[Congressional Record Volume 144, Number 94 (Wednesday, July 15, 1998)]
[House]
[Page H5506]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      GIVE CREDIT WHERE CREDIT IS DUE FOR AMERICA'S ECONOMIC SURGE

  (Mr. CHABOT asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. CHABOT. Mr. Speaker, it is time to review a little recent 
history. What was the value of the Dow Jones Industrial Average on 
November 3, 1992, the day President Clinton was elected? It was 3252. 
The next question, what was the Dow Jones average 2 years later, when 
the President had been in office 2 years, when Republicans finally took 
over the Congress for the first time in 4 years? 3830. So it went 
basically from 3200 to 3800, about a 500-point increase.
  What happened to the economy and the Dow Jones after the Republicans 
took over the House? The New York Stock Exchange has gone up over 9000 
now, so it is an increase of about 5000. The liberals like to say that 
the economy turned around when the President was elected.
  That is not what happened at all. It turned around when the financial 
markets and the American people were confident, when we had a turnover 
in the House of Representatives, not when the President was elected, a 
5100 point increase. So let us let credit go where credit is due. It is 
important.
  We want jobs, lower taxes. That is what this country needs, not 
higher taxes and not bigger government solutions.

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