[Congressional Record Volume 166, Number 18 (Tuesday, January 28, 2020)]
[House]
[Pages H609-H617]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          STATE OF THE ECONOMY

  The SPEAKER pro tempore. Under the Speaker's announced policy of 
January 3, 2019, the gentleman from Maryland (Mr. Hoyer) is recognized 
for 60 minutes as the designee of the majority leader.


                             General Leave

  Mr. HOYER. Madam Speaker, I ask unanimous consent that all Members 
have 5 legislative days in which to revise and extend their remarks and 
include any extraneous materials on the subject of this Special Order.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from Maryland?
  There was no objection.
  Mr. HOYER. Madam Speaker, I come to the floor this afternoon with a 
number of my Democratic colleagues to speak about the subject of 
paramount concern for most Americans: the economy. Healthcare, the 
economy, and their jobs are what folks are focused on when they wake up 
in the morning.
  The Joint Economic Committee now headed on our side of the aisle by  
Don Beyer from Virginia, released two reports today that all Americans 
should look at carefully. One of them focuses on the failure of the 
2017 Trump tax cuts which Chairman Neal will be focusing on shortly.
  Republicans claim that the tax cuts would pay for themselves and not 
add a penny to deficits and debt. That is a theory that we have heard 
time and time again from Republicans to support their tax cuts for the 
wealthiest in our country. Both experience and evidence tell us that 
their tax cuts always end up driving our deficits up, hurting the 
middle class, and placing the burden on future generations.
  I hope Americans will read that report and draw the same conclusions 
that so many economists have made about the dangerous tax scam.
  The second report which we will be focusing on this evening concerns 
the economy more broadly. It asks a question that many Americans may be 
asking this year: Is the Trump economy doing as well as the President 
claimed it would?
  And: Can the President take credit for economic growth that began 
long before he took office?
  I want to thank the gentleman from Virginia (Mr. Beyer) for his 
efforts as vice chair of the Joint Economic Committee, as well as the 
former vice chair, Carolyn Maloney, who now heads up the Oversight and 
Reform Committee.
  I will be yielding to Mr. Beyer soon to speak more about the content 
of the committee's report. He will be followed by Mr. Neal who is the 
chairman of the Ways and Means Committee, and a senior member of this 
body. He is probably one of the most knowledgeable people, not only 
about taxes, but about the economy in general.
  But first I want to speak a little bit about this President's record 
on the economy.
  President Trump sought office on a raft of economic promises. He 
promised to create 25 million new jobs in 10 years.
  He promised 6 percent growth in our domestic product.
  He promised to eliminate the $19 trillion national debt.
  He promised to get wages up for American workers with $4,000 raises 
as a result of the tax cuts.
  And the President promised to make healthcare much less expensive and 
much better.

                              {time}  1645

  Let's see how he is doing.
  On the first measure, job growth, job growth has slowed under 
President Trump. Let me repeat that. Job growth has slowed under 
President Trump compared to the level of the economic expansion that 
began under his predecessor.
  This chart--and it will probably be hard to see for many viewers--
shows that job growth was highest here in the years before President 
Trump took office and then lower, following.
  Now, what does that mean?
  Let me give you the big figure, Madam Speaker, because the specifics 
of the chart will be difficult for people to see on the floor and in 
the gallery.
  What it means is that, on average--and this is an important fact to 
remember--under President Obama, there were 227,000 jobs created per 
month over the last 35 months of his term.
  Now we have had 35 months of the Trump term. What has he done to 
realize that promise of 25 million jobs?
  Madam Speaker, 36,000 less jobs per month have been created under 
Donald Trump than under Barack Obama in the same timeframe.
  Now, that is important because the President, of course, claims that 
this is the best economy we have ever seen. As I said, that is 36,000 
fewer jobs per month, and 1.26 million fewer jobs over President 
Trump's term from the trend he inherited.
  Madam Speaker, I am going to show you a chart on how the economy that 
President Obama had put in place with the help of the Congress was 
going straight up.
  At this pace, President Trump's 4-year term will not achieve the same 
level of job creation as the previous 4-year term of President Obama. 
In fact, he would fall--listen to this figure--2.5 million jobs short.
  So, when we hear the President at a rally claiming this great 
economic boom, remember, 2.5 million less jobs created.
  President Trump also loves to cite the low unemployment rate, which, 
in December 2019, stood at 3.5 percent. That is, indeed, a low number. 
It is a good number in the sense that it shows that so many of our 
people are working. But underlying those facts are so many of our 
people are working one, two, and three jobs so they can support 
themselves and their family.
  Now, when he took office, the rate was 4.7 percent. It is 3.5 percent 
now and 4.7 percent when he took office. Compare that to the decline in 
the unemployment rate during the same period in President Obama's 
second term.
  At his second inauguration, the rate was 7.9 percent. He left office 
with 4.7 percent. That is 3.2 percent less. He left the office with a 
4.7 percent unemployment rate, continuing a strong decline.
  Under President Obama, a decline of 5.3 percentage points from when 
he took office; under President Trump, a decline of 1.2 percentage 
points.
  Madam Speaker, let me give you that figure again. Under President 
Obama, he inherited from George Bush a declining employment. It spiked 
at 10 percent, and under President Obama,

[[Page H610]]

that came down to 4.7 percent. That is where you get the 5.3 percent 
reduction. Actually, he halved the unemployment rate if you figure it 
that way.
  Under President Trump, however, he inherited a downward trend--in 
other words, less unemployment as opposed to more unemployment from 
Bush to Obama--and he has failed to keep the pace that President Obama 
established.
  This was the decline in the unemployment rate under Barack Obama. 
This is what has happened: steeper decline under Obama, got to a low 
number, and it has been reduced by 1.2 percent as opposed to the 4.7 
percent that Obama reduced it to.
  While President Trump boasted that his administration would see a 6 
percent GDP--that is growth in the domestic product of our country, our 
entire production--that would have been good; 6 percent would have been 
phenomenal. It was also not attained.
  Over the first 11 quarters of his term, that figure was 2.6 percent, 
dropping to 2.1 percent in the third quarter of last year. The Federal 
Reserve estimates that 2020 will see it fall even lower as any short-
term stimulus from his tax cut disappears. Mr. Neal is going to talk 
about the tax cut and what was promised and what was delivered.
  Madam Speaker, I would simply point out to you that what you see is, 
essentially, a level 2.5 percent average growth under President Obama 
and under President Trump, notwithstanding the extraordinary trillion-
dollar tax cut that was infused in the economy. Again, Mr. Neal will 
speak more to that.
  It is clear the Trump tax cut did little to boost GDP as he claimed 
it would, and, of course, he claimed many more jobs.
  On deficits and the debt, President Trump's promise would seem 
laughable if the reality weren't so dangerous.
  Instead of reversing deficits and eliminating the debt, he has 
overseen an increase fueled by his 2017 tax cut that gave $2 trillion 
in new, unpaid-for tax cuts primarily to the wealthiest in our country.
  Last week, to the surprise of no one who understands the history of 
Republican tax cuts, President Trump suggested he might seek cuts to 
Medicare and Social Security to offset the deficits created by his tax 
cuts. I will leave it to Chairman Yarmuth to go into greater detail 
about the Trump deficits.
  We have all seen this President's campaign on reducing America's 
trade deficit, but it has increased on his watch. In fact, according to 
the Joint Economic Committee's report, as many as 450,000 jobs were 
lost in 2019 alone as a result of this President's trade wars.
  The President loves to stand at the podium at his rallies and shout 
slogans about how his is the best economy ever and how he inherited a 
mess from President Obama. Those statements, sadly, as so many of his 
have been shown to be, are not accurate. That is a polite way to say 
it. The facts tell the opposite story.
  Over the course of the Obama Presidency, 10.8 million jobs were 
created as the unemployment rate fell from, as I said, 10 percent to 
4.7 percent. In the last 11 quarters of President Obama's term, real 
GDP growth was averaging 2.6 percent--a remarkable turnaround from the 
8.4 percent deficit, decline, that he inherited, a decrease in the last 
quarter before he took office.

