[Congressional Record Volume 140, Number 20 (Tuesday, March 1, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: March 1, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
          DEFICIT REDUCTION PLAN WORKS; DOOMSAYERS WERE WRONG

  (Mr. DERRICK asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. DERRICK. Mr. Speaker, this week there is more proof that last 
year's doomsayers employed empty rhetoric when they predicted economic 
disaster if the President's deficit reduction plan was enacted.
  Jobs are being created at the rate of 164,000 per month, the fastest 
rate in 4 years. Last year, 1.6 million jobs were added to the economy, 
a half million more than the 4 previous years combined. The 
unemployment rate has dropped almost 1 full percentage point in just 12 
months.
  Business investments have rocketed. Spending on major appliance and 
other durable goods is 11 percent higher than the last quarter of 1993. 
Inflation is under control, interest rates remain low, and the housing 
market has strengthened by 25 percent since July.
  The deficit reduction package was a good bill. Our Nation has grown 
stronger. The economy has improved, and will improve still more--
despite last year's doomsday rhetoric. I am confident we will act once 
again to further improve the economy and control the deficit--and once 
again spite the doomsayers.

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