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03/29/2008

First-District Republicans Endorse Davis for Congress, Candidates Offer Failed Policies of Past


St. Paul, MN (March 29, 2008) After Republicans today endorsed Brian Davis as their candidate in the First Congressional District, the DFL Party released the following statement from State Chair Brian Melendez:

“Republicans Brian Davis and Dick Day offer nothing more than the same failed politics that have led America into recession, debt and insecurity. They want to protect corporate special interests while middle-class jobs disappear; they want to give away more of our tax dollars to the wealthy few who don’t need it; and they want to mortgage our future to pay for it. In their race to the far right of the Republican Party, they have left the needs and concerns of southern Minnesota’s working families far behind.

“Tim Walz is providing strong leadership for Southern Minnesota, bringing small-town Minnesota values to Washington — honoring our veterans, balancing our budgets and returning prosperity to the middle class. A former teacher, a veteran, and a family man, Walz knows what it’s like to balance a family budget, serve our country and work hard to build a better future for our children.

“If southern Minnesotans want a third Bush term in Washington, they’ll love Davis and Day. But if they want real change and a fair shake, they’ll support Tim Walz in November.”

On the Economy — Protect the Privileged; Pass the Buck to Middle Class:

Davis Supports Making Bush Tax Giveaways Permanent for Benefit of Wealthiest One Percent. According to Citizens for Tax Justice, from 2001-2010, the wealthiest 1% of Minnesotans, who had an average income of $1.16 million in 2006, will receive 31.1% of the Bush tax cuts. Meanwhile, the poorest 60% will get only 19.7% of the tax cuts. Their annual tax cut over the 10 years will average only $459, while the average tax cut for the wealthy is more than $42,000 a year. [Brian Davis for Congress website, accessed 3/28/08; Citizens for Tax Justice, 10/10/06]

Making Tax Cuts Permanent Will Cost $4.4 Trillion Over Ten Years. “Without offsets, making the tax cuts permanent would increase the deficit and thereby add to the national debt. The interest payments needed to service this higher level of debt would amount to about $700 billion over the next ten years. Thus, the total cost of making these tax cuts permanent, including the related interest costs, would be $4.4 trillion over the ten-year period.” [Center for Budget and Policy Priorities, 3/28/08]

National Debt Nearly Doubled Under Bush, Now Growing at $1 Million Per Minute. “The national debt — the total accumulation of annual budget deficits — is up from $5.7 trillion when President Bush took office in January 2001 and it will top $10 trillion sometime right before or right after he leaves in January 2009.” [MSNBC.com (AP), 12/3/07]

Home Foreclosures — Special Interests First, Middle Class Last:

Day: Cross Your Fingers. “I just hope that mortgage companies and the people that have these loans that are in trouble right now can get together and somehow work out a deal — over a period of time they’ll both be fine … I hope …” [TPT “Almanac,” 3/21/08]

Minnesota Sees 127-Percent Increase in Foreclosures in 2007. In 2007, there were more than 13,000 foreclosure filings in Minnesota, a 127-percent increase over the previous year. In addition, the Center for Responsible Lending estimates that without intervention, Minnesota will see more than 38,000 foreclosure filings in the next two years. [USA Today, 1/29/08; Center for Responsible Lending, 2/22/08]

Accelerating Foreclosures Driving Down Home Values in Minnesota. In the next two years, without intervention, 38,991 Minnesota homes are expected to go into foreclosure. Homeowners living near foreclosed properties will see their property values decrease by more than $4,000 on average. Approximately 545,000 neighboring homeowners will suffer a price decline, which will result in lost wealth of $2.3 billion. [Center for Responsible Lending, 2/22/08]

On Energy — Making Big Oil Happy:

Davis: Head in Sand on Global Warming. “… [T]here really is no consensus that global warming is man made” (emphasis in original). “Our nation's energy policy and economic well-being should not be based on the deeply flawed theory that carbon dioxide produced from fossil fuel combustion will lead to catastrophic climate change.”[Brian Davis letter to First District Republicans, 1/9/08, accessed 3/28/08; Davis campaign press release, 1/10/08, accessed 3/28/08]

Davis Would Eliminate Fuel-Economy Standards, Increasing Dependence on Foreign Oil and Costing Minnesotans. The federal Energy Independence and Security Act that passed in December 2007, will “boost the fuel efficiency of cars and trucks by 40 percent to an average of 35 miles per gallon by 2020 … The higher fuel standards is expected to cut U.S. oil demand by 2 million barrels a day in 2030, shaving 8 percent of the 25 million barrels a day in oil consumption the Energy Department forecast at that time.” The legislation aims to save American consumers a $1,000 a year at the pump. [Roll Call #1177, 12/18/07; Reuters, 12/18/07; Davis campaign press release, 1/10/08, accessed 3/28/08; Brian Davis letter to First District Republicans, 1/9/08, accessed 3/28/08]

Davis Would Open Arctic National Wildlife Refuge, Outer Continental Shelf for “Immediate” Drilling. [Davis campaign press release, 1/10/08, accessed 3/28/08; Brian Davis letter to First District Republicans, 1/9/08, accessed 3/28/08]