  Now, annual median income, Madam Speaker, you will note, under 
President Obama, the red line starts declining 2008, 2009. The deepest 
recession that we have experienced in our lifetimes, which started in 
December of `07, you will see real household income declined 
significantly.
  But you will see, when the recovery program that President Obama and 
Democrats put in place in our country, the American Recovery Act, you 
saw employment going up, average income going up, and you see it going 
up to $63,179.
  The tax cut, you will see a real spike here. This is under President 
Obama, and then you see the tax cut, this line here, and then you see a 
flattening out. While it has increased, it has been a much slower 
increase. So, when he says it is the best economy, the folks here who 
were experiencing this kind of increase would beg to differ.
  Compare that to the first 2 years of Trump's Presidency with an 
increase in annual median household income of $1,400. This indicated, 
under President Obama, an increase of $4,800 in median income, three 
times as much--as a matter of fact, more than three times. In fact, 
incomes at every level have grown faster under Democrats than under 
Republicans since 1968.
  So this is not just picking a particular year to make a point. This 
is 68 years, average. The blue, Democrats, increase in every quintile. 
That means those at the bottom increase substantially and, yes, those 
at the top increase.
  This is not, as some Republicans charge us with, class warfare. 
Everybody did better, on average, with Democratic Presidents in the 20 
years during that period of time that we had the Presidency and the 30 
years that the Republicans had the Presidency. Those are the averages, 
and you can see, in every quintile, everybody in America did better 
under the Democrats' economic programs.
  President Trump's economy is just the latest chapter in a long story 
in which, time and time again, Democratic leadership has seen our 
economy out of a recession and danger as President Obama did when he 
inherited, as I said, the deepest recession anybody less than 95 years 
of age in our country has experienced.
  This is a contrast that House Democrats will be highlighting this 
year when Americans will again entrust the President and Congress with 
crafting economic policies. That means jobs for them. That means some 
money to invest in their children, in their families, in their 
mortgages, in buying a car, a refrigerator, or a new stove or fixing 
their heat when it goes out.
  What President Trump doesn't seem to understand, however, is that a 
thriving economy is more than growing the stock market.
  Let me say this as an aside. I don't have a slide here now, but the 
average growth in the stock market under Democrats from 1948 until 
2008--I am not sure exactly when we ended the study--was more in every 
Democratic administration.
  It is about real economic security for American workers and their 
families; it is about whether America is still a place where everyone 
has a fair shot, where everyone has access to opportunities, and where 
everyone can get ahead. That is what that chart shows, and that is over 
a significant period of time.
  By that measure, the President's record has been dismal.
  Now, healthcare, what I started with, is one of the greatest 
concerns. Jobs and healthcare were our issues in the last election. We 
added 63 Members to the Democratic side of the aisle, which is why we 
are in the majority, because people knew that we were the party that 
was focused on healthcare and on jobs and had delivered.
  This chart shows the uninsured rate. It was going down over the last 
3 years, but because of the assault on the Affordable Care Act and the 
uncertainty that was created, as you will see, 2014, 2013, 2016 the 
President is elected, it comes down and flattens out. Why? Because they 
are not supporting healthcare. We need to get it back up so there are 
less and less uninsured.
  Mr. Neal represents the State of Massachusetts where 100 percent of 
children are covered and 97 percent of adults. That is what the 
Affordable Care Act was based upon, the Massachusetts plan, when 
Governor Romney was the Republican Governor in Massachusetts.
  As a result of the policies of this President, the number of 
Americans without health insurance rose to 8.5 percent in 2018. That 
was the first increase in a decade.

                              {time}  1700

  Not having health insurance is bad for your health and bad for your 
psyche and bad for your family.
  His efforts, meaning President Trump, alongside congressional 
Republicans to repeal, undermine, and sabotage the Affordable Care Act 
have brought uncertainty to health insurance markets and made it harder 
for working families to get affordable coverage for the care they need.
  We are working very hard on that. We are trying to bring prescription 
drug costs down. We are trying to fix the problem of surprise billing. 
We want to make sure that Americans have affordable, quality 
healthcare.

[[Page H611]]

