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Rep. Maxine Waters (D-CA) Statement at Hearing on National Debt

NNPA NEWSWIRE — “…The shameless GOP tax scam contains massive giveaways for the nation’s largest banks. According to Americans for Tax Fairness, the country’s six largest Wall Street banks will collectively save an estimated $14 billion in 2018 alone.”

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WASHINGTON — Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, gave the following statement at a full Committee hearing entitled, “The Peril of an Ignored National Debt.

As Prepared for Delivery

Thank you, Mr. Chairman.

Mr. Chairman, since this hearing is about attention to the national debt, I think it is important for the public to understand that the Republican tax scam, pushed through by Congressional Republicans and Donald Trump during this Congress, explodes deficits by an estimated $2.3 trillion from 2018 through 2028, leaving future generations to foot the bill.

The shameless GOP tax scam contains massive giveaways for the nation’s largest banks. According to Americans for Tax Fairness, the country’s six largest Wall Street banks will collectively save an estimated $14 billion in 2018 alone.

And it’s not just banks – the tax scam includes a 20 percent deduction for pass-through businesses, which is a huge giveaway to hedge funds and other Wall Street firms.

To make matters worse, companies are overwhelmingly using the windfall from the tax scam not to hire more workers or raise wages, but to buy back shares from their investors.

This law has been very deliberately constructed by my colleagues on the other side of the aisle to benefit huge corporations on Wall Street and millionaires and billionaires, at the expense of hardworking Americans.

The American public, and future generations will be forced to pay for these handouts to massive corporations because of the actions of the Republican-controlled Congress and this President.

And of course, Republican policies such as the Bush tax cuts – and the Iraq war – are also major contributors to the deficit.

So, when my colleagues on the other side of the aisle talk about fiscal responsibility and the perils of ignoring the national debt, it must be understood that their actions do not match their rhetoric, particularly when it comes to tax cuts for the wealthy.

When we return next year in the new Congress, with Democrats in the Majority, this Committee will reject harmful and reckless policies like these, and work to ensure that our financial system is fair. We will prioritize protecting consumers and investors, making sure strong safeguards are in place to prevent another financial crisis, expanding and supporting affordable housing opportunities, encouraging responsible innovation in financial technology, promoting diversity and inclusion in the financial services sector and ensuring that hardworking Americans and small businesses have fair access to the financial system and opportunities to thrive.

So, Mr. Chairman, I thank you and I yield back the balance of my time.

Activism

U.S. House Minority Leader Hakeem Jeffries Speaks on Democracy at Commonwealth Club

Based on his first speech as House minority leader, “The ABCs of Democracy” by Grand Central Publishing is an illustrated children’s book for people of all ages. Each letter contrasts what democracy is and isn’t, as in: “American Values over Autocracy”, “Benevolence over Bigotry” and “The Constitution over the Cult.”

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: House Minority Leader Hakeem Jeffries at the Commonwealth Club World Affairs Council on Dec. 2. Photo by Johnnie Burrell. Book cover: "The ABCs of Democracy" by Hakeem Jeffries.
: House Minority Leader Hakeem Jeffries at the Commonwealth Club World Affairs Council on Dec. 2. Photo by Johnnie Burrell. Book cover: "The ABCs of Democracy" by Hakeem Jeffries.

By Linda Parker Pennington
Special to The Post

House Minority Leader Hakeem Jeffries addressed an enthusiastic overflow audience on Monday at San Francisco’s Commonwealth Club, launching his first book, “The ABCs of Democracy.”

Based on his first speech as House minority leader, “The ABCs of Democracy” by Grand Central Publishing is an illustrated children’s book for people of all ages.

Each letter contrasts what democracy is and isn’t, as in: “American Values over Autocracy”, “Benevolence over Bigotry” and “The Constitution over the Cult.”

Less than a month after the election that will return Donald Trump to the White House, Rep. Jeffries also gave a sobering assessment of what the Democrats learned.

“Our message just wasn’t connecting with the real struggles of the American people,” Jeffries said. “The party in power is the one that will always pay the price.”

On dealing with Trump, Jeffries warned, “We can’t fall into the trap of being outraged every day at what Trump does. That’s just part of his strategy. Remaining calm in the face of turmoil is a choice.”

He pointed out that the razor-thin margin that Republicans now hold in the House is the lowest since the Civil War.

Asked what the public can do, Jeffries spoke about the importance of being “appropriately engaged. Democracy is not on autopilot. It takes a citizenry to hold politicians accountable and a new generation of young people to come forward and serve in public office.”

With a Republican-led White House, Senate, House and Supreme Court, Democrats must “work to find bi-partisan common ground and push back against far-right extremism.”

He also described how he is shaping his own leadership style while his mentor, Speaker-Emeritus Nancy Pelosi, continues to represent San Francisco in Congress. “She says she is not hanging around to be like the mother-in-law in the kitchen, saying ‘my son likes his spaghetti sauce this way, not that way.’”

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Activism

Oakland Post: Week of December 18 – 24, 2024

The printed Weekly Edition of the Oakland Post: Week of December 18 – 24, 2024

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Activism

‘Donald Trump Is Not a God:’ Rep. Bennie Thompson Blasts Trump’s Call to Jail Him

“Donald Trump is not a god,” U.S. Rep. Bennie Thompson, D-Miss., told The Grio during a recent interview, reacting to Trump’s unsupported claims that the congressman, along with other committee members like vice chair and former Republican Rep. Liz Cheney, destroyed evidence throughout the investigation.

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Congressman Bennie Thompson, D-Miss. Courtesy photo.
Congressman Bennie Thompson, D-Miss. Courtesy photo.

By Post Staff

U.S. Rep. Bennie Thompson, D-Miss., said he not intimidated by President-elect Donald Trump, who, during an interview on “Meet the Press,” called for the congressman to be jailed for his role as chairman of the special congressional committee investigating Trump’s role in the Jan. 6, 2021, mob attack on the U.S. Capitol.

“Donald Trump is not a god,” Thompson told The Grio during a recent interview, reacting to Trump’s unsupported claims that the congressman, along with other committee members like vice chair and former Republican Rep. Liz Cheney, destroyed evidence throughout the investigation.

“He can’t prove it, nor has there been any other proof offered, which tells me that he really doesn’t know what he’s talking about,” said the 76-year-old lawmaker, who maintained that he and the bipartisan Jan. 6 Select Committee  – which referred Trump for criminal prosecution – were exercising their constitutional and legislative duties.

“When someone disagrees with you, that doesn’t make it illegal; that doesn’t even make it wrong,” Thompson said, “The greatness of this country is that everyone can have their own opinion about any subject, and so for an incoming president who disagrees with the work of Congress to say ‘because I disagree, I want them jailed,’ is absolutely unbelievable.”

When asked by The Grio if he is concerned about his physical safety amid continued public ridicule from Trump, whose supporters have already proven to be violent, Thompson said, “I think every member of Congress here has to have some degree of concern, because you just never know.”

This story is based on a report from The Grio.

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