February 04,2008

Baucus Floor Statement on the Economic Stimulus Package

The Book of Proverbs teaches: “Listen to your father, who gave you life, and do not
despise your mother when she is old.”

This afternoon, the Senate will begin to address whether we honor our mothers and
fathers, grandmothers and grandfathers. The Senate will begin to address whether we
extend needed stimulus checks to 20 million seniors whom the House left behind.

The author Pearl S. Buck said: “Our society must make it . . . possible for old people not
to fear the young or be deserted by them, for the test of a civilization is the way that it
cares for its helpless members.”

This afternoon, the Senate will begin to be tested. The Senate will be tested whether it
cares for 20 million seniors, or deserts them, as did the House of Representatives.

America’s seniors deserve to get stimulus checks every bit as much as other Americans.

They worked hard all their lives. They paid a lifetime of taxes. They contribute to the
economy.

And with the economy turning down, seniors can use the stimulus checks every bit as
much as other Americans. Everyone knows that the Social Security check does not pay
the bills. The average retiree’s Social Security check is $1,079 a month. And with the
current hard times, gasoline, food, and healthcare costs are all rising.

Two out of three Social Security beneficiaries get most of their income from Social
Security. Social Security is the only income for nearly one in five seniors. Without
Social Security, most older Americans would live in poverty.

Because they can use the money, seniors are excellent targets for economic stimulus
checks. Because they can use the money, they will spend it quickly.

Americans over age 65 spend 92 percent of their incomes. Households headed by a
person over age 75 spend 98 percent. That’s higher than any other demographic group
over the age of 25. And that means that a check sent to a senior will have a greater bang
for the buck in terms of helping the economy.

The Finance Committee amendment will help 20 million seniors who were left out of the
House bill. The Finance Committee amendment will provide seniors with rebate checks
of $500. The House bill will not help those 20 million seniors.

And the Finance Committee amendment would also provide rebate checks for 250,000
disabled veterans who receive at least $3,000 in non-taxable disability compensation.

The Finance Committee amendment would make them eligible to receive the same $500
rebate as wage earners and Social Security recipients. The Veterans Administration
would distribute the rebate. The House bill does not provide disabled veterans who don’t
pay taxes with rebate checks.

And the Finance Committee amendment would provide an additional 13 weeks of
unemployment insurance. And high unemployment states would qualify for an extra 13
weeks. The House bill does not provide an extension of unemployment insurance.

Almost a million more Americans are unemployed today than were a year ago. And
69,000 additional unemployed workers filed claims just last week.

The Finance Committee amendment had been endorsed by the AARP, the Seniors
Coalition, Veterans of Foreign Wars, the Military Officers Association of America,
Vietnam Veterans of America, the American Legion, the United Spinal Association, and
the Disabled American Veterans.

These major groups support the Finance Committee amendment. They support it
because it is the right thing to do.

And so, let us listen to ours fathers, who gave us life, and not despise our mothers. Let us
not desert our seniors, or disabled veterans, or unemployed workers. And let us move to
proceed to the stimulus bill.

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