[Congressional Record Volume 140, Number 39 (Wednesday, April 13, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: April 13, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
               PRESIDENT'S ECONOMIC PROGRAM COSTING JOBS

  (Mr. WALKER asked and was given permission to address the House for 1 
minute.
  Mr. WALKER. Mr. Speaker, there is a growing concern that the 
President's economic program, and in particular the tax increases that 
were incumbent to that economic program, are beginning to undermine the 
long-term economy in this country. The question is what are the signs 
of that?
  The majority leader, the gentleman from Missouri [Mr. Gephardt], gave 
us a formula for making that determination here some years ago. And I 
see him on the floor, and maybe he would explain the formula during my 
time.
  What the gentleman pointed out was that if you take another $10.2 
billion in trade deficits, that translates into the loss of another 
250,000 good jobs for American workers, and signals a growing weakness 
in our economy. He said that back in 1989.
  I would simply point out to the House that last year we had $40 
billion in trade deficits. That means that the Clinton economic program 
lost us over one million jobs, and translated into a growing weakness 
in the economy. So far this year we have had over $10 billion in trade 
deficits, and that translates into a loss of another 250,000 good jobs 
and signals a growing weakness in our economy.
  The formula, it seems to me, is one that Americans need to 
understand, that as we hear all of these rosy predictions out of the 
White House about what is going on in the economy, the underlying 
problems in the economy are very apparent, and are very, very well 
described by the Gephardt formula.

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