Congressman Says We Are On Our Way to Socialism in America

U. S. Congressman Jeb Hensarling (TX-05) provided an update on his congressional work during the past several weeks to 5th District residents today.

"My top responsibility as an elected official is to protect families and people in East Texas who trusted me to represent their interests in Washington. This problem that began on Wall Street quickly moved to Main Street. I did not take lightly the critical nature of the credit crisis that our capital markets face today and the grave situation that every American will face should our credit markets freeze and remain frozen."

"From the beginning, I have said that inaction during this crisis was not option. As much as it pains my principles, I knew that some temporary form of the full faith and credit of the United States was necessary to address the crisis. I understood that without action, many East Texans might find themselves laid off from their jobs, unable to refinance their homes, or perhaps find their credit cards rejected as they attempted to buy food or groceries."

"I still fear that the bill represented more of a bailout than a work out. I fear it undermined the ethic of personal responsibility. I fear it rewarded bad behavior and punished good. But my greatest fear is that it changed the role of the federal government in our free market economy, which, despite its current problems, remains the envy of the world. How can we have capitalism on the way up and socialism on the way down? If we lose our ability to fail will we not in turn lose our ability to succeed?"

"I wanted to be very careful while addressing this financial crisis to ensure that any short-term gain does not come at the cost of even greater long-term pain - that being the slippery slope to socialism. The thought of my children growing up in America with less freedom and less opportunity is a long-term pain I cannot bear. That is why I cast a "no" vote twice, but I did so with some doubt."

"However, this bill passed and is now the law of the land, and I stand ready to help make it work. My fight for freedom and opportunity continues," said Hensarling.