[Congressional Record Volume 142, Number 30 (Thursday, March 7, 1996)]
[Senate]
[Pages S1616-S1617]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                             FRESHMAN FOCUS

  Mr. THOMAS. Mr. President, you will be relieved to know I will not 
take 30 minutes. I have shared it with my friend from Minnesota.
  Mr. President, the freshman focus has been in here now for a couple 
of days, talking about the economy and talking about ways that we can 
strengthen American families, strengthen the economy, strengthen wages, 
strengthen jobs. The interesting part of it is that is what we have 
been talking about here for the last year. That is what we have been 
talking about when we talk about balancing the budget, when we talk 
about regulatory reform, when we talk about tax relief. Unfortunately, 
I think in our communications too often the perception is that we are 
talking about those things because they are what is in our mind--tax 
relief and balancing the budget. We really ought to be talking about 
the benefits of those things. That is why we are doing it.
  We are balancing the budget for a result, and one of the results, of 
course, is the fiscal and moral responsibility to pay for what we are 
using and not to put onto our children and grandchildren a $5 trillion 
debt, $260-billion-a-year interest payment, a lifetime interest payment 
for a youngster born today of $180,000. We really ought to be talking 
about that.
  Our friends on the other side of the aisle stood up yesterday and 
said, ``We want to start talking about the economy. We want to start 
the conversation.''
  Excuse me? That is what we have been talking about for a year. That 
is the very thing that the Democrats have blocked all year long--a 
balanced budget, help to create jobs, tax reform, so that people will 
invest money in the economy and create jobs so families have more money 
in their pockets to spend. That is what we are talking about, jobs and 
wages and an economy that grows.
  Unfortunately, we have not always had the information. The President, 
I think, maybe this year, has said our economy has been the healthiest 
it has been in three decades. I am sorry, Mr. President, but maybe you 
need to look at some of the information that comes from your agencies.
  Employment data: Unemployment rose from 5.6 to 5.8 in January. The 
healthiest economy in 30 years? Not for workers. Increases in workers' 
wages and benefits are the lowest in 14 years. After accounting for 
inflation, the rise in wages is an abysmal 0.3 percent. At least part 
of it is the fact that the economy has grown more slowly in the

[[Page S1617]]

last 4 years than it has grown in the previous 15.
  This year's growth was 1.8, I believe. The last quarter was .9 when 
we were more accustomed to 3.5, or 4.5 growth.
  Why is that? There is a great argument about why that is, of course. 
The Senator from New Mexico yesterday talked about a program in which 
the Government would decide which are class A corporations. We would 
have more regulation and seek to have the Government more involved. 
That is a point of view, and not one that I agree with.
  On the contrary, it seems to me that what we need to do to spark the 
economy is to have tax relief so that there is more money in the 
private sector to invest in job creation and to do something about 
regulatory reform.
  I come from a background of small business, and I have some idea of 
how costly it is to meet the requirements of the regulations. Nobody is 
saying do away with all regulations, but we are saying that there are 
ways to do it that are less expensive, that are more efficient, and 
that will encourage small business.
  I do not know how many people have heard of small businesses who say, 
``I am not going to fight it anymore. It is not worth it. I have put in 
all of this effort and really take home very little.''
  So, Mr. President, that is what it is about, and we have an 
opportunity to do that. We have an opportunity--starting last year. 
And, frankly, we have had opposition from the White House. We have had 
opposition from the minority Democrats. They do not want regulatory 
reform. That is available. We can do that. Balance the budget--we are 
still in the process of that. What is so magic about balancing the 
budget, for Heaven's sake? We have not done it for 30 years. Everyone 
else has done it. You have to do it in your family. You have to do it 
in your business. It is a constitutional requirement in Wyoming. The 
legislature is meeting now. When they came, they knew. ``Here is the 
revenue we have, and here is the expenditure that we are allowed to 
make.''
  They do not do as we have done in the Congress for 30 years and say, 
``Here is the revenue. Here is the expenditure. Put it on the kids' 
credit cards.''
  That is what we need to do in order to do something about the 
economy, Mr. President. I hope that we will do that.

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