  On wages, we see another lost opportunity. For 3 years, President 
Trump and the Republican-led Senate have refused to support legislation 
to raise the minimum wage, which has not been raised in over a decade, 
which the House finally passed a bill last year, under the Democratic 
majority, which tries to lift that minimum wage so people can live and 
support themselves when they are working 40 hours a week. No American 
working 40 hours a week ought not to be able to afford to support 
themselves and to help support a family.
  According to the monthly jobs report for December, hourly wage growth 
slipped to its lowest rate in 18 months. When you listen to the 
President talk at these rallies about this economy, remember that 
figure and check it. Go to Google or go to some reference point. Check 
it.
  According to the monthly jobs report for December, last month, hourly 
wage growth slipped to its lowest rate in 18 months. That is a far cry 
from the $4,000 annual salary increase President Trump promised would 
trickle down from his tax cuts for the wealthiest in America.
  American workers deserve better. America deserves better. American 
exporters deserve better. American farmers and small business owners 
deserve better than this uncertain Trump economy. All Americans deserve 
better.
  That is why the Democratic-led House voted last year to raise wages, 
ensure equal pay for equal work, and give Federal employees a long-
overdue cost of living adjustment.
  That is why we voted to lower prescription drug prices, a bill that 
sits in the Senate, untended by Senator McConnell.
  That is why we voted to make it easier for more workers to save for 
secure retirement, thanks to Chairman Neal and the Ways and Means 
Committee.
  That is why we voted to protect multiemployer pension funds, so that 
hundreds of thousands of people would not be left out in the cold after 
contributing to and being promised a pension in their old age.
  Now, as we look to 2020, House Democrats will continue to make 
economic opportunity our focus. I look forward to bringing more 
legislation to the floor this year to ensure that we do not squander 
the gains of our recovery under President Obama. We will keep looking 
for ways to help America get ahead.
  I hope all of my colleagues will look at the facts that I put forward 
and see what the Obama economy did and that the last 3 years have been 
a continuation of the Obama economy. Just look at the line. It is 
almost a straight line up.
  I appreciate that a number of my Democratic colleagues are here this 
evening to add to this conversation. I yield to the gentleman from 
Virginia (Mr. Beyer), my friend, former Lieutenant Government, former 
Ambassador, and the vice chair of the Joint Economic Committee.
  Mr. BEYER. Madam Speaker, I want to thank Majority Leader Hoyer for 
his exemplary leadership and thank the distinguished chair of the Ways 
and Means Committee, Richard Neal, for his friendship and his wise 
counsel.
  Madam Speaker, you be the judge.
  Two weeks ago, the World Economic Forum held its annual conference in 
Davos, and the central theme of the meeting this year was climate 
change, the most critical issue we face.
  President Trump spoke at the conference, but instead of focusing on 
climate change, he made what amounts to a campaign speech, claiming 
that he has worked a miracle with the U.S. economy. The fundamental 
basis of his argument is wildly wrong. He claimed that the economy he 
inherited from Barack Obama was ``in dismal shape.'' On the basis of 
this fundamental rewriting of history, he claimed credit for the strong 
U.S. economy.
  The economy is booming, he proposed, not because Barack Obama helped 
dig us out from the worst recession since the Great Depression or 
because of the hard work and ingenuity of the American worker, but 
because of Donald Trump's magical touch, the same magical touch he had 
with his Atlantic City casinos which went bankrupt, and Trump Shuttle 
and Trump University and Trump Mortgage and Trump Steaks and the Trump 
board game and Trump Vodka.
  That is quite a record.
  I am a businessman. With my brother, my sister, my dad, we spent 46 
years now building a highly successful company. And I know it is not 
easy, but I also know that when a businessman has a string of 
spectacular failures, you wouldn't hire him to be CEO of your company, 
let alone President of the United States.
  But here we are. Serendipitously, with much luck, I became vice chair 
of the Joint Economic Committee recently, and I couldn't be more 
thrilled by the confidence of my Democratic leadership and the 
opportunity to serve.
  The Joint Economic Committee studies and advises Members of Congress 
about the economy. We are like the economic think tank for the economy 
to delve into the issues and, when necessary, to set the record 
straight.
  So, when the President stands up at Davos and claims that he is an 
economic miracle worker, supposedly saving the economy from what he 
claims is the disaster he inherited, the Joint Economic Committee has 
to step up to the plate. I was more than pleased when Majority Leader 
Hoyer asked me to help lead this hour of discussion. So, today, we will 
talk about the supposedly dismal economy.
  Was it a wreck, as the President imagines it? Far from it.

  Has he worked miracles with the economy? No way. The data shows that 
this is not true.
  Did his tax cuts supercharge the economic growth? Very weak evidence.
  And did his tax cuts pay for themselves? Again, no way.
  Has the President's trade war helped American businesses and 
consumers? We will argue it has done much more harm than good.
  And The Washington Post Fact Checker found that, during his 
Presidency, Donald Trump has made more than 1,500 lies or misleading 
statements about the economy, and he brazenly repeats them even when 
corrected.
  I suspect, next week, in this very Chamber, when he gives the State 
of the Union Address, we will hear many of those same misleading claims 
again.
  Madam Speaker, when you hear him make a claim about almost anything, 
you can pretty much know, more often than not, that it is not true.
  So, in his Davos speech at the World Economic Forum, when he said 
that the economy he inherited from Barack Obama was dismal, he also 
said: ``We have the greatest economy we've ever had in the history of 
our country.''
  This claim and many others did not make it by the fact checkers at 
the Associated Press. This isn't unusual. He is often caught red-
handed, in flagrante delicto, making easily debunked claims on a wide 
range of topics. And since the beginning of his administration, his 
record of falsehoods is astonishing.
  The Washington Post Fact Checker says Trump has made over 16,000 
false or misleading claims in his first 3 years of office. When you 
hear this President say almost anything about the economy, it is likely 
to be more wrong than right.
  For example, he did not create a strong economy; he inherited it. 
This is made absolutely clear in a rigorous, carefully sourced new 
report by the Democratic staff on the Joint Economic Committee. This is 
what the report shows: that the economy Donald Trump inherited from 
Barack Obama was strong and getting stronger.
  Madam Speaker, you can see this on the chart right here. Unemployment 
was below 5 percent, GDP growth was 2 percent in the fourth quarter of 
2016, and 227,000 jobs were being created every month.
  President Obama led the economy a very long way back from the 
economic records that he inherited from his predecessor. Here is how 
bad it was.
  At the worst of the Great Recession, unemployment had reached 10 
percent, but by the time President Obama left office, unemployment had 
already been cut more than in half, down to 4.7 percent.
  When he took office, the economy was hemorrhaging 700,000 jobs per 
month. By the time he left, the economy had already added jobs for 76 
straight months, the longest in American history.
  Inflation was low. Wages and incomes were rising. It was a remarkable 
turnaround. It was not, as the President said at Davos, dismal.

[[Page H612]]

  The President called the current economy a miracle due to his golden 
touch, but, no, he inherited this from the previous economy.
  So let's thank the President, but not this President. Let's thank my 
old boss, President Obama.
  The President often cherry-picks a strong month of job growth and 
implies that it is representative, but let's look at things in the long 
term, which is how economists actually measure these things.
  In the first 35 months of the Trump administration, his economy added 
191,000 jobs per month. In the last 35 months of Barack Obama, his 
economy added 227,000 jobs per month. That is a 36,000 job-per-month 
difference over a comparable 35 months each. Donald Trump wants you to 
forget that, but let's not let him get away with it.
  The job market is strong. Unemployment is 3.5 percent. But, again, he 
didn't create low unemployment; he inherited it, and you can see that 
in the long-term trends. It was at 4.7 percent; now it is down to 3.5.
  But his signature policy impact, the $1.9 trillion in tax cuts, 
didn't go into effect until 2018. So unemployment had already dropped 
to 4.1--that is the Obama effect, the 4.1. So the last six-tenths of a 
percent cost us $1.9 trillion, and it might be much higher than that.
  Madam Speaker, was the cost worth it? Is the President an economic 
genius? You be the judge.
  Mr. HOYER. Madam Speaker, I thank Congressman Beyer, and I appreciate 
his leadership on the Joint Economic Committee.
  I am now pleased to yield to the gentleman from Massachusetts (Mr. 
Neal), one of the senior Members of the House of Representatives, the 
dean of the Massachusetts delegation and the chairman of the Ways and 
Means Committee, who, as I said earlier, is as knowledgeable about tax 
policy and its consequences as anybody in this House.
  Mr. NEAL. Madam Speaker, this is an opportunity to call attention to 
some of the suggestions that have been made by this President and this 
White House as to the economic growth that he claims credit for.
  On the day that Barack Obama became President, America was losing 
800,000 jobs a month. When Barack Obama left the White House, there 
were 14.3 million new jobs that had been created. That is a real 
turnabout. This notion that there was this dismal economy that 
President Trump inherited is simply not true.
  So let's even go back to the end of the Clinton years, which, despite 
what President Trump says, the greatest economic growth spurt in 
American history took place during Bill Clinton's Presidency--plus four 
balanced budgets. So, when Bill Clinton said good-bye to the country, 
we were staring at a $15 trillion projected surplus over the next 10 
years.
  Let's do the math. A $1.3 trillion tax cut in 2001, a $1 trillion tax 
cut in 2003, and, borrowing, $2.3 trillion tax cuts in 2017.
  So let's take a look at this with some precision for a moment. That 
means, when you add the borrowing cost, meaning principal and interest, 
to what actually was embraced by two Republican Presidents, that means 
we have cut taxes, over about a 15-year period, by $5 trillion, added a 
trillion dollars to the debt this year, and now a national debt of $20 
trillion, all based upon the theological notion--that is what it is, 
theology--that tax cuts pay for themselves.

