[Congressional Record Volume 142, Number 117 (Friday, August 2, 1996)]
[Extensions of Remarks]
[Pages E1477-E1478]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   THE ECONOMY IS STRONG AND GROWING

                                 ______
                                 

                        HON. CAROLYN B. MALONEY

                              of new york

                    in the house of representatives

                         Friday, August 2, 1996

  Mrs. MALONEY. Mr. Speaker, this morning we were going to hold a 
hearing of the Joint Economic Committee to hear the July jobs report. 
It was canceled. And that's a shame--because the President has an 
economic record any President could be proud of.
  After 3\1/2\ years of President Clinton, the economy continues to 
grow stronger and stronger. We've created more than 10 million new 
jobs--a faster rate of job growth than under any Republican 
administration since the 1920's. In our global economy, job creating 
exports have increased by one-third--up $162 billion. And today's job 
report, issued by the Bureau of Labor Statistics shows that we added 
193,000 more jobs in July.
  We have the highest rate of new business incorporations since World 
War II, with the Commerce Department reporting that our Nation's 
economy grew at an extremely healthy 4.2-percent annual rate from April 
through June, and with the lowest combined rates of unemployment, 
inflation, and mortgage rates since the 1960's.
  Best of all for both working Americans and our fixed-income retirees 
under President Clinton we've sustained this growth while keeping 
inflation stable and low.
  Mortgage rates are the lowest they've been in 30 years. The result: 
Millions of Americans have been able to purchase their first home, 
giving us the highest homeownership rate in 15 years.
  Mr. Speaker, the current issue of Money Magazine reports: ``The 
majority of Americans are better off on most pocketbook issues after 
3\1/2\ years under [President] Clinton, who's presided over the kind of 
economic progress any Republican would be proud to post.''
  Barron's reports ``In short, Clinton's economic record is remarkable. 
Clinton also rightfully boasted that, `our economy is the healthiest 
that it has been in 30 years.' ''
  This record is no mere happenstance. It is the result of tough 
decisions. Under President Clinton, the deficit has been cut to $117 
billion this year--the lowest deficit as a percentage of GDP of any 
major economy--and less than half of what it was when he took office.
  In fact, were it not for the interest on the debt accumulated during 
the Reagan and Bush years, we would be running a surplus. Alan 
Greenspan said earlier this year that the deficit reduction in 
President Clinton's 1993 Economic Plan was ``an unquestioned factor in 
contributing to the improvement in economic activity that occurred 
thereafter.''
  On that other side, some are still talking about hundreds of billions 
of dollars in tax cuts for the wealthiest. President Clinton has proven 
that responsible deficit reduction that maintains our investments in 
research and development, in our cities, our kids, our schools, and 
infrastructure can work.

[[Page E1478]]

  I do not believe the American people want a return to the pie-in-the-
sky promises that built up this deficit in the first place. Today's 
jobs report is another indication that the President's economic plan is 
working.
  The question the American people are facing is do we stay the course, 
or do we go back to the budget-busting policies of the 1980's. I, for 
one, truly believe the American people are beyond being fooled by false 
promises. Yes, there is work to be done, but they know we are headed in 
the right direction.

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