[Congressional Record Volume 150, Number 63 (Friday, May 7, 2004)]
[Senate]
[Page S5033]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           GOOD ECONOMIC NEWS

  Mr. COLEMAN. Mr. President, about 6, 7 months ago, I rose on the 
floor of the Senate to talk about some good economic news. We have gone 
through very difficult economic times in this country--a recession that 
began before President Bush got elected. There was a devastating impact 
on the psychology of American consumers because of corporate fraud, 
corporate malfeasance, the actions we saw with Enron and WorldCom, and 
Tyco, for which some of those folks involved in that will ultimately be 
brought to justice. But it had a devastating impact on the confidence 
of American consumers and the economy.
  Then we had September 11, which had a devastating physical impact, 
devastating psychological impact, with great suffering across the 
board. And, again, beyond the hurt that so many families suffered and 
the Nation suffered, the economy suffered. The economy suffered, and 
the economy slowed down. Americas had not been attacked on its own 
shores, I believe, since the War of 1812.
  In spite of that, look at where we are today, 3 years later. There is 
good news. With all the challenges we face in this world, sometimes you 
have to stand up and talk about good news.
  When I rose on the floor of the Senate about 6 months ago, there was 
a little bit of good news, and my colleagues on the other side of the 
aisle talked about: Let's not be premature. My colleagues on the other 
side of the aisle still lambasted, and continue to criticize, the 
vision and the actions of the President and this Congress in cutting 
taxes.
  Today, I had a chance to review the most recent numbers by the Labor 
Department. Mr. President, 288,000 new jobs were created in April. And 
it is not just April. As the Presiding Officer from Oregon is well 
aware, what happens is the Labor Department often recalculates the 
reports from months before. And the month before the job numbers were 
very strong. They were at 308,000 new jobs in March. Well, in today's 
listing of the jobs for April, the March numbers have been revised 
upward to 337,000 jobs.
  In fact, if you go back to March, what happened in March is that the 
Labor Department revised up the January and February job gains. So the 
total in January and February and March was over half a million new 
jobs created in this country over 3 months. Now what we see is over a 
million jobs--a million jobs--created in this country in the last 8 
months. That is good news. That is something Americans should 
celebrate.
  When I was the mayor of St. Paul, folks used to say: Mayor, what are 
you doing for a kid today?
  And I would say: One of the best things I can do for a kid is make 
sure mom and dad have an opportunity to work.
  There are all sorts of good things that come with a job, not the 
least of which is health insurance. The best welfare program is a job. 
The best housing program is a job. There is the dignity that comes with 
a job, the impact it has on a family, and the lessening of the 
pressures that one sees in a family. So there is a whole range of great 
things that happen.

  It is interesting; I am an optimist and have always been an optimist. 
Sometimes there are folks who look at what is good news and what is bad 
news, and at times I sense that with our friends on the other side of 
the aisle there is a dark cloud over there waiting for the rain to 
happen. But the sun is beginning to shine--and not beginning to shine, 
it is shining on Americans who are looking for work--a million new jobs 
in 8 months, 288,000 jobs in April. The reason is, in large measure, 
because of the tax cuts this Congress enacted.
  Talk to any small businessperson, and they will tell you, when you 
give bonus depreciation, it increases their incentive to put money into 
new equipment. When you put money into new equipment, folks who produce 
that equipment have a job, and folks who run that equipment have a job. 
When you accelerate or increase expensing, again, it is an 
encouragement to small business. And small businesses are where the 
jobs have grown. The small business then reinvests in the business. 
When you reinvest in the business, you grow jobs. When you lower the 
top rate--which is not about tax cuts for the rich--it is tax cuts for 
small businesses.
  I had an opportunity to be in Rochester, MN, the other day. We talked 
about taxes. I asked the business folks: How many of you are subchapter 
S corporations? A lot of hands went up. I am not an accountant, and I 
used to be a lawyer. But subchapter S corporations are taxed at the 
same level as personal taxes. So when we talk about cutting the highest 
rate, what is happening is we are cutting the tax load for the job 
creators in this country, the small business men and women.
  Yesterday, there was good news. State initial claims for jobless 
benefits in April, in my State, fell 31.5 percent from last April, 
hitting the lowest level since before the 2001 recession. Initial 
claims nationally dropped, last week, by 25,000, to 350,000--the lowest 
number of claims since October 2000.
  Retailer sales are up. Productivity is up. Consumer confidence is up. 
Home buying is up. It is fascinating; the economy grew at a healthy 
4.2-percent rate in the first quarter, up 4.1 percent in the previous 
quarter. When I read the Minneapolis Star Tribune yesterday, they were 
saying: April figures will be announced. Economists were expecting a 
gain of 150,000 jobs. Well, the economists were wrong.
  We have already doubled what was reported by the Labor Department. 
The unemployment rate was supposed to remain constant at 5.7 percent, 
but it has dipped another tenth of a percent to 5.6 percent.
  Mr. President, this is great news for about every American, except 
John Kerry. I hope we put the politics aside. I hope my colleagues on 
the other side of the aisle can now say, yes, President Bush was right 
that when you cut taxes, when you cut the tax load on small businessmen 
and businesswomen, it grows jobs; when you cut taxes and put money back 
in the pockets of moms and dads, it grows jobs.
  This is not a politician standing up and talking; these are the 
facts. This is the data the Department of Labor has reported. The 
President's vision was clear, the President's vision was right. 
Congress was right to act on that vision. The great beneficiaries today 
are the moms and dads in America who can now look out and say there is 
more job opportunity out there, and that is a very good thing.
  With that, I yield the floor and suggest the absence of a quorum.
  The ACTING PRESIDENT pro tempore. The clerk will call the roll.
  The assistant legislative clerk proceeded to call the roll.
  Mr. CONRAD. 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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