[Congressional Record Volume 142, Number 124 (Wednesday, September 11, 1996)]
[House]
[Page H10182]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         THE ARGUMENT AGAINST A RETURN TO SUPPLY SIDE ECONOMICS

  (Mr. HINCHEY asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. HINCHEY. Mr. Speaker, just before the August recess the Wall 
Street Journal published an op-ed urging Presidential candidate Bob 
Dole to embrace a return to supply side economics. Shortly thereafter 
the Journal printed a letter I authored in response to that op-ed, 
showing that the economy performed better since 1992 than it had during 
the previous 12 years of supply side economics.
  In comparing economic performance under Clinton since 1992, to the 
Reagan-Bush years, we find that under President Clinton the economy has 
grown more rapidly, employment has risen at a faster rate, per capita 
income has increased more quickly, and the deficit is much smaller 
relative to the economy.
  Last month's unemployment rate of 5.1 percent provides evidence of 
just how healthy the economy has become despite the fact that the 
growth has not been shared equally among all regions of the Nation.
  Mr. Speaker, we owe much of this progress to the success of the 1993 
budget reduction law which was enacted by the Democratic Congress. It 
was reduced the deficit by more than 60 percent. It has expanded the 
EITC program, providing tax breaks averaging $500 for New Yorkers 
alone.
  Let us not return to supply side economics. Let us keep on a steady 
course which is providing economic growth for all Americans.

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