[Congressional Record Volume 142, Number 135 (Thursday, September 26, 1996)]
[Senate]
[Page S11401]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    CENSUS INCOME AND POVERTY REPORT

  Mr. CONRAD. Mr. President, today the Census Bureau has released a 
report on income and poverty in America in 1995. Here are some of the 
findings from that report.
  Typical household income in America showed the largest increase in a 
decade: Household income up about $900 in 1995. It is the largest 1-
year increase since 1986; typical family income since the President's 
economic plan has passed is up $1,631 in this country.
  Mr. President, the report also indicated and demonstrated that we 
have had the largest decline in income inequality in 27 years. In 1995, 
household income inequality fell, as each income group, from the most 
well-off to the poorest, experienced an increase in their income for 
the second straight year. One measure of inequality, the Gini 
coefficient, dropped more in 1995 than in any year since 1968.
  The number of people in poverty fell by 1.6 million--the largest drop 
in 27 years.
  Mr. President, that is remarkably good news for the American economy. 
It is remarkably good news for American families. It is remarkably good 
news about what has happened since the President's economic plan passed 
in 1993.
  The good news does not stop there. The poverty rate fell to 13.8 
percent, the biggest drop in over a decade. The elderly poverty rate 
dropped to 10.5, the lowest level ever.
  In 1966, 28.5 percent of America's elderly citizens lived in poverty. 
In 1995, the elderly poverty rate declined from 11.7 percent to 10.5. 
That is a new record low for the elderly poverty rate in America.
  In addition, we saw the biggest drop in child poverty in 20 years. In 
1995, the child poverty rate declined from 21.8 percent to 20.8 
percent, a full 1 percentage point reduction, representing the largest 
1-year drop since 1976.
  These statistics, I think, again demonstrate that President Clinton's 
economic plan that passed in 1993 is working. Clearly, we are moving in 
the right direction. Not only do these statistics reveal substantial 
income gains, reduction in income inequality in this country, a 
reduction in the poverty rates across the board in America, but we know 
from other statistics as well that the indications and the evidence are 
now very clear that President Clinton's economic plan, which was passed 
here in 1993, has been remarkably successful.
  We have 4 years in a row of deficit reduction. All we have to do is 
think back to 1992. The deficit was $290 billion. President Clinton 
came into office and every year since then the deficit has been 
reduced. This year we anticipate the deficit will be $116 billion, a 
60-percent reduction.
  The good news does not end there. Because in part the deficit 
reduction program was so successful, we have seen a resurgence in this 
economy. Not only do these statistics indicate it, but we know from 
previous indications the American economy is moving in the right 
direction. Looking at the misery index, that is the measure of 
unemployment and inflation, it is at a 28-year low. If we look at the 
rate of business investment, business investment is increasing at a 
rate that is the best in 30 years.
  Again, I would say the good news does not stop there. This economy 
has created over 10 million new jobs since we passed the President's 
plan. The United States has now been rated the most competitive economy 
in the world for 2 years in a row, replacing Japan.
  The evidence is overwhelming that the economic plan we passed in 1993 
was the right medicine for the American economy. We can remember at 
that time the deficit was growing, the economy was dead in the water, 
virtually no new jobs were being produced, we had very weak levels of 
economic growth. But then, in 1993, President Clinton came with an 
economic plan that passed in this Chamber by a single vote, one vote. 
Our friends on the other side of the aisle said that plan would crater 
the economy. They said it would increase unemployment. They said it 
would increase the deficit. And they were wrong. They were dead wrong.
  That economic plan has reduced the deficit every single year for 4 
years in a row. It has reduced unemployment. We have the lowest 
unemployment in 7 years. It increased economic growth. And now, further 
evidence from the Census Bureau report, household income is up. It is 
the best increase in a decade. Poverty is down. We have a decline in 
income inequality that is the largest in 27 years. The number of people 
in poverty showed the biggest drop in 27 years. The poverty rate fell 
to 13.8 percent, the biggest drop in over a decade. The elderly poverty 
rate fell to the lowest level ever. Mr. President, more evidence, 
strong evidence the Clinton economic plan is working and that America 
is moving back on track.
  I think everybody who participated in that plan can take special 
pride in the report that was released today, that indicates that we 
have finally got this economy moving in the right direction.
  I yield the floor.
  Mr. LEAHY addressed the Chair.
  The PRESIDING OFFICER. The Senator from Vermont.

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