[Congressional Record Volume 164, Number 168 (Wednesday, October 10, 2018)]
[Senate]
[Page S6758]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                                Economy

  Mr. THUNE. Mr. President, 2 years ago, when Republicans took control 
of the White House as well as of Congress, we promised the American 
people that growing the economy was going to be our No. 1 priority, and 
we got right to work.
  Under the Obama administration, American workers and businesses faced 
a lot of obstacles, including burdensome regulations and an outdated 
Tax Code that acted as a drag on economic growth, so we immediately 
focused on removing burdensome regulations. Then we focused on 
developing a historic, comprehensive reform of our Tax Code, which was 
signed into law last December. Now, the Tax Code isn't necessarily the 
first thing people think of when they think of economic growth, but the 
Tax Code has a huge impact on our economy.
  It helps to determine how much money individuals and families have to 
spend and save. It helps to determine whether a small business can 
expand and hire. A small business owner who faces a huge tax bill is 
highly unlikely to be able to expand her business or hire a new 
employee. The Tax Code helps to determine whether large businesses 
hire, grow, and invest in the United States. A large business is going 
to find it pretty hard to create jobs or improve benefits for employees 
if it is struggling to stay competitive against foreign businesses that 
pay much less in taxes. A large business is also unlikely to keep jobs 
and investment in the United States if the Tax Code makes it vastly 
more expensive to hire American workers.
  Prior to the passage of the Tax Cuts and Jobs Act last December, our 
Tax Code was not helping our economy or American families. It was doing 
just the opposite so we took action.
  We cut tax rates for American families, doubled the child tax credit, 
and nearly doubled the standard deduction. We lowered tax rates across 
the board for owners of small and medium-sized businesses, farms, and 
ranches. We lowered our Nation's massive corporate tax rate, which, up 
until January 1, was the highest corporate tax rate in the developed 
world. We expanded business owners' ability to recover the cost of 
investments they make in their businesses, which frees up cash that 
they can reinvest in their operations and their workers, and we brought 
the U.S. international tax system into the 21st century so American 
businesses would not be operating at a competitive disadvantage next to 
their foreign counterparts.
  Now we are seeing the results. The economy is thriving. Our economy 
grew at a robust 4.2 percent in the second quarter of this year. The 
unemployment rate is at its lowest level since 1969--almost 50 years 
ago. Think about that. In other words, it has been almost 50 years 
since the last time unemployment was at this low level.
  More than 1.8 million jobs have been created since the Tax Cuts and 
Jobs Act was signed into law. Wages are growing at the best rate in 
years, and incomes are up 4.2 percent. Businesses are bringing money 
back into the United States, and business investment is up--from an 
average of 1.8 percent before the 2016 election to an average of 10 
percent so far this year. Small business optimism is at historic 
levels. Consumer confidence is at an 18-year high. The list goes on.
  Those are a lot of stats, but they basically boil down to one thing; 
that is, that life is getting better for American families. Incomes are 
growing, and families have access to more jobs and opportunities and 
better benefits. That means fewer families have to live paycheck to 
paycheck, that an unexpected car repair or doctor bill is less 
devastating, that it is easier to afford that family vacation or the 
fees for piano lessons, and that more families have money to save for 
their kids' college or for their retirement.
  That was the goal--getting the economy thriving again so American 
families can thrive. I am proud to say, we are succeeding. I am proud 
that our policies are making life better for American families. Yet we 
are not stopping there. We are going to keep working to secure the 
gains we have made for the long term and make sure every American has 
access to a future of security and opportunity.