[Congressional Record Volume 151, Number 140 (Friday, October 28, 2005)]
[House]
[Page H9408]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              U.S. ECONOMY CONTINUES TO GROW AND FLOURISH

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from California (Mr. Dreier) is recognized for 5 minutes.
  Mr. DREIER. Mr. Speaker, I want to take just a few minutes to talk 
about the economy. We have all kinds of news rushing around here, but I 
think it is very important for us to talk about the economy and what we 
as Republicans have done on this pro-growth issue. It is unfortunate 
that our colleagues on the other side of the aisle, when it comes to 
the economy, seem to offer nothing more than a coordinated chorus of 
contrarian criticism. I mean, they have offered no positives, just 
complaints.
  So I want to take a moment to shine some light on the recent good 
news concerning the economy. Because of Republican pro-growth, pro-
trade, pro-innovation policies, our economy is strong by virtually 
every single measure. Just today, just a few hours ago, the Commerce 
Department announced that the economy grew at a 3.8 percent rate in the 
fourth quarter. Now, that is ahead of expectations; well, well ahead of 
the second quarter rate of growth and, Mr. Speaker, it marks the 16th 
consecutive quarter of growth that we have seen. This is especially 
remarkable to see this 3.8 percent growth figure, given the hurricanes 
that decimated cities and towns, crippled trade, and devastated energy 
production along the gulf coast.
  So even having gone through these horrible natural disasters, we have 
been able to see this amazingly strong 3.8 percent GDP growth rate.
  We have found that our economy has been able to weather these storms. 
Overall, as we know, Mr. Speaker, we have a 5.1 percent unemployment 
rate, which is lower than the average in the 1970s, the 1980s, and the 
1990s. There are 142 million Americans working, the greatest number in 
our Nation's history; and over the past 28 months, the economy has 
added more than 4 million new jobs.
  In every single quarter since Congress passed the President's tax cut 
package in 2003, economic growth has been very vigorous. In 2004, real 
GDP growth was 4.4 percent, the strongest annual performance in 5 years 
and one of the strongest growth performances of the past 2 decades.
  Our housing market also remains very, very strong. A record 74 
million Americans own their own homes; and for the first time, Mr. 
Speaker, minority Americans own their own homes at the highest level 
that we have ever seen.
  Now, what does all this mean for the American people? It means job 
opportunities and entrepreneurship, it means achieving the dream of 
homeownership, and it means a better quality of life.
  Now, as the people affected by hurricanes Katrina, Rita and Wilma 
rebuild their lives, the best thing we can do here in the Congress is 
to make sure the economy stays strong and continues growing. Now, Mr. 
Speaker, as my colleagues know very well, Republicans have taken action 
to keep the economy on the right track to keep it growing. We are 
following our pro-growth agenda of tax relief, tort reform, energy 
solutions, and fiscal restraint.
  The tax cuts of 2001 and 2003 have allowed hard-working Americans to 
keep more of what they earn. Now, this has led, as we all know, to 
increased investment, increased economic opportunity, and more Federal 
revenue coming into the Treasury. Recent history has shown that when 
government takes less money from the people, the people invest and 
spend more and Federal revenues go up. In 2004, following the 2003 tax 
cut package, Federal receipts grew by 14 percent. We cut taxes, and 
Federal receipts grew.
  Because of this tax cut that has fueled our economic growth, the 
Federal budget deficit for the fiscal year 2005 fell $94 billion, a 22 
percent reduction in the deficit over the past year. Now, Mr. Speaker, 
that is outstanding progress in just 1 year; and contrary to what 
critics have said, it proves that low taxes and lowering the deficit 
do, in fact, go hand in hand.
  We are also putting a stop to frivolous litigation that clogs our 
courts and drains the profits from small business owners. In the last 2 
weeks, Congress has passed three bills that honor the purpose of our 
legal system and make it harder for lawyers to file junk lawsuits.
  We have taken action to address high energy costs. Just a few weeks 
ago, the House took an important step to boost our gasoline refinery 
capacity to help stabilize the price of gasoline in the long run.
  Now, I have noted that the GAS Act was passed unfortunately without a 
single vote from our colleagues on the other side of the aisle. To me, 
that is absolutely astounding. It is astounding to me that not a single 
Member of the minority would vote in favor of this effort to increase 
refinery capacity and deal with the issue of price-gouging. In the face 
of high energy prices that are making it hard for the American people 
to make ends meet, Democrats unfortunately feel constrained to continue 
to build this great wall of obstruction.
  Mr. Speaker, it is absolutely essential that we do everything that we 
can to keep the economy growing, to focus on reduced energy prices; and 
we have the policies to do just that. We must continue them.

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