On the recordJuly 11, 2011
Nineteen years ago, when my wife and I married, I was still in school, I was working as much as I could, and she was also working, but we were barely making it. But we made the decision we were not going to run up credit card debt and live beyond our means. We paid our school loans, we tithed to our church, we ate a lot of peanut butter, and we lived simply. As Dave Ramsey says, ``We determined to act our wage.'' It is a biblical principle for myself and my family. Proverbs 22:7 states: ``The borrower is slave to the lender.'' Proverbs 22 applies to families, and Proverbs 22 applies to nations. If we were living within our means as a Nation, almost all the debate in the last 6 months in this Chamber would have been different. We've tried every method in the Fed's bag of tricks to protect our interest rate, because if the rate goes up at all, the house of cards falls. We work to manipulate banks, mortgage lending and manufacturing because we must keep revenue up. We carefully manage every relationship worldwide because we need the borrowing liquidity. We pour billions of dollars into the economy that we borrow from future generations because we're afraid this generation will have to make hard choices if we do not keep up the borrow pace. Our economy struggles, which leads Washington regulators to overmanage every sector, which causes even more economic uncertainty.…





