[Congressional Record Volume 143, Number 69 (Thursday, May 22, 1997)]
[House]
[Pages H3174-H3175]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          IT IS ALL ABOUT JOBS

  (Mr. BALLENGER asked and was given permission to address the House 
for 1 minute.)
  Mr. BALLENGER. Mr. Speaker, consider for a moment a rich person. A 
rich person has two basic choices as to what he can do with his money, 
he can save it or he can spend it.
  Now suppose that he has $100,000 of income that he is completely free 
to dispose of as he wishes. If he spends that $100,000 on a luxury car 
or a new yacht, that is very good for the economy. In fact, it is very, 
very good for the economy to have as many rich people as possible.
  But while spending $100,000 is a good thing for the economy, if he 
saves the $100,000 instead by investing in stock,

[[Page H3175]]

for example, that is even better for the economy. Why is that? Because 
businesses that wish to expand to modernize and to grow need that 
investment money. When a company expands or a new company is started, 
jobs are created.
  So I want to give rich people an incentive to save more of their 
money instead of spending it. That is why it is so important for the 
economy to cut the tax on savings and investment. It is all about jobs.

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