  You cannot find a mainstream economist in America who will say that 
tax cuts pay for themselves.
  When we look back at what was done with the tax bill in December of 
2017, it goes like this:
  A major piece of legislation was written in 51 days, without one 
hearing, without one professional witness, without one economic 
forecast, but again, this fundamental belief that, as the President 
said in a meeting at the White House with some of us, he didn't see why 
we couldn't have ``6 percent growth.''
  He completely suggested that Obama's economic growth spurt would be 
far surpassed by his, yet that has not happened. We have had, during 
the Clinton years, 2.3 to 5 percent quarters of economic growth, 
averaging, in the end, the highest of any President in the last 
century--really remarkable.
  And then this suggestion, even though mainstream economists kept 
saying, no, the economy, even with the sugar high of the tax cut, will 
settle back down to less than 2 percent, so we are at 1.8 percent with 
$20 trillion worth of debt.

                              {time}  1715

  The Obama years, even climbing out of the recession, averaged north 
of 2.3 to 2.4 percent of economic growth, given the worst recession, as 
the majority leader said, since the Great Depression.
  The argument was that we were going to have this unparalleled 
economic growth because of the Republican tax bill. That has not 
happened.
  The issues have settled back, and it has flat-lined, but here are a 
couple of things that I want to mention here that I think really bear 
noting.
  Productivity, which is probably the most important part of raising 
quality-of-life measures for the American people, a growth spurt of 
productivity, that has really not happened.
  Here is another key element of economic discernment: worker 
participation rates. If you really want to know what is happening, that 
is what you focus on.
  The postwar norm is about 66 percent, meaning two-thirds of the 
American people got up and went to work every day. Where are we now? At 
about 63.8 percent.
  The tax cut did not issue one response to one of the most fundamental 
challenges facing the American people, the American family, and the 
American economy. Madam Speaker, 2 million people have left the 
workforce because of opioid addiction. Two million people have left the 
workforce because of addiction.
  We wondered why Social Security disability climbed during those 
years. It was because of opioid addiction.
  Back to that issue about labor participation rates and productivity, 
there has been no change. Poverty rates remain stubborn.
  Here is something we should all be concerned about: There are still 
40 million Americans who receive food stamps. If you give those people 
a choice between good jobs and food stamps, they will always take the 
good jobs, always take the good jobs.
  The number of people who are working in this gig economy with 
uncertain hours, no benefits, two jobs, three jobs, where they would 
all like to have one that gave them some decent benefits and a good 
retirement, those are the challenges we face.
  Think about this number--again, numbers are stubborn--40 percent of 
the American workforce every day gets up, goes to work, and is not in a 
qualified retirement plan. Their retirement is going to be Social 
Security.
  All of these numbers that we have depicted here portray a very 
different story about the President's suggestions when compared to the 
reality of where we find ourselves. The uncertainty every day, largely 
based upon some of the bombast, the unpredictability of where we head, 
all are part of the challenge that we face.
  But this idea that this economic growth period has all been because 
of President Trump, it is simply not true. He inherited a very good 
economy from Barack Obama.
  Mr. HOYER. Madam Speaker, I thank the gentleman for his comments, and 
I hope the American people really focus on this. So much has been said 
by both sides that the American people really need to look at this 
themselves and figure out when did they do well, when did their 
families do well, who was watching out for their healthcare, who wanted 
to make sure that we bring up the income of those at the lowest levels 
of incomes in our country, and make a decision on their behalf as to 
who they want to support and who they believe.
  Madam Speaker, I yield to the gentleman from Kentucky (Mr. Yarmuth), 
chairman of the Budget Committee in the House of Representatives.
  Mr. YARMUTH. Madam Speaker, I thank the gentleman for yielding.
  Earlier today, the Congressional Budget Office released its updated 
budget and economic outlook for the next decade. This report once again 
confirms that, despite the economic expansion he inherited, the fiscal 
outlook has worsened since President Trump took office.
  Under President Trump, deficits have risen to heights not usually 
seen outside of recessions and major world

[[Page H613]]

wars. They have increased every year, an unusual trend given that 
deficits tend to fall as unemployment rises.
  In fact, the deficit in 2019 was the highest since 2012, when we were 
recovering from the Great Recession and the unemployment was 8 percent, 
more than double today's rate.
  As a result of these deficits, the national debt has climbed higher 
and faster than CBO projected at the end of the Obama administration. 
Perhaps we shouldn't be surprised. After all, this is the same 
President who proclaimed just last week, ``Who the hell cares about the 
budget?'' The record is clear that he doesn't.
  On their face, these fiscal facts might not be so concerning if one 
forgets about the multitude of deficits we face in the real economy: 
crumbling infrastructure, skyrocketing healthcare costs, widening 
student achievement gaps, warming climate, lower life expectancy.
  In light of these and other problems, it is difficult to escape the 
conclusion that we should be making bolder investments in American 
families and our Nation's future. But President Trump didn't use our 
fiscal space to repair the roads and bridges that support our economy, 
to reduce drug prices for working families, or to bolster our 
environmental resilience in the face of the defining threat of a 
generation. No, President Trump and Republicans in Congress ran up our 
tab with a $1.9 trillion tax cut--if you add interest, $2.3 trillion--
that showered benefits on corporations and the wealthy.
  Madam Speaker, that $1.9 trillion had little meaningful impact on the 
economy, other than increasing our already shameful income inequality. 
Madam Speaker, that $1.9 trillion could have been, but was not, put 
toward making childcare more affordable, college education more 
accessible, and retirement security more achievable for American 
families.
  Making this situation far worse, President Trump is once again 
suggesting that he will offset the deficits that his signature policy 
exploded by cutting Social Security and Medicare, taking money right 
out of the pockets of America's seniors and forcing them to foot his 
bill.

