On the recordMarch 10, 2021
I appreciate the gentlewoman from California. I will remind her that if this bill were enacted, her State's 6 million seniors would see a cut of Medicare of over $44 billion in the next 10 years. Mr. Speaker, I yield 1 minute to the gentleman from California (Mr. McClintock). Mr. McCLINTOCK. Mr. Speaker, there is one thing that all sides can agree on: This is the most leftwing bill ever passed by the Congress. But beware. There is no such thing as free money. All of it must be borrowed from the same capital pool that would otherwise be available as loans to consumers, home buyers, and small businesses. And it will be repaid entirely from your future earnings in the years ahead. Divided by the number of U.S. households, the bill, for an average family, comes to roughly $15,000. Now, that is money that has to be taken from your family through future taxes and inflation, through lower wages and earnings as businesses pass along their costs. That is the only way that government debt can be financed. Government lockdowns have devastated America's prosperity. The answer is to end the lockdowns, not rob Americans of their futures by crushing their families under debt that will destroy their opportunity, independence, and prosperity in the years ahead.
