Rep. Tim Bishop Addresses the Economy and Other Hot-Button Issues at LRCO Meeting

Rep. Tim Bishop addressed the at their monthly meeting last week, touching on various topics that affect tax payers and the overall well being of the United States and its government agencies.

"I want to learn what's on people's mind," he said. "I want people to know the facts.  There's an awful lot of misinformation out there.  Misinformation is debilitating. My belief is that when people are possessed with the facts, reasonable people will make good decisions." 

Bishop stated that the central issue occupying Washington is that it is necessary to raise the debt limit that allows the country to continue to function.  He said by August 2 the government will have to increase the debt limit, or reduce its overall operation.  Bishop believes the debt limit will be increased.

The congressman laid out the crux of the issue which he said is, "both complex and straightforward," by prefacing it with the fact that the U.S. Federal Government spends $3.7 trillion a year, and $1.2 trillion of that is borrowed.

The majority of that money, Bishop said, is spent on social security, Medicare, defense, veterans' benefits and interest on the national debt.

"When people say cut spending, two out of every three dollars are in one of the areas that most people say, 'You ought not to touch that,'" said Bishop.  "Most people would say don't cut or be very careful what we cut.  You don't want to tell a young man or woman serving in Iraq or Afghanistan that we can't make payroll this month."

He said he hopes Washington takes a "cold hard look at tax code" to take out pieces that are "indefensible or have outlived their use."  An example he cited is the tax subsidies that the big five oil companies get that went into effect when oil was $17 a barrel.  It is now around $100.

The importance of healthcare reform was emphasized since 5 million fewer Americans have private health insurance than did two years ago, many of whom are healthy people.  Healthy Americans paying premiums is how insurance companies make a profit explained Bishop.

"The only way out is to have people buy more policies —it's the core of the Affordable Care Act," he said.

In defense of the government bailout of the automobile industry Bishop said, "The heart of the manufacturing industry, which has been decimated, is the auto industry ... The money's been paid back with interest, and a minimum of 400,000 jobs were saved ... possibly close to a million."

Also stressed was the importance of continuing to go green.

"We cannot continue our dependence on foreign oil, both due to the cost, and the way it compromises our foreign policy," said Bishop.