  Our economy and budget face difficult times ahead. An aging 
population and rising healthcare costs mean economic growth is 
projected to be slower and deficits are expected to be larger going 
forward.
  Addressing this issue over the next several decades will require a 
balanced approach that includes a fair tax system.
  President Trump has taken us precisely in the wrong direction by 
adding trillions to the debt for a tax giveaway for the rich that 
yielded little in return for everyone else. He is squandering the 
chance to lay the groundwork for a more productive and equitable 
economy.
  Despite these challenges, we still have the opportunity to make 
responsible investments in the American people, our infrastructure, and 
the environment, investments that reflect our values, promote a 
stronger economic and fiscal outlook, and move our Nation forward.
  As chairman of the Budget Committee, I have stressed that we need to 
think seriously about severe and persistent deficits in the real 
economy, not just deficits in the budget. That doesn't mean that we can 
spend tax dollars without thought or discretion, but it does require 
that we use our Nation's resources, including our deficits, more wisely 
than this administration has. It means prioritizing policies that 
improve the living standards of current and future generations that 
support those most in need and help mitigate the challenges American 
families are facing today and the challenges they may face tomorrow.
  Mr. HOYER. Madam Speaker, I thank the gentleman for his comments, and 
I thank him for his leadership on the Budget Committee.
  I might say, as a result of his work, last year, 2019, we completed 
the appropriations process. Unlike the previous year, when our 
Republican colleagues were in charge and the government was shut down 
when the new Congress took office, we kept the government open. There 
was no drama. On January 3, everybody was working and being served by 
their government.
  Madam Speaker, I yield to the gentleman from New Jersey (Mr. Payne), 
whose father was such a good friend of mine and who does such an 
excellent job. His dad would be proud of him here in Congress.
  Mr. PAYNE. Madam Speaker, I thank our majority leader for those kind 
words. I also thank Joint Economic Committee Vice Chairman Beyer, 
Budget Committee Chairman Yarmuth, and Ways and Means Committee 
Chairman Neal for organizing this Special Order hour.
  It is important to discuss the state of our economy because it is a 
case of true contrast. Trump's economic decisions have created two very 
distinct Americas.
  There is the one America for the affluent where incomes are rising 
and taxes are dropping. There is the other America, the one reserved 
for minorities and low-income Americans, the one for middle Americans, 
the one that is losing manufacturing jobs to automation and cheap, 
foreign labor, the one that forces people to turn to minimum wage jobs 
as careers.
  President Obama worked to unite these two Americas. Trump has worked 
very hard to divide them, once again.
  As President, Trump is known for two major business moves. First, he 
passed his 2017 Tax Cuts and Jobs Act, but his law did not give the 
vast majority of Americans tax cuts. It actually cut their tax 
deductions. He did not improve their ability to get new jobs. He made 
it more difficult.
  He has taken away benefits that low- and middle-income American 
families took for granted. He took away their ability to deduct moving 
expenses when they had to find a better job and support their families. 
He took away their ability to deduct alimony, which could lead to more 
deadbeat dads. He even forced average Americans to declare more of 
their income, costing them more money in taxes. And while you cannot 
deduct your moving expenses, millionaires can deduct the entire cost of 
a private plane.
  Then, Trump chose to impose tariffs on Chinese goods. Economic 
advisers said the move would hurt our country before Trump did it, and 
they were right. A Federal Reserve study published last December said 
that tariffs have caused Americans to lose critical manufacturing jobs 
and raised the costs of goods for consumers.
  Manufacturing jobs have helped millions of Americans get out of 
poverty, and that opportunity wanes today. They have allowed older 
generations to pay the college tuitions of younger generations. They 
have been critical for minorities to grab a piece of the American 
Dream.
  President Trump likes to point to his work around minorities 
participating in the job sector, but where I come from in north New 
Jersey, we do not see it. Where I come from in my district, we do not 
see it.
  It is a situation of two Americas, once again, one for the haves and 
the other for the have-nots. The majority of the people under this 
President have not.
  Mr. HOYER. Madam Speaker, I thank the gentleman for his comments; for 
his leadership on the minimum wage, to try to lift people up at the 
bottom of the wage scale; and also for his leadership on healthcare, to 
ensure that they have access to affordable, quality healthcare.
  Madam Speaker, I yield to the gentlewoman from Pennsylvania (Ms. 
Houlahan), a Representative from the Philadelphia suburbs who served so 
well in the military of our country and then became a very successful 
businesswoman. I know she knows a lot about how to run a business and 
how to run an economy.
  Ms. HOULAHAN. Madam Speaker, I thank the majority leader for bringing 
us together this evening to talk about the economy.
  January was Jobs Month for me in my district and my team. I spent 
time home in my community in Pennsylvania and here in Washington 
focused on three things: one, making sure that our economy is working 
for everyone and that Pennsylvanians can afford to live where they work 
and pay their bills while receiving fair pay; two, supporting our small 
businesses, which are the backbone of our economy; and three, ensuring 
our workforce is adapting to new technologies and to the future of 
their work.

                              {time}  1730

  Earlier this month, we got the jobs report from December, and there 
was a

[[Page H614]]

