FOR IMMEDIATE RELEASE
September 25, 2008
Ackerson Addresses Bailout Issue with 4th District Voters
To my fellow residents of the 4th District,
The
unprecedented events of the past week have led to a great deal of
controversy and concern. Never in the history of our Nation has our
Congress considered such sweeping, and to be quite frank such
expensive, legislation in such a short time. As one of two candidates
seeking your support this November, I am concerned. While events
continue to unfold, I wanted you to know where I stand on this critical
issue.
Last night President Bush
addressed the Nation. In his speech he noted that "our entire economy
is in danger" and used phrases such as "serious economic crisis",
"panic", and warned of a "long and painful recession." Like many of
you, I am extremely frustrated to see yet another failure of our proud
Nation. Too often in recent times we have seen government ineptness
lead to painful, and on occasion tragic, outcomes.
It
is no secret that the last few years have been fraught with turmoil,
both abroad and now at here at home. As events this week have made
clear, we are now faced with the painful results of numerous failures
in the financial sector and failures by our government. In an economy
already reeling from continued declines in the strength of the dollar,
the massive explosion in the price of fuel, and ongoing foreclosures in
home mortgages, our country is now facing a complete meltdown in the
stock markets and the credit markets.
In
response to the rapidly crumbling situation, this Wednesday I met here
in Zionsville with several of my economic advisors, including Purdue
faculty member Wally Tyner, a recognized expert in energy issues, and
Tom Schelling, a Nobel Prize
winning economist. What is clear from our conversation is that while
this problem was created by the failings of a small group of entrenched
legislators and wealthy financiers, it is likely that the impact will
hurt us all.
While
many are already suffering from declines in their retirement, the
longer term consequences of this failure may be worse. When banks no
longer offer credit, it is not the wealthy who suffer, but the middle
class. This crisis will hurt Hoosiers who need mortgages to buy a
home, who depend upon student loans to receive an education, or auto
loans to afford a car, who will suddenly find banks unwilling or unable
to offer assistance.
And
yet the proposed $700 billion solution concerns me a great deal. This
legislation represents one of the single biggest expansions of
government in history. That amount represents a sudden and unexpected
tax of approximately $2,500 per person in this country. And ultimately
this fee must be paid for with increased taxes, more deficits, and
further weakening the dollar, all of which hurt those who have been
responsible in their personal finances and their savings.
The
decision to pursue such a massive expense with no provisions for
oversight represents a significant increase in government authority
that is unprecedented. As a lifelong advocate who has dedicated his
career to protecting the constitutional rights of private citizens, I
am highly concerned by the radical proposal that runs rough shod over
the traditions of this Nation. From what we have heard so far, the
current proposal provides for little accountability, few assurances
that tax payers will ever receive repayment, and little regard for the
reality that it is we, the taxpayers, who are being asked to shoulder
the price for the losing economic policies.
Given
the severity of the crisis, we are now forced to consider drastic
solutions that only a few months ago would have seemed inconceivable.
Expensive solutions that fly in the face of the fiscal conservatism that I have always embraced, and that may prove to create as many problems over the long term as they solve in the near term.
When
I began my campaign to be your representative in Congress over a year
ago, I spoke frequently about my concern about the direction our
government was taking. It seemed that our government no longer
respected us. Instead they treated their roles with a sense of
privilege and entitlement, and spent our tax dollars with a
recklessness more appropriate to Las Vegas than to Main Street.
Only a few weeks ago I travelled around the district presenting the
Ackerson Pledge on the Economy, speaking directly to voters about the
need for renewed fiscal discipline, greater government accountability,
and more effective oversight by those whom we entrust to watch the
soundness of our tax dollars, our banks, and our economy.
I
want you to know that I take these issues very seriously. Our
government has failed us, and now they are asking us to pay the price
for their losing policies. It appears likely that regardless of what
solution is adopted, it is we, the taxpayers, who will be held
responsible. It is failures like this that led me to run for
Congress.
We
must change Congress. As your representative I will work tirelessly to
ensure that Congress always respects their role as stewards of the
taxpayers money. As a fiscal conservative, I understand that tax money
is not government money. I will be accountable to you, and will fight
for responsible government and effective oversight.
Over
the coming days I will be actively monitoring the current crisis,
meeting with advisors and voters, and discussing the likely outcome
with legislators here in Indiana and in Washington.
As always, I will be listening to the people of this district, and
welcome your thoughts as we continue through this difficult situation.
We
need change in Washington. It is clear that the current policies are
not successful. But America is a great Nation. We have overcome great
challenges before, and we will overcome this crisis. Together we can,
and we will, get our country back on the right track.
Yours for a new Congress,
Nels Ackerson
Nels
is running for Congress to bring much-needed change and bipartisan
leadership to Washington on behalf of Hoosiers in the Fourth District.
From his childhood years on the family farm in Eagletown to a
decades-long legal career representing the "little guy" against
powerful governments and corporations, Nels has always stayed true to
his Hoosier values. He is a champion of individual rights and economic
opportunity who believes there is nothing we can't accomplish by
working together. Nels and his wife, Sharon, live in Zionsville. They
have four grown children and a granddaughter. Learn more at www.nels4congress.com.