Harold Ford on Budget & Economy
Former Democratic Representative (TN-9, 1997-2007)
Fight $2 trillion debt by balancing budget & ending pork
Q: How would you combat the national debt?
FORD: Everybody in our country--even children and newborns--owes the US government $28,000. In the last 6 years under my opponent’s party’s leadership, the debt has grown by almost $2 trillion. And the people
who will pay it will be you and I and everyone else. I have a couple of simple answers. They’re going to call me a liberal, but if they wanted to control the debt, they could have by now.
- We ought to pass a balanced budget amendment.
We ought to move to a two-year budget cycles.
- We ought to end all of this pork-barrel spending.
- We ought to say to 16 federal agencies, out of 23, that if they can’t audit themselves, then no more federal tax money.
CORKER: The only person who’s been in Washington over the last 10 years is Congressman Ford. He’s tried to add $280 billion to your tab. His actions in Washington have been far different than what he says.
Source: 2006 TN Senate debate, at University of Chattanooga
Oct 10, 2006
Voted YES on restricting bankruptcy rules.
Vote to pass the bill that would require debtors who are able to pay back $10,000 or 25 percent of their debts over five years to file under Chapter 13, rather then seeking to discharge their debts under Chapter 7. Chapter 13, calls for a reorganization of debts under a repayment plan. A Debtor would be restricted, in this bill, to a total exemption of $125,000 in home equity for residences bought within 40 months of a bankruptcy filing. The bill also would establish permanent and retroactive Chapter 12 bankruptcy relief for farmers.
Reference: Bankruptcy Abuse Prevention and Consumer Protection Act;
Bill S 1920
; vote number 2004-10
on Jan 28, 2004
Retire half the public debt by 2006.
Ford signed the Blue Dog Coalition letter:
Blue Dog budget framework
Source: Blue Dog Coalition letter to the Senate 01-BDC2 on May 9, 2001
- Set tax and spending priorities within a five year budget framework instead of using ten-year budget projections to allow for backloaded tax cuts or spending increases
- Require all tax or spending initiatives to be fully implemented within the five year budget window
- Retire over half of the publicly held debt by 2006
- Devote one-quarter of the [non-Social Security] surplus to tax cuts retroactive to 2001, for a net tax cut of $180 billion from 2001-2006
- Establish realistic discretionary spending caps which will restrain spending but also provide room to fund new initiatives without relying on unspecified or unrealistic spending.
Get minorities into home ownership & global marketplace.
Ford adopted the CBC principles:
The CBC is focused on economic empowerment issues including:
Source: Congressional Black Caucus press release 01-CBC10 on Jan 6, 2001
- New Markets and Small and Minority Business Development. The CBC will seek to increase opportunities for minority and small and disadvantaged businesses by expanding contracting opportunities in the public and private sectors, increasing access to capital, creating tax incentives for capital improvements, removing outdated and restrictive regulatory barriers, and streamlining and enhancing procurement tools to encourage minority and small business utilization.
- Trade and Global Economic Empowerment.
The CBC will work to ensure that the benefits of the dynamic global marketplace extend to minority businesses, and Africa and developing countries. To this end, the CBC will propose and support trade and investment initiatives designed to bridge the global digital divide, create jobs, improve infrastructure, promote sustainable development, and raise living and work standards for people of color around the globe. Moreover, the CBC will work to ensure that America’s international trade agenda and priorities also meet these goals.
- Increasing Affordable Housing Opportunities. The CBC’s goal is to increase the nation’s homeownership rates. Home ownership is one of the best wealth creation vehicles for minority families. We will work with lending institutions and community organizations to ensure that minorities are afforded every opportunity to realize the dream of owning a home.
Page last updated: Nov 26, 2010