lot to be optimistic about. Unemployment rates remain low, and we added 
more than 300,000 nonfarm jobs.
  The administration also likes to point to the record-high stock 
market as an indication of the impact of its economic policies. To be 
sure, there are good signs, and this steady economic improvement began 
well before the President and his administration took office and, 
thankfully, it continues.
  With this in mind, I would like to share, though, what I saw and 
heard during Jobs Month in my community.
  My community is in the enviable position of having a very low 
unemployment rate. I hear more from employers who are struggling to 
fill empty positions than from long-term unemployed people who are 
looking for work.
  But that doesn't tell the whole story. The rosy jobs report from 
January doesn't tell the story of people who work in my community, or 
who would like to, but can't afford to even live there.
  Last week, I was in Phoenixville, Pennsylvania, meeting with 
affordable housing advocates and proponents for more mass transit 
options near those affordable housing options. During that visit, I 
learned that in our area, about a quarter of the people are renters.
  Working an average wage for renters, a 9-5 job is not nearly enough 
for a modest, two-bedroom home in my community. People are working 
extra hours, holding down two jobs or more to be able to afford to live 
where they work; or they are living elsewhere, where the cost of living 
is lower, and they are commuting ridiculous amounts of time, using 
inadequate road and rail infrastructure to get to their work. And they 
are losing precious time with their families in the process.
  A booming stock market is good for some, but it doesn't change the 
daily math and daily experience of so many people in my community.
  The House has passed legislation to raise the minimum wage and to 
help workers save for retirement, and we need to see action in the 
Senate to ensure that our economy is working for all Americans, not 
just for those who have enough money to invest in the stock market.
  Earlier this month, many in my community also celebrated progress on 
the U.S.-Mexico-Canada Agreement, a trade deal that was important for 
many small businesses in my community, including our agricultural 
producers. I was very proud to support that agreement.
  But this administration's trade policies have also harmed my 
community. The trade war in China has hurt small businesses as well as 
larger manufacturers whose business models are built around global 
trade in my community.
  Although we now have a ``Phase 1'' deal with China, businesses in my 
community are eager for a real and lasting agreement that doesn't harm 
the American businesses in an effort to punish China.
  Madam Speaker, I also want to highlight just one other aspect of the 
January jobs report that stuck out to me. Just like here in Congress, 
women are entering the workforce at historic rates. Like so many women, 
and men, frankly, I have faced the real struggles of how to balance 
both raising a family and excelling at work. Our policies need to be 
adopted to support and encourage our changing workforce.
  We have shown that we can work on a bipartisan basis to enact paid 
parental leave, as an example, for Federal workers, setting the example 
for other employers.
  We need to examine how we provide for childcare for working parents. 
We need how to examine how to ensure that pregnant workers have 
protections if they need an accommodation in the job during their 
pregnancy. And we need to ensure that we are paying equal pay for equal 
work. All of these policies can help move our economy forward, and all 
deserve the attention of our Senate and our counterparts in the White 
House.
  Over the last few weeks, I have learned a lot by visiting 
manufacturing facilities in my community, like OmegaFlex in Exton, 
Pennsylvania, or laying tile at the Chester County Intermediate Unit, 
or working alongside the IBEW workers training newly-separated veterans 
for work.
  I have come away deeply optimistic about where we are headed, but 
also armed with motivation to move forward with the bold policies that 
we need to make sure our economy is working for everyone, for all of 
us, to support our small businesses, and to prepare our workforce for 
the future ahead. There certainly is work to be done.
  Mr. HOYER. Madam Speaker, I thank the gentlewoman for her comments, 
and I know that she is working her district very, very hard, and 
listening to people, which is what we need to do.
  Madam Speaker, I yield to the gentlewoman from North Carolina (Ms. 
Adams), who is the leader of the group that I am very enthusiastic 
about that is helping our historically Black colleges and universities. 
I thank her for her leadership on that and so many other educational 
issues and economic issues for our families.
  Ms. ADAMS. Madam Speaker, I thank the majority leader for yielding, 
and for his leadership, and for organizing this Special Order Hour.
  Madam Speaker, I rise today to join my colleagues in setting the 
record straight when it comes to the Trump economy.
  The Trump economy was on sad display in Charlotte, North Carolina, on 
Monday, when 1,300 of my constituents stood in line for a chance at 185 
affordable housing units in West Charlotte.
  Instead of investing in shelter, affordable housing, and community 
health, the Trump economic policy is about consolidating wealth. The 
Trump economy is one that works for the American billionaire, but not 
for the union boilermaker. It is an economy that works for executives 
with golden parachutes, but not for educators teaching elementary 
school students parachute games.
  It doesn't have to be this way. In 2016, when Donald Trump was 
elected, he inherited a robust economy, thanks to President Obama and 
his administration. It was President Obama who turned our economy 
around and helped pull us out of the Great Recession. Seventy-five 
consecutive months of private sector job growth? Thanks, President 
Obama.

  However, since then, Trump's ``Billionaires First'' policies have 
hurt our neighbors and our families. Some of these harmful policies: 
The U.S. withdrawal from the Paris climate agreement; the ongoing trade 
war with China, and threats to place tariffs on goods imported from our 
allies; this administration's cruel efforts to dismantle and weaken the 
Affordable Care Act; Trump's heartless immigration policies that have 
led to fearmongering and separation of families at the border.
  Trump economic policy is not about helping others. Instead, the 
cruelty is the point. In fact, the only compassionate thing about his 
economic policy is that it looks out for billionaires, and not just 
millionaires like himself.
  But Scripture tells us that, ``Whoever loves money never has enough; 
whoever loves wealth is never satisfied with their income.'' The 
dividends we seek as public servants are not from increased wealth, but 
from a more perfect commonwealth.
  Luckily, the American people are standing up to push back against 
this economy. And whether it is a small business owner who gives the 
homeless a place to park their cars at night, or the community 
advocates helping their displaced neighbors find new homes, the Queen 
City knows that service is the rent we pay for living on this Earth.
  The American people are working for the people, and so is the 
people's House. It is time for the Trump administration to do the same.
  Mr. HOYER. Madam Speaker, I thank the gentlewoman for her comments.
  I am now pleased to yield to the gentlewoman from Connecticut (Ms. 
DeLauro), one of the senior Members of the House of Representatives, 
the chair of the Labor, Health and Human Services, Education, and 
Related Agencies Subcommittee of the Appropriations Committee that 
deals with so many of these issues that have been discussed over the 
last hour.
  Ms. DeLAURO. Madam Speaker, I thank the majority leader for the 
opportunity to speak on this Special Order.
  Americans are struggling under President Trump. They are desperately 
waiting for their incomes to rise and

[[Page H615]]

