[Congressional Record Volume 150, Number 76 (Thursday, June 3, 2004)]
[Senate]
[Pages S6387-S6388]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              THE ECONOMY

  Mr. FRIST. Mr. President, I want to take a few moments and comment on 
our economy. It was just over a year ago that the Senate passed and the 
President signed into law $350 billion in tax relief. That was the 
third largest tax cut in history. By so doing, we brought the tax 
burden to the lowest level in 37 years. We cut taxes across the board 
for 136 million hard-working, taxpaying Americans. For America's 
families, we increased the child tax credit from $600 to $1,000 per 
child, and we made those rebate checks available immediately, and they 
were sent out immediately.

  Combined with tax cuts of 2001, which were signed into law almost 3 
years ago today, this year 111 million individuals and families will 
receive an average tax cut of over $1,500.
  If you are married, you are 1 of 49 million married couples who will 
have an average tax cut of $2,600. For those families with children, 
you are 1 of the 43 million families with children who will receive an 
average tax cut of $2,000.
  We have 14 million elderly individuals who will see their taxes go 
down on average by nearly $1,900. That is $1,900 more that senior will 
be able to have to spend, to invest, or to use however they want.
  If you are a small business owner, you are 1 of 25 million small 
business owners who will receive an average tax cut of $3,000. In my 
home State of Tennessee, more than 2 million Tennesseans will have 
lower tax rates this year.
  President Bush's tax cuts are working. Not only are the tax relief 
packages, the tax cuts putting more money back in workers' pockets, 
they are boosting the economy, and we are seeing the results today. 
Since we passed the tax cuts last year, over 1 million new jobs have 
been created. The unemployment rate has fallen to 5.6 percent, lower 
than the average unemployment rates for the past three decades. The 
number of working Americans has reached an all-time high. In 
particular, manufacturing employment has done especially well. It is at 
the highest level in almost 20 years.
  Real gross domestic product grew at its fastest pace in more than 20 
years.

[[Page S6388]]

Real disposable personal income--meaning how much money families and 
individuals have--is up. Household wealth is at an all-time high. Home 
ownership is at a record high. Consumer confidence is up. The stock 
market has risen from 7,000 to 10,000. Business confidence is higher 
than it has been in 20 years, and business spending and investing is 
booming.
  Four years ago, President Bush inherited an economy that was in 
recession. Now because of his firm fiscal and tax leadership, the 
economy is booming. American families feel better off today because 
they are better off today.
  The optimism shows up in national polls. A Harris poll released this 
week finds a clear majority of Americans feel their situation has 
improved since the last administration left office. Over two-thirds 
expect their personal situation to improve over the next 5 years. 
African Americans and Hispanics are particularly hopeful. A remarkable 
86 percent in each group expect their lives to improve in the next 5 
years.
  It is imperative we keep up the pace. We can only do that by making 
the tax cuts permanent. My constituents have written to me again and 
again pleading to preserve the tax cuts. Yet there are some who would 
like for those tax cuts to expire. Worse yet, others are calling for 
immediate repeal. Not only would that be the largest tax hike in 
history, it would cut short America's new economic recovery.
  The tax cuts are working. We need more, not less. We need to keep 
America moving forward, and we need to keep passing appropriate 
legislation that stokes the fires of the world's largest and most 
dynamic economy.
  I urge my colleagues to continue to support these progrowth, projob 
policies that create opportunity for every American. Everyone who wants 
a job should be able to find one.
  Mr. President, I yield the floor.

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