Madam Speaker, the Washington Post the other day commented about the President's support of the $410 billion omnibus spending bill that's crawling through the Senate, and they said that it borders on the irresponsible for the administration to try to blame this on last year's administration because they are the ones that are going to sign the bill into law and spend the money.

In another newspaper here in Washington D.C., the Washington Examiner, they wrote "In quick succession, (President) Obama rolled out a $2 trillion financial services bailout, $2 trillion, a $788 billion stimulus package, the $13.4 billion preliminary bailout for automakers, a $410 billion spending plan to cover the rest of the current fiscal year, a proposed $275 billion foreclosure rescue plan, and a $3.5 trillion budget that includes a $634 billion fund for health care."

People in America, their eyes glaze over when they hear this. Trillions and trillions and trillions of dollars that we don't have are going to be spent for all of these programs.

And so people say, well, how are you going to solve the economic problems facing this country if you don't spend that money? If we spend the money, we are not going to solve the problems. The economic conditions will continue to go in the wrong direction, but we will be loading on the backs of our kids and grandkids and future generations, higher inflation and higher taxes and a quality of life that won't be anything like what we have today.

The key to solving these problems is to cut government spending, and to cut taxes for every American so they have more disposable income, and to cut taxes on capital gains so people will take stocks, bonds and property they have and sell it and reinvest it someplace else, thus creating money for investment in business and industry so they can create jobs and cut business taxes across the board.

If we did those three things, we would have an immediate movement toward improvement in our economy, and we wouldn't be doing it by loading trillions and trillions of dollars on the backs of our kids and grandkids.

This chart here shows what's happened in the last several years as far as the growth in the money supply. It was pretty consistent up until the year 2000, and now it's going straight up. That means to every single American that the cost of living is going to go up because there's more money in circulation, fewer goods and services, and the cost of everything is going to rise because of the inflation that's created by printing all this money.

John F. Kennedy said that the way to solve these problems--back in the early sixties, a Democrat--that it was to cut taxes. Here's exactly what he said. "Our true choice is not between tax reduction, on the one hand, and the avoidance of large Federal deficits on the other. It is increasingly clear that no matter what party is in power, so long as our national security needs keep rising, an economy hampered by restricted tax rates will never produce enough revenues to balance our budget, just as it will never produce enough jobs or enough profits. In short, it is a paradoxical truth that tax rates are too high today, and tax revenues are too low, and the soundest ways to raise the revenues in the long run is to cut taxes now."

The best way to raise revenues for the Treasury is to cut taxes. The best way to stimulate economic growth is to cut taxes. Yet, this administration is going to be raising taxes in one way or another on every single family in this country, either through the tax that is going to be on energy or the taxes they are going to levy on the upper income people. But there's going to be taxes levied on every single American, and that is the wrong way to stimulate economic growth.

What they are doing is they are throwing money at this problem, saying that that will solve the problem. It has never worked in the past. It will not work now.

Back in the 1970s, under Jimmy Carter, this was tried. And we ended up with double-digit inflation--14 percent inflation, 12 percent unemployment--and they ended up raising interest rates to 21.5 percent to stop the runaway inflation that was killing the economy of the United States, and they put us into another real bad recession. It wasn't until Reagan came in in 1980 and cut taxes across the board that we ended up with the longest period of economic recovery in the United States history.

History shows that cutting taxes in times of economic stress is the way to work our way out of this situation. And throwing money, trillions and trillions and trillions of dollars, and move us toward a socialistic economy, is not the solution.

I hope my colleagues will look into history. Look at what John F. Kennedy, what Ronald Reagan, and others said about this, because it's extremely important that we profit from history.