their costs to slow. Yet, the President has failed to fully deliver on 
his promises to them. That is according to the Joint Economic 
Committee's excellent new report.
  In fact, according to this report, growth in median annual household 
income was three times greater during the last 2 years of the Obama 
administration than the first 2 years of the Trump administration.
  And mostly, job growth has slowed. According to the report, in the 
first 35 months of President Trump's term, there were 36,000 fewer 
nonfarm jobs created per month than the final 35 months of President 
Obama's term.
  This is despite the Republicans' 2017 tax law. It will cost $1.9 
trillion, but 83 percent of its benefits go to the top 1 percent. 
Working people, middle-class families cannot afford more of the 
President's giveaways to the wealthy and the well-connected.
  The single biggest economic challenge of our time is that people's 
pay is not keeping rise with skyrocketing costs, healthcare, childcare, 
housing. They struggle, including in my State of Connecticut.
  The United Way put out a report, it is Asset Limited, Income 
Constrained, Employed, the ALICE report. And what essentially it says 
is that people who are working one or two jobs just can't make a 
standard of living. They are above the poverty line, but they can't 
make it.
  Out of the 20 most common jobs or occupations, registered nurses, 
cashiers, laborers, et cetera, only one pays enough to reasonably 
support a household; that is operations managers.
  Under this President, many Americans are suffering something akin to 
a personal economic crisis. To claim otherwise is to ignore the reality 
of their circumstances.
  We see their suffering. That is why the House has passed the Paycheck 
Fairness Act for equal pay, lower drug costs to reduce prescription 
drug costs, raise the wage by raising the minimum wage to $15 by 2025.
  We need to work hard to make opportunity real for people. We urge the 
President to join us because, as this new report from the Joint 
Economic Committee indicates, Americans need a break, not more broken 
promises.
  Mr. HOYER. Madam Speaker, I thank the gentlewoman for her comments.
  Madam Speaker, how much time do I have remaining?
  The SPEAKER pro tempore. The gentleman from Maryland has 1\1/2\ 
minutes remaining.
  Mr. HOYER. Madam Speaker, I yield to the gentlewoman from Michigan 
(Ms. Stevens).
  Ms. STEVENS. Madam Speaker, I rise to discuss the impact of our 
economy on our American workers and on our American manufacturers.
  The headlines are real. We are in a technical manufacturing 
recession, as measured by productivity and output.
  As we know, and as it has been stated many times tonight, the Tax Cut 
and Jobs Act of 2017 was a permanent tax giveaway for the wealthiest 
corporations, not our suppliers, not our workers, but the wealthiest 
among us, at the expense of everyday Americans.
  We have the benefit of hindsight to point out what many experts at 
the time cautioned; that this would ultimately not lead to significant 
job gains or raise workers' wages.
  $1.5 trillion added to our deficit. The levels are alarming. The 
facts are out today.
  Madam Speaker, it is clear. We must do better. We must continue to 
work for the people.
  Mr. HOYER. Madam Speaker, I yield back the balance of my time.
  Mr. BISHOP of Georgia. Madam Speaker, in 2009, President Obama came 
into office during the Great Recession. He inherited a dreadful economy 
but worked hard for policies that would stimulate growth and help the 
average American. Thankfully, his policies worked and America is on the 
upswing.
  However, we now have a President who wants to take credit where 
credit is not due. President Trump is reaping the benefits of Obama's 
economic policies, while harming the people who were still left behind. 
Recovering from a recession and lifting up all Americans takes more 
than eight years, and this President has not taken the torch.
  Instead of building on Obama's success, Trump has kicked the 
Americans who are still down.
  When farmers in the 2nd Congressional District of Georgia and all 
across the nation were suffering from major crop losses from natural 
disasters, President Trump decided to start a trade war with China. 
Trade wars do not often have victors, but they always have losers.
  American farmers, workers, and consumers were the losers.
  Our farmers lost business, our workers lost wages, and our consumers 
paid higher prices--all to cover the costs of the tariffs--not China 
and not President Trump, the architect of this bad plan.
  When running for office, then-candidate Trump said he would use his 
knowledge of tax cuts for the rich to help the people who this economy 
still isn't working for. When he was elected, one of the first things 
he did was give a $1 trillion tax cut to the super rich--also known as 
himself and his friends.
  Trickle down economics did not work then and they do not work now. 
Giving money to the wealthy does not translate to higher wages for 
workers. It means more money for the already super wealthy.
  The Trump tax cut has also ballooned an already too high national 
deficit. When you take a pay cut, you cannot pay your bills, so your 
debt grows. But it's not the wealthy who will feel the pain from an 
exploding deficit that will slow our economic growth. It is everyday 
Americans who will feel the effects--lower wages lead to a lower 
standard of living. The Peterson Foundation estimates that if the 
national debt continues rising as is, the average income for a family 
of four will drop by $16,000 over the next three decades.
  $16,000 is not much for those at the top. But it is devastating for 
those in the middle and working class. Food stamps, unemployment 
benefits, Medicare, and Social Security could all face cuts because of 
tax cuts for the wealthy.
  We should be trying to make the nation a better place for our 
children and grandchildren. Instead we have a leader who wants to leave 
them with our debt. Instead we have a leader who wants to ride on 
President Obama's coattails and lure us into a false sense of security, 
so he and his rich friends can have even more--when so many in America 
have less!
  America is supposed to be a land of opportunity, where anyone can 
succeed with enough hard work. Trade wars, tax cuts for the rich while 
cutting food stamps for the poor are not the way to make America great. 
Instead of building on our success and lending a helping hand to those 
in need, this President has only sought to help himself.
  Ms. Jackson Lee. Madam Speaker, I thank Majority Leader Hoyer 
Chairmen Neal of Ways and Means and Chairman Yarmuth of the Budget 
Committee and Vice-Chairman Beyer of the Joint Economic Committee for 
holding this very important and timely Special Order to review and 
assess the state of the national economy two years after the 
Republican-controlled Congress enacted the Trump-GOP TaxScam.
  The verdict is now in and it leads to the inescapable conclusion that 
the Trump TaxScam has not accelerated the economy, rather it is a 
significant drag on the booming economy President Barack Obama 
bequeathed to his successor, the current occupant of the office.
  Specifically, two points cannot be stressed enough.
  First, President Trump did not create the strong economy; he 
inherited it.
  Second, we paid an extremely high price--$1.9 trillion--for tax cuts 
that have done so little for the economy.
  Madam Speaker, most of President Trump's claims about the economy are 
false or highly misleading.
  There is no such thing as a ``Trump bump''--key economic indicators 
are the same or worse.
  The President's signature economic policy--the $1.9 trillion tax 
cut--has failed to deliver the promised economic boost and his second 
major economic policy--the trade war--is a self-inflicted wound, 
hurting farmers, consumers, businesses and the economy.
  Madam Speaker, those of us who were there remember well that the 
morning of January 20, 2009, which was one of the coldest days on 
record in Washington, DC.
  But it was nothing compared to the chill wind blowing through the 
American economy and body politic because at that time the nation was 
facing economic challenges unseen since the Great Depression: Americans 
were losing their jobs at a frightening rate of 800,000 per month; the 
national unemployment rate had risen to 7.8 percent and would continue 
to climb until reaching its peak of 10.0 percent in October 2009.
  For African Americans, the numbers were much grimmer, a jobless rate 
of 13.5 percent in January 2009 which would grow to 16.5 percent by the 
end of the year.
  And on top of this, tens of thousands of American families each month 
were losing their health insurance and their homes to foreclosure.

[[Page H616]]

  And the average price of gas exceeded $4 per gallon.
  It was against this backdrop that the new President of the United 
States, Barack Obama, rose to take the oath of office.
  After being sworn in as the nation's 44th President, President Obama 
reassured an anxious but hopeful nation, saying:
  ``Today I say to you that the challenges we face are real. They are 
serious and they are many. They will not be met easily or in a short 
span of time. But know this America: They will be met.''
  Because of the actions President Obama took, not to further the 
interests of himself but of the American people, these challenges were 
more than met and overcome and for that Barack Obama's presidency is 
regarded by historians as a consequential presidency that changed 
America for the better.
  Madam Speaker, before Trump took office in January 2017, the economy 
had recovered from the Great Recession and overall economic indicators 
were already strong and were trending stronger.
  Unemployment had been cut by more than half during the Obama 
administration, from a peak of 10 percent to 4.7 percent.
  The economy had experienced 76 consecutive months of job growth, the 
longest sustained period of growth in American history.
  GDP growth was strong, average of 2.6 percent annually in the last 11 
quarters of the Obama Administration and median household income growth 
was strong and trending upward, increasing $4,800 during in last two 
years of the Obama administration.
  Even Greg Mankiw, chairman of the Council of Economic Advisers under 
President George W. Bush, had to admit that ``the economy was in fine 
shape at the end of the Obama administration, despite what the current 
President falsely asserts.
  Madam Speaker, I will include in the Record an op-ed published on 
February 17, 2016 in the Washington Examiner, entitled ``Seven Years of 
Change You Can See and Feel.''
  President Obama actually had a plan to tackle the economic woes that 
were affecting the American people.
  Working with the Democratic-controlled Congress, the President signed 
into law the American Recovery and Reinvestment Act, which created 3.7 
million jobs and saved the jobs of millions of teachers, firefighters, 
police officers, and social service providers.
  The Recovery Act also cut taxes for working families, extended 
unemployment insurance, and expanded the Earned Income and Child tax 
credits, which disproportionately benefit African American families.
  The Recovery Act ended the Great Recession, transformed the economy 
from one hemorrhaging jobs to one that has created over 16 million new 
jobs over a record 71 consecutive months.
  The national unemployment rate has dipped under 5 percent for the 
first time since President Clinton left office, the deficit has been 
cut by 71 percent, and the Dow Jones stock market index topped 18,000 
in 2015, an increase of 177 percent over where it stood the day 
President Obama took office.
  And, as an added benefit, the average price of gasoline has been 
reduced from more than $4.11 per gallon to $1.80, the lowest price 
since before the tragedy of September 11.
  In short, Madam Speaker, President Obama bequeathed a booming and 
vibrant economy to his successor, who promptly took actions to 
undermine it and explode the national debt.
  Madam Speaker, the GOP TaxScam was the wrong policy at the wrong time 
because it showered benefits on the top 1 percent and large 
multinational corporations while doing little for everyday working 
Americans and Main Street small business owners.
  GOP TaxScam also raises the nation's debt by $1.9 trillion at a time 
when the economy was already strong, and when we are facing major long-
term budgetary challenges driven by our aging population.
  And rather than devoting resources to wise investments in our workers 
and small businesses, the GOP TaxScam further burdens working families, 
endangers Americans' retirement security, and worsens our budgetary 
outlook.
  Our long-term economic growth trajectory is unchanged and there is no 
sign of an investment boom.
  Real wage growth for workers remains modest and factories and jobs 
are more likely to go overseas.
  The federal deficit is soaring as corporate tax receipts plummet and 
the tax code is riddled with even more special-interest tax breaks and 
loopholes.


