Dr. Boozman's Check-up

We started a new video segment this week entitled "From the Mailbag", where I sat down and answered a couple of constituent letters about the debt ceiling, "Cut, Cap & Balance Act" and the President's decision to withdraw troops from Afghanistan.

Living in Arkansas we’re no strangers to severe weather. But when things turn dangerous and deadly we expect the help necessary to rebuild and recover from the losses left from Mother Nature. 

Arkansas has no doubt experienced more than its share of storms, floods and tornadoes in 2011, forcing the state to rely more on federal assistance. In every instance the Arkansas Congressional Delegation has supported the Governor’s request for aid in letters to the President and to the Federal Emergency Management Agency (FEMA) Administrator. 

After resubmitting a disaster declaration request for Franklin and Johnson Counties, FEMA determined individuals in Franklin and Johnson Counties can apply for and receive federal disaster assistance.

The disaster recovery centers are closing at the end of the week in these counties so if you or someone you know needs to register for aid please call 1-800-621-FEMA or go to the recovery centers. To read more information about this click here.

 

One of the ways we recognize our veterans for their service and sacrifice is to award them medals they earned during their time in uniform, but did not receive while serving. That is due in part to the dedication of retired Lt. Col. Steve Gray who laid the groundwork for this outstanding constituent service. Steve goes above and beyond to address the needs of the veteran community. His work was recognized by the Times Record after a reporter attended one of Steve’s medal presentations. “If a medal were given for giving out medals, retired Air Force Lt. Col. Stephen Gray would undoubtedly earn one,” Rusty Garrett wrote in The Times Record. You can read about Steve’s medal presentations at The Times Record.

Our main focus right now is reducing our debt and this begins with reducing spending and putting in place a mechanism, like a Balanced Budget Amendment, that will prevent overspending in the future. 

We borrow money from foreign governments like China who own more than $1.1 trillion of U.S. debt. This year alone, the federal government will spend $3.7 trillion while only collecting $2.2 trillion. This is unsustainable. We cannot afford to continue down this path.

We’re working to reach an agreement on how to get us on the path to fiscal responsibility. Listen to my latest interview with KUAR on what we’re doing to put us on the right course.

One day after Moody's Investors Service said it will begin a review of our government's credit rating, a senior Vice President at the global credit rating powerhouse said that if the U.S. government misses a debt payment, our sovereign rating “could be cut the next day.”

From the Wall Street Journal (Subscription required):

One such scenario Mr. Hess envisions--if the U.S. misses a debt payment--would be downgrading the country by one notch the day after a payment was missed and keeping the rating on review for an additional potential downgrade.

That review would give Moody's Investors Service time to look at the potential long-term effects on U.S. Treasury debt. Long-term questions include the speed at which the initial missed payments were made up; the effect a missed payment has on future borrowing costs; and any regulatory changes implemented to avoid future defaults.

I added the emphasis to the end to highlight the fact that Moody’s—and the other big international credit rating agencies—are looking for the U.S. to not only raise the debt ceiling, but enact long-term solutions to our financial problem.  This is why I continue to work toward an agreement that includes significant cuts and a spending cap mechanism (such as a balanced budget amendment) to prevent us from having to raise the limit once again.

We got into this mess by spending money; we can’t fix the problem unless we cut spending.  Let’s get to work reining in the reckless spending and putting our nation back on a fiscally responsible path.

I recently stopped by the Comcast Newsmakers studios to talk about the need to rein in the excessive federal spending and pass a spending mechanism--such as a Balanced Budget Amendment--to prevent us from having a fiscal crisis on par with that of Greece, Portugal and Ireland.

If you live in the Little Rock media market and are a Comcast customer, you can catch my interview on CNN Headline News airing at the following times:

Monday, July 18th – 7:24am and 12:24pm
Tuesday, July 19th – 8:24am and 1:24pm
Wednesday, July 13th & 20th – 9:24am and 2:24pm
Thursday, July 14th & 21st – 10:24am and 3:24pm
Friday, July 15th & 22nd – 11:24am and 2:24pm
Saturday, July 16th & 23rd – 8:24am and 2:24pm
Sunday, July 17th & 24th – 10:24am and 1:24pm

You can also stream the entire interview from my site.

Thanks to the kind folks at Comcast Newsmakers for inviting me on and thanks to each of you for taking the time to watch this interview.

The Bureau of Labor Statistics released a report today showing that the unemployment rate increased to 9.2% in June.

Shortly before the “stimulus” passed Congress, Christina Romer, then-chairwoman of the president's Council of Economic Advisers, and Jared Bernstein, the Vice President's top economic adviser, released a report with their predictions about the impact of their plan on the economy.  One of their bolder projections at the time was that with the “stimulus,” our national unemployment rate would peak below 8% in 2009.

Almost two and a half years have gone by and our national unemployment rate has never been lower than 8% since the “stimulus” became law.

This chart adds the real numbers to the Romer-Bernstein prediction of the monthly unemployment numbers with and without the President’s “stimulus” plan.  As the red dots on the graph show, our national unemployment numbers are far worse than they were pre-“stimulus”.

The media has been talking at length today about  what  this report means in terms of the President’s political future, but that angle of the story misses the most important part: this about more than numbers, more than a report, more than a political talking point—its real people.  14.1 million of them to be exact.  All of whom are looking to Washington for help.

Unfortunately, the President and his allies in Congress have refused to provide the help these Americans need.  The government cannot create jobs, despite this administration’s efforts to prove otherwise, but we can help encourage an environment where the private sector can flourish.  

How many bad reports are necessary before the President and his allies in Congress recognize their policies are making matters worse, not better, for America?

Final Liftoff

Jul 08 2011

Space Shuttle Atlantis blasted off from Kennedy Space Center this morning. This marks the end of 30-years of Space Shuttle missions.

As Ranking Member of the Senate Subcommittee on Science and Space I had the opportunity to visit Kennedy Space Center in April for the planned launch of Space Shuttle Endeavor. During the tour of NASA facilities we saw the work being done preparing Atlantis for its final launch.

We are proud of everyone who contributed to the successful program and we are working to maintain our position as a leader in the space exploration. You can read my thoughts about the future of America’s space program in an op/ed posted on The Hill’s website.

'Stimulus' Stumble

Jul 07 2011

With unemployment rates rising in early 2009, the White House disguised a spending bill as a job creator to put Americans back to work. The ‘stimulus’ has been a failure since day one. President Obama promised that nationwide unemployment wouldn’t be more than eight percent, but the latest numbers show we have a 9.1 percent unemployment rate.

White House expectations of job creation from this flawed legislation fell flat and we’re experiencing more unintended consequences from this as described in the Weekly Standard.