[Congressional Record Volume 150, Number 17 (Wednesday, February 11, 2004)]
[Senate]
[Pages S957-S958]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           ECONOMIC GOOD NEWS

  Mr. FRIST. Mr. President, I will take a moment to comment on the 
economic good news that does continue to roll in. After weeks of 
positive indicators, the latest economic reports show that the economy 
is steadily expanding. Specifically, new jobs are coming online and 
unemployment continues to fall. According to the latest payroll survey, 
112,000 new jobs were created in January, the largest monthly increase 
since December of the year 2000. Fully 366,000 new jobs were added over 
the last 5 months.
  The national unemployment rate continues to decline. In general, the 
unemployment rate reached a level of 5.6 percent. That is the fastest 
7-month decline in over a decade. In fact, unemployment is now lower 
than it was, on average, during the 1970s, during the 1980s, or the 
1990s. It is still too high and we will continue to work aggressively 
to lower that unemployment rate. However, with the fastest 7-month 
decline in a decade, the trends are moving in the right direction.
  The Council of Economic Advisers has other good news. On Monday, the 
Council released the latest economic report of the President. They 
anticipate the economy will create millions of new payroll jobs by the 
end of the year. They also emphasize that America is on a path to 
higher sustained output for years to come.
  A survey released in January by the U.S. Institute for Supply 
Management found, for December, new orders booked by industry increased 
at their best rate in 50 years. The bottom line is the economy is 
growing, America is moving in the right direction. Contrary to its 
critics, President Bush's tax cuts are working.
  By passing the tax cuts, we were able to reduce the unemployment rate 
by nearly 1 extra percentage point. We have increased the number of 
jobs available by as much as 2 million. And we have increased real GDP 
by as much as 3 percent. But there is still much to be done.
  As we consider these positive numbers, we must also work to enact 
policies that help every American who needs a job to find a job. We 
must use the tools at our disposal to create the conditions which lead 
to job growth. That is one reason passing this highway bill is so 
crucial.
  Every $1 billion we invest in transportation infrastructure generates 
more than $2 billion in economic activity. It also creates an 
additional 47,500 new jobs. Our roads, our ports, and our railroads are 
vital to America's economic success. Indeed, it is estimated that the 
highway bill will add a whopping 2 million jobs to the economy.

[[Page S958]]

That is 2 million reasons to pass this bill this week.
  Today and Thursday, Federal Reserve Chairman Alan Greenspan is 
scheduled to deliver his monetary report to the Congress. Chairman 
Greenspan has expressed confidence that the economy will continue to 
grow and to grow more jobs. While he does his important work at the 
Fed, we must continue to do our work in this Chamber to bolster the 
economy and help create jobs. Lowering health costs, reducing the 
downward drag of frivolous lawsuits, ensuring affordable energy, 
cutting redtape, and opening new markets, all of these progrowth 
policies will help keep America moving forward.
  I yield the floor.

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