unemployment rate has remained above 8% for 36 straight months and the Congressional Budget Office estimates that the jobless rate will remain above 8% through 2014. Almost 13 million Americans are out of work, and the share of unemployed people looking for work for more than six months, or the long-term unemployed, topped 40% in December 2009 for the first time since 1948 and has remained above that level ever since. Claiming President Obama’s economic policies have been successful in turning our economy around is like claiming “New Coke” was a successful venture for Coca-Cola. 

 

Every time I visit with job creators across my district and across Texas, I hear from them about the uncertainty they are experiencing because of Washington policies, like President Obama’s government takeover of health care and the Dodd-Frank Act, and how this uncertainty is preventing them from growing their businesses and creating jobs. Our economy does not lack the presence of government – it lacks confidence. That’s why over the past 13 months the House of Representatives has passed bill after bill – almost 30 to date – that would remove the Washington-created sources of uncertainty plaguing job creators and thereby give them the necessary confidence to create jobs. Yet time and time again the White House and Senate Majority Leader Harry Reid have simply ignored the bills passed by House of Representatives and instead called for more of the same failed policies of more spending, higher taxes, and more government regulation. The House of Representatives will continue to work to help create a climate in America that empowers the private sector to grow and put people back to work because it’s the right thing to do and what the American people expect of their elected representatives in Congress,” said Congressman Canseco.

 

To schedule an interview please contact Valentina Weis at (202) 225-4511 or Valentina.Weis@mail.house.gov