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October 26th, 2010

LEGACY OF DEAFNESS: Braley Didn’t Listen When He Bailed Out Wall Street on the Backs of Middle-Class Families

Liberal Democrat incumbent Bruce Braley’s record of support for bailouts and government intrusion into private companies has left American taxpayers on the hook for the mistakes of Wall Street executives who received enormous bonuses after plunging the country into economic crisis.

Braley supported the American Recovery and Reinvestment Act, which created the Troubled Asset Relief Program to prop up some of the failed financial institutions that were most responsible for the economic downturn. The legislation lined the pockets of executives of American International Group, a company that later doled out millions of dollars worth of bonuses to employees.

Ben Lange, the rising conservative candidate in Iowa’s 1st Congressional District, said on Tuesday that the real path to economic recovery lies in small business and ingenuity, not in lavishing billions of tax dollars on failed Wall Street giants. Lange, who has received the endorsement of the National Federation of Independent Business, has called on Congress to create an atmosphere that allows small businesses to thrive, create jobs and invest in communities.

“Iowans made it clear that Congress should focus on job creation in our communities and protecting taxpayers from the mistakes on Wall Street, but Braley turned his back on middle-class families and decided to help the big guys by handing them a blank check from the taxpayers,” Lange said. “It’s another blatant example that he hasn’t listened to the will of the people he represents.”

Lange’s vision to restore the country’s economic health relies on the ingenuity and entrepreneurship of the American people, not on big government. He would do away with the burdensome taxes and mandates on small businesses enacted under Nancy Pelosi’s agenda with Braley’s enthusiastic support. He would also extend all the tax relief provisions currently set to expire on Jan. 1 to give families and business owners the ability to plan ahead regarding their tax liabilities.

“Rather than throwing lifelines to Wall Street barons, we need to give small business owners the tools to create jobs right here in our communities,” Lange said. “This big-government experiment has had its chance, and it’s given us nothing but 9.6 percent unemployment and $13.5 trillion in national debt. It’s time for a new approach, one that puts middle-class Iowans ahead of Wall Street executives.”

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The Iowa Republican

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