Here's his speech from the floor of the House yesterday:
Mr. Speaker, I rise with deep concern about families of United States of America. The economics of this credit card congress are not working. Where are the jobs?
You cannot tax and spend our way out of our challenges. I fervently believe that President Obama, Speaker Pelosi, and the Democrats in Congress are taxing, spending, and borrowing too much money.
This credit card congress has now put us nearly twelve trillion dollars in debt. We're spending nearly 600 [million? billion? it sounds like he said "billion", though that makes no sense] dollars per day, just in interest on that debt. Bailouts, stimulus money by the billions it is not helping the average person at home.
And now we have a proposal to slam through a government run, Chinese-financed health care system, that puts a Washington D.C. politician between our doctor and my wife.
The tax and spend, credit card driven, Chinese-financed economics driven by the Democrats don't work. We need fiscal discipline, limited government, accountability, and a strong national defense.
We need to restore liberty to the American people and small business men and women. That's where you'll find the jobs. Stand up, America, let your voice be heard, put a stop to this credit card congress.
He was proud enough of this performance that he pointed to it on Twitter. He really shouldn't have been, because the whole speech sounds like he's attempting some sort of Republican Buzzword Bingo record, a bunch of half-baked ideas delivered auctioneer-style.
But let's focus on the substance of his comments.
First up, his deep concern for the families of the United States. Where is the concern for the families without health insurance? Or for those who have seen their premiums skyrocket? Does Chaffetz have any ideas for dealing with these?
We need fiscal discipline, limited government, accountability, and a strong national defense.
It's the only idea he's got.
The accusation that the bank bailout hasn't helped ordinary Americans seems fairly accurate to me. If the goal was to keep credit available, I think there were better ways to do it. But despite the fact that lots of fat, rich bastards got fatter, richer, and bastardier from the bailout, it did keep us from plunging off an economic abyss of George Bush's making, which was good for everybody.
But the stimulus bill is a completely different and far superior animal, and by lumping the two together, Chaffetz shows either his ideological myopia, or an actual intent to deceive. You can't talk about the stimulus package solely as money spent, or money added to the national debt. You have to go line by line, project by project, and ask if the thing we're spending the money on is a good investment. By and large, Republican attempts to show the waste and pork in these projects have left me unconvinced.
But even if the stimulus spending was wasted, it has still created jobs, and will continue to create more. Elsewhere, Chaffetz has argued that the price per job is too high. Well, we could have slashed those numbers by just giving people $30K a year, plus $30 for a shovel to lean on. But in order for those jobs to actually be investments in the future, those workers need equipment to run, material to move, concrete to pour, etc. Those things tend to drive the cost up.
The Republicans in general have been very dishonest in their handling of the stimulus jobs numbers, and Chaffetz has happily cited these arguments. Their argument essentially boils down to, "The stimulus is supposed to create jobs, yet unemployment keeps rising. The stimulus is therefore a failure." Which is akin to tapping lightly on the brakes (the stimulus was, by Paul Krugman's estimation, far too small), then saying that your brakes are out because you're still moving forward. Things would look much bleaker right now without the stimulus bill.
The "Chinese-financed" meme is making a mountain out of a molehill. China owns about $1T in U.S. debt, which isn't exactly a good thing, but that's only 1/12th of the outstanding debt. The Chinese are just a useful bogeyman for Chaffetz to invoke. Boo!
The debt presents a serious long-term problem. But Chaffetz wants to tackle it in the middle of a recession, which is a horrible idea for the same reason that raising taxes in a recession is a horrible idea. Government spending -- whether Chaffetz likes it or not -- is an important part of the economy. If that sector contracts suddenly, people lose their jobs, businesses with government contracts scale back or go out of business, and suffering ensues. Whereas if government increases its spending, these businesses flourish, which provides a buffer against economic downturns. That's Keynesian economics in a nutshell.
Government should be ratcheting up the debt right now, and tackling the debt problem when the economy is good. Clinton did that, lowering the deficit during good years. Bush did the opposite, piling up a mountain of debt when the economy was doing okay, mostly to pay for tax cuts for the rich and a war that should never have been fought.
Health care is an investment, just like the stimulus package was an investment. We should have been making these investments when the economy was doing okay. But we're stuck with the present. The investments we make in health care now are going to reap long term rewards. The bill isn't perfect by any means, but it will give us a healthier, more productive population, lower health care costs, more competition in the insurance market, and hopefully a greater focus on preventative care. Plus, when everyone has insurance, fewer people will rely on expensive emergency room visits for their health insurance needs, driving down costs for everybody.
This plan is characterized as a government takeover of health care, but it should really be talked about as a takeover of the health insurance industry. Lots of people like their doctors (Chaffetz doesn't seem to want anyone standing between his doctor and his wife, so he must be really fond of his doctor). But who has nostalgic feelings about their family HMO?
Health insurance is a market that cries out for government takeover like no other. Insurance companies compete not just on price and services, but on selecting the healthiest populations, by excluding the people who need it most, and by denying claims, regardless of whether the procedures were medically justified. In short, the free market demands that health insurance companies be very bad at what they are supposed to do: spread risk.*
Chaffetz believes -- ignoring the evidence of the last eight years -- that the government is invariably worse at choosing wise investments than the private sector. Chaffetz also fears that a "D.C. politician" will stand between his family and health care, even though his plan probably wouldn't change. Yet he cares not a whit that, for forty-five million Americans, what stands between them and the health care they need is a hospital security officer with a tazer.
He's a bit of a tool, is what I'm saying.
* Note: This is one reason why the public option shouldn't have to compete on an equal footing with private sector plans. I want a public plan that would be required to take all comers, and that would pay for medically justifiable procedures without trying to weasel out of its obligations. That puts it at a huge disadvantage in competition with private insurers.