[Congressional Record Volume 165, Number 75 (Tuesday, May 7, 2019)]
[Senate]
[Pages S2668-S2669]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                            Economic Growth

  Mr. CORNYN. Madam President, the performance of the U.S. economy is 
something to behold. It doesn't matter if you measure it by the 
unemployment rate, by the quarterly growth rates, or by wages, 
virtually every sign points to a growing thriving economy.
  Let me emphasize some of the outstanding job numbers that came out 
just last week. In April, there were 263,000 new jobs created--
263,000--beating even the most optimistic estimates. The unemployment 
rate fell to 3.6 percent--the lowest unemployment rate in nearly half a 
century.
  The first quarter saw a 3.2 percent growth, the best in 4 years. The 
truth is, the United States' economy has taken off like a rocket.
  Today we find ourselves in what some economists refer to as a ``full 
employment'' economy, because there are more job openings than there 
are job seekers. That is a remarkable place to be, and I have no doubt 
that it is in significant part due to the pro-growth policies created 
by a Republican-led Congress and the Trump administration the last 2 
years.
  Less than 1\1/2\ years ago we passed the Tax Cuts and Jobs Act. We 
tried to make this a bipartisan effort, but our Democratic friends 
wanted no part of it. This was the first major tax overhaul in a 
generation. This legislation removed many of the burdens from families, 
entrepreneurs, and job creators and let the free market take the wheel.
  A lot of pundits and a lot of the naysayers--the professional 
cynics--said it wouldn't work, but I think the results speak for 
themselves. Workers

[[Page S2669]]

are bringing home more in their paychecks, and businesses are using 
their savings to invest in their employees.
  One of the most common remarks I hear from employers when I am in 
Texas is that they can't find enough qualified workers for the job 
openings that exist. That is their biggest challenge because of this 
booming economy.
  In the days and months following the signing of the tax bill, 
companies began announcing how they would use the money that they would 
save because of the legislation to invest in their employees and their 
business. We heard from big companies like AT&T, which is headquartered 
in Dallas, which provided $1,000 bonuses for more than 200,000 of its 
employees, including more than 32,000 who live in Texas. There was also 
Southwest Airlines, which gave all 550,000 of its employees a $1,000 
bonus. Plus Southwest Airlines donated $5 million to charity, to boot.
  We saw headlines in the major newspapers about how these and 
countless other big companies were using their savings, but the less 
read stories about local businesses in small town papers are just as 
important.
  This week is National Small Business Week, an opportunity to 
celebrate small businesses that line Main Streets throughout America, 
but don't let the word ``small'' fool you. America's 30 million small 
businesses are an economic force unparalleled anywhere in the world. 
More than half of Americans either own or work for a small business--
more than half. Small businesses are responsible for about two out of 
every three jobs created.
  One of the reasons my State is doing so well economically is because 
we welcome small businesses with open arms. It is an ideal home for 
entrepreneurs because we believe in keeping taxes low and regulations 
at a rational minimum. According to the Small Business Administration, 
there are more than 2.6 million small businesses throughout the State 
of Texas, accounting for 99.8 percent of all Texas businesses. They 
employ more than 45 percent of the State's workforce and account for a 
massive portion of our State's economy. These are exactly the kind of 
folks I had in mind when I voted to pass the Tax Cuts and Jobs Act, 
because I knew it would lower rates for small businesses and allow them 
to use the savings to invest in their employees and their business.
  After the legislation passed, just to make sure, I traveled the State 
and held roundtables with small businesses to learn more about how they 
were using the savings. One of the small business owners I heard from 
was Josh Agrelin, whose company, Re-Bath, specializes in bathroom 
remodeling. A few years ago, back in 2014, I spent a day with the crews 
at Re-Bath of Austin as part of the NFIB's Small Business Challenge 
Campaign. I got to try my hand at tiling and remodeling a bathroom, and 
while I will not be opening my own contracting company any time soon, I 
had a great time learning about this Austin franchise and getting to 
know its employees.
  When I saw Josh again at our roundtable last year, he told me he 
plans to use the savings from tax reform to grow the size of his 
workforce by adding two additional installation crews and purchasing 
new equipment.
  For big businesses that might not sound like a lot, but for small 
businesses like Re-Bath, it makes a world of difference. It means they 
can offer more services and gain more business, grow the size of their 
business, and pay their employees even better. It was great to see how 
Joshua was looking forward to opportunities to grow his business and I 
am glad this legislation could help make that possible.
  In Houston, I visited with Southland Hardware, a store that opened in 
1935. This is an old-fashioned hardware store. You don't see many of 
those anymore. It has been a community staple, and it is appropriately 
dubbed ``the store that has `almost' everything.'' It is owned by Marty 
and Patricia O'Brien, and they were kind enough to host me and a couple 
of other businesses for a roundtable last spring.
  Marty told me that because of the tax savings, they were able to 
provide bonuses and raises, hire another employee, and do some 
improvements on their property. For Marty, being able to invest more in 
his business, which was originally owned by his father-in-law and will 
one day be run by his children, is no small thing.
  I also spent some time on the gulf coast, in Corpus Christi, speaking 
to Steve Raffaele, the president of American Bank. He told me the Tax 
Cuts and Jobs Act would likely provide them with $12 million of 
additional capital savings. He said that for each dollar of capital 
saved, they are able to lend approximately $10 in their market 
communities along the Coastal Bend region of our State. He estimated 
that over 5 years that equates to $120 million of additional lending 
and investment. Given their average loan size, that means more than 500 
small businesses could be positively impacted. That is a big deal for a 
community like Corpus Christi, but especially for one so severely 
impacted by Hurricane Harvey just about 1\1/2\ years ago.
  Today small business optimism is at a record high. I hope that small 
businesses across the country feel empowered to take their businesses 
further because of these pro-growth policies. Small businesses are, as 
I said, the backbone of our economy and, of course, of each of our 
communities.
  This Small Business Week we celebrate the entrepreneurs and the job 
creators who had the courage to take an idea and build it into an 
opportunity for themselves, for their families, for their employees, 
and for their communities. These men and women are proof that the 
American dream is alive and well, and we are grateful to each of them 
for the contributions they make to our communities and to our country.
  I yield the floor.
  The PRESIDING OFFICER. The Senator from Pennsylvania.