[Congressional Record Volume 152, Number 29 (Wednesday, March 8, 2006)]
[Senate]
[Page S1860]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           ECONOMIC STRENGTH

  Mr. ENSIGN. Mr. President, I rise today to comment on the strength of 
our economy.
  This might seem like a news flash, but our economy is thriving.
  You would not know it if you tuned in to a network newscast or read 
the paper, but we have much to be excited about.
  The U.S. economy is healthy, growing, and creating more opportunity 
every single day.
  The commonsense tax relief that we passed in the Senate and that the 
President signed into law have fueled our economy and driven it to new 
heights.
  Fighting for this relief wasn't a gamble--we did it because it has a 
proven track record.
  We know that lowering taxes creates more jobs, greater opportunity, 
and overall prosperity.
  It has been proven in my home State of Nevada, and we have seen the 
results in our Nation's economy over the last several years.
  Since 2003, when the tax cut went into effect, there have been almost 
5 million new jobs created.
  Economic growth in the United States has outpaced other major 
industrialized countries.
  We have had 33 straight months of growth in our manufacturing sector. 
And productivity has grown strongly over the last 5 years.
  In January, the unemployment rate fell to the lowest monthly rate 
since July 2001 and lower than the average of the 1970s, 1980s, and 
1990s.
  In Nevada, the unemployment rate is at an all time low, 3.6 percent.
  Tax relief is working.
  All of this economic growth and job market expansion is a result of 
the Jobs and Growth Tax Relief Reconciliation Act of 2003 that 
jumpstarted our economy and fueled unprecedented growth.
  Another example of how tax cuts boost the economy is the Invest in 
the USA Act which I offered.
  I introduced this legislation, which was included in the JOBS Act of 
2004. However, this was only a temporary, 1 year tax reduction.
  When meeting with corporations in the Silicon Valley, I learned that 
U.S. corporations pay no U.S. tax on foreign earnings invested 
overseas, the same as their foreign competitors. But they pay taxes on 
100 percent of the foreign earnings that they want to reinvest in the 
United States.
  Obviously, this deters many U.S. companies from reinvesting their 
foreign earnings in the United States. That comes at a great loss to 
our economy.
  The Invest in the USA Act temporarily modified this inequity for 1 
year by taxing companies at 15 percent for foreign earnings reinvested 
in the United States.
  By January 2006 when it expired, the law had encouraged companies to 
bring home and reinvest an additional $350 billion of foreign earnings 
in the United States. It raised revenues, lifted investment, and 
created thousands of jobs.
  We should take the momentum of the tax relief measures we have 
provided during the last several years and build on them.
  Our economy is growing and that is great news, but as has always been 
the case in the United States, we look to the future and work to make 
it even better.
  Let's make tax relief permanent and reassure American families and 
businesses that today's remarkable economy is just the beginning.
  Cutting taxes, empowering working families by letting them keep more 
of their income, encouraging small businesses to expand and create 
jobs--that is how we continue to create opportunity and success in the 
United States.
  I suggest the absence of a quorum.
  The PRESIDENT pro tempore. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. THUNE. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The PRESIDENT pro tempore. Without objection, it is so ordered.

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