[Congressional Record Volume 156, Number 47 (Wednesday, March 24, 2010)]
[House]
[Pages H2264-H2265]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               REBOUNDING

  (Mrs. MALONEY asked and was given permission to address the House for 
1 minute.)
  Mrs. MALONEY. Madam Speaker, this chart was produced by the Joint 
Economic Committee, and it shows the constant process of the creation 
and loss of jobs that occurs in our economy. The solid black line shows 
the number of private sector jobs created. The dotted line shows the 
number of private sector jobs lost. When the economy is expanding, as 
it did under Clinton, the job creation line just kept going up.
  At point A, the beginning of the Bush administration, you can see 
that the number of jobs created is much lower than during the Clinton 
administration; and in 2008, you can see that it literally fell off the 
cliff.
  As Nobel Prize-winning economist Joseph Stiglitz has suggested, job 
creation during the Bush expansion was artificially inflated by the 
housing

[[Page H2265]]

bubble and the false wealth that it created. As a result, we faced a 
rapid decline in job creation when the housing bubble burst.
  Point B represents the beginning of a new administration with new 
policies and different results. The lines change direction rather 
sharply.
  Madam Speaker, this is the picture of progress.

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