FOR IMMEDIATE RELEASE

APRIL 4, 2008

Congressional candidate Mike Livingston today called for creativity and candor, rather than panic, in confronting the housing and energy crises.

“There is no question that we are in a serious economic crisis and need to respond aggressively,” said Livingston. “However, it is important to take steps that improve our long-term economic health and not feel-good measures that make the problem worse in the long run.”

With respect to the housing crisis, Livingston supported proposals to provide favorable tax and bankruptcy treatment to individuals temporarily defaulting on home mortgages; adjustment of mortgage terms, in appropriate instances, to permit eventual repayment; and measures to ensure greater honesty in the sale and marketing of future mortgages. However, he was dubious regarding proposals, including some by Democratic candidates Hilary Clinton and Barack Obama,  to create new State and Federal programs to monitor or regulate the housing industry. “Our goal should be to get people back on their feet and hold on to their homes and businesses, not make them dependent on Government help,” he said.

Livingston similarly expressed outrage over runaway gasoline prices, but cautioned against easy solutions. “The only sure way to bring down prices is to reduce demand, by enforcing fuel efficiency standards and encouraging conservation, and to increase the supply of energy. Screaming at the oil companies feels good–and they may very well deserve it–but it won’t accomplish much in the long run.”

Livingston was especially critical of Democratic proposals to reduce tax incentives for oil and gas exploration in the current tax code. “I don’t understand why, in a time of increasing demand, we would want to eliminate incentives to find as much oil at the cheapest price possible.” He further suggested that environmental restrictions, while important in their own right, must be balanced with legitimate economic needs.

Livingston is the Republican candidate against Chaka Fattah (D- Pa.) in the Second Congressional District.