[Congressional Record Volume 148, Number 135 (Tuesday, October 15, 2002)]
[Senate]
[Pages S10404-S10405]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       JOBS FOR AMERICAN FAMILIES

  Mr. JEFFORDS. Mr. President, I rise today to discuss the state of our 
economy. I was heartened to read in this morning's Washington Post that 
the administration is finally acknowledging our economy is in trouble. 
Of course, it came as the Republican National Committee was writing a 
memo to send to its campaign, reporting that internal polling shows the 
economy is the most important issue to voters. Surprise. It seems the 
Bush administration is more interested in responding to recent poll 
numbers than responding to the economic indicators that have been 
staring them in the face for more than a year.
  The economic statistics are most troubling. Business investment is 
down. The annual growth of business investment is 7.6 percent, the 
weakest business investment trend under any administration in the past 
50 years. Consumer confidence is down. Between January of 2001 and 
August of 2002, consumer confidence dropped by nearly one-fifth. The 
stock market is down, as everyone knows. Between January 2001 and 
September 2002, stocks listed on the New York stock market exchange and 
the Nasdaq markets lost $5.2 trillion in market value, a loss of more 
than 35 percent, or more than $9 billion per day.
  The 23 percent average annual decline in the S&P average index under 
the current administration is the sharpest decline since the Hoover 
administration. Last month was the worst September performance for the 
Dow Jones industrial average since 1937.
  The Congressional Budget Office said last Friday the Federal 
Government 2002 deficit will hit $157 billion. This onslaught of red 
ink is truly remarkable. It is being driven by the largest percentage 
drop in individual tax revenues since 1947. That is over 50 years ago.
  Let me give the folks a little Yankee economic wisdom. People pay 
less in taxes when their earnings go down. We are now spending Social 
Security revenues to balance our budgets for the first time since 1997. 
Ninety-four percent of the surpluses projected when President Bush took 
office have already disappeared. That is a $5.3 trillion drop in just 2 
years. If the past is any guide, we can expect higher interest rates in 
the future as the Government competes with the private sector for 
capital.
  With all of this, I was stunned to receive a letter from the 
Congressional Budget Office late Friday which indicates even more 
layoffs of American

[[Page S10405]]

workers may be around the corner. These layoffs can be attributed to 
the lack of commitment from the administration to fully fund our 
Federal highway program. The CBO letter made clear that the continuing 
resolution, which the other body is working on now, will have the 
effect of cutting future spending on highway construction jobs by over 
$4.1 billion and cutting current spending by $1.1 billion.
  I quote the letter of October 11, 2002, from the Director of CBO 
regarding the amendment being proposed by the other body:

       With the amendment, CBO would reduce its estimate of 2003 
     obligations and outlays under a full-year continuing 
     resolution by $4.1 billion and $1.1 billion, respectively.

  I am convinced that we need more leadership from the White House on 
the issue of jobs for American families. Our attention is constantly 
being diverted by the White House talk of war. Unemployment in 
September stood at 8.1 million Americans. This does not count those who 
have given up hunting for work. That is 1 million more unemployed as 
compared to a year ago. Families whose unemployment benefits have long 
since run out are focused on how they will pay their rent or make their 
mortgage payments or, even worse, where they will get their very next 
meal.

  Construction jobs are good jobs. Each $1 billion spent on highway 
projects creates 47,500 full-time jobs. These jobs help the entire 
economy, not just the transportation sector. The cut in funding 
highlighted by the CBO letter means nearly 200,000 Americans will not 
find gainful employment, which they could find if it was better 
handled.
  According to the Department of Transportation, our network of 
highways contributes, on an average, one-quarter of the yearly 
productive growth rate in the United States.
  To quote the Department of Transportation:

       This highlights the highway network's importance to 
     maintaining economic growth.

  The White House needs to listen to its own transportation department. 
The U.S. Department of Transportation says for each $1 billion invested 
in highways, almost 8,000 direct on-site highway construction jobs are 
created. For each $1 billion invested, around 20,000 supply industry 
jobs are created. For each $1 billion invested, around 15,000 jobs are 
supported within the general economy as highway construction employees 
spend their wages.
  I say to the White House, devote at least some attention away from 
Iraq and to getting Americans back to work. I urge the White House to 
support funding in the continuing resolution which allows us spending 
at the rate of $31.8 billion, equal to last year's level.
  As chairman of the Environment and Public Works Committee, I will 
work with the congressional leadership to assure maximum funding 
possible for the reauthorization of the transportation bill.
  I feel sad today when I look at the economy and think what it could 
be or should be; yet we are spending all our time on an important 
issue, no question, about the status of Iraq. But I hope this body will 
turn its attention now to economics and the problems we are having and 
those that will lie ahead if we do not take action now.
  I yield the floor and suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The bill clerk proceeded to call the roll.
  Mr. DASCHLE. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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