[Congressional Record Volume 149, Number 148 (Tuesday, October 21, 2003)]
[Senate]
[Page S12908]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                            ECONOMIC GROWTH

  Mr. FRIST. Mr. President, on leader time, I want to make a very brief 
comment to highlight a few of the encouraging developments on our 
economic front. I know we will be going to morning business, and some 
of my colleagues will be talking shortly on the issue of our economy 
and where we are in terms of jobs and job creation.
  There have been some very encouraging developments on the economic 
front. When the third quarter GDP figures are released next week, it is 
anticipated we will very possibly see growth as high as 6.5 percent. 
All signs, at this point, point to a very robust holiday buying season.
  The Department of Commerce reports consumption is strong. In the 
third quarter, consumption grew by an annual rate of over 12 percent. 
Many economists tell us this third quarter consumption may be the 
strongest we have seen over the last 4 years--again, very good news.
  Likewise, the Department of Labor reports the initial jobless claims 
are at their lowest levels since February. In August, the nonfarm 
sector employment rose by 57,000 jobs. In the area of manufacturing, 
mid-Atlantic manufacturing is showing promising signs of recovery. The 
index for new orders showed the highest gains in 8 years, and the 
monthly index of regional manufacturing significantly topped the 
economists' expectations. Inflation, meanwhile, remains very low. 
Short-term interest rates are also at historically low levels. There is 
much to cheer about in this positive news.
  Smart, progrowth fiscal policy is helping lead this creation of new 
jobs. But we have a lot more work to do. There are some structural 
problems we need to tackle on this Senate floor in order to strengthen 
the marketplace. We need a more efficient marketplace, a more 
transparent marketplace. We need to make it less risky for businesses 
to go out and hire workers and to retrain those workers, and we can do 
that by focusing on appropriate reforms such as strengthening trade; 
reducing health care costs; reducing litigation costs; reducing 
insurance costs; strengthening energy policy, which we are doing in 
conference right now; and, I would also add, enacting strong asbestos 
reform. These are the sorts of policies that will increase 
productivity. They will increase predictability in the marketplace, and 
they ultimately will stoke the engines of economic growth.
  I am really, for the first time, becoming optimistic that we have 
turned this corner and that we will see continued improvement. The 
agenda items we are working on to complete this session--many of which 
we just discussed--will lead to more jobs, more prosperity, and a solid 
economic recovery.
  Mr. President, I yield the floor.
  Mr. DORGAN addressed the Chair.
  Mr. REID. Will the Senator yield for a request?
  The PRESIDENT pro tempore. The Senator from Nevada is recognized.

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