 THE GOP TaxScam Led To A Record-Setting $1 Trillion In Stock Buybacks

  The GOP TaxScam delivered huge benefits to rich investors and CEOs 
through record-setting stock buybacks in 2018 while average workers 
struggle to pay for rising health care and living costs.
  Stock buybacks do nothing to improve business operations or help 
workers.


The GOP TaxScam Showers Benefits on the Wealthy and Large Corporations 
    While Doing Little For Workers And Main Street Small Businesses

  The GOP tax cut is heavily tilted toward the wealthy and corporations 
and exacerbates the stagnation of wages for the vast majority of 
workers and worsens income and wealth inequality.
  The GOP tax law does nothing to help small businesses gain access to 
capital and grow their receipts.
  Only 5 percent of small businesses pay taxes at the corporate level 
and most of the pass-through tax cuts go to the largest 2.6 percent of 
businesses.


    The GOP tax law encourages companies to send factories and jobs 
                                overseas

  Under the GOP tax law, income generated by American companies abroad 
face tax rates that are half the new top corporate rate of 21 percent.
  Some companies may be able to avoid tax altogether on tangible 
investments made offshore.
  This further incentivizes companies to move tangible assets, such as 
factories and machinery, overseas.
  Rather than protecting workers and their families, the GOP tax law 
tilts the playing field against American workers.


The GOP Tax Law Increases Deficits By $1.9 Trillion When We Are Facing 
       Major Budgetary Challenges Driven By Our Aging Population

  Even after accounting for any economic growth effects, the 
Congressional Budget Office (CBO) estimates the GOP taxscam increases 
deficits by $1.9 trillion over the ten years 2018 to 2028--hardly the 
``pay for itself' message we heard from the Administration and 
Republicans in Congress.
  Our friends across the aisle promised the GOP TaxScam would 
significantly boost economic growth, spurred an investment boom, drove 
unemployment down to the lowest level since the 1960s, created jobs for 
millions of workers, and helped middle-class families keep more of 
their paychecks.
  All of these claims have collapsed in the crucible of actual 
experience.


        The GOP TaxScam Did Not Significantly Boosts The Economy

  In the seven quarters before and after passage of the Trump TaxScam, 
GDP growth is unchanged from the Obama economy, averaging 2.5 percent.
  By 2023, the tax law's positive effect on economic growth will fade 
away entirely.
  The GOP TaxScam Does Not Spur Business Investment
  There is no evidence of an investment boom, which Republicans 
promised would be the key to unleashing unprecedented economic growth 
and wage gains.
  Nonresidential business investment grew by less than 1 percent in the 
third quarter of last year, while business' orders for durable goods 
(another measure of investment) fell in December for the fourth time in 
five months.
  Instead of encouraging investment, the tax cut triggered a record 
level of stock buybacks.


        GOP TaxScam Not Cause of Lowest Unemployment Since 1968

  President Trump is coasting on an economic expansion--now the second-
longest on record--that began under President Obama.
  The law has not changed the unemployment trend.
  The unemployment rate has fallen steadily since the end of the Great 
Recession.


      The GOP TaxScam Has Not Created Jobs For Millions Of Workers

  More jobs were created in President Obama's last two years in office 
than President Trump's first two years, a monthly average of 227,000 
for Obama contrasted to an average of 191,000 for Trump.
  Monthly non-farm job growth has slowed in the first 35 months of the 
Trump administration compared to the last 35 months of the Obama 
administration--36,000 fewer jobs per month under Trump.
  The tax law also encourages companies to send factories and jobs 
overseas rather than protecting jobs at home.


The GOP TaxScam Is Not Helping Middle-Class Families Keep More Of Their 
                               Paychecks

  There has been very little increase in private sector compensation or 
wages since the tax law passed.
  Real wage growth continues to be disappointingly modest, and real 
bonuses increased by just 2 cents per hour between December 2017 and 
September 2018.
  The law ignores the stagnation of working-class wages and worsens 
income and wealth inequality.
  In fact, only 35 percent of the tax law's benefits in 2018 will go to 
the bottom 80 percent of households making less than approximately 
$150,000 per year.


Even Though Federal Revenues Have Risen, The GOP TaxScam Has Created A 
                    Major Revenue Deficiency Problem

  Corporate tax receipts dropped an astounding 31 percent drop in 2018, 
with total receipts

[[Page H617]]

as a share of GDP falling to the lowest levels since the end of the 
Great Recession despite healthy economic growth and a tight labor 
market.
  Revenue last year was 16.4 percent of the economy, almost two 
percentage points below the 50-year average of 18.3 percent in years in 
which unemployment fell below 5 percent.
  By contrast, spending as a share of GDP last year fell right at the 
historical average.
  Predictably, the President and our Republican friends seeks to evade 
blame and responsibility for the fiscal mess and exploding debt they 
have created.
  Instead of redressing the harm caused by the Trump TaxScam, 
Republicans resort again to their past practice of blaming the deficit 
on the entitlement programs such as Social Security, Medicare, SNAP, 
and veterans benefits and seek to slash these programs to the 
barebones.
  For example the President sought to cut non-defense discretionary 
(NDD) programs by $1.4 trillion, including cuts to Medicare and 
Medicaid, reduce funding for SNAP by $220 billion or 22 percent, and 
deny infrastructure funding for, cash-strapped state and local 
governments; and pile more hardships on struggling Americans with $327 
billion in cuts to direct spending programs that safeguard basic living 
standards they need to get by.
  The President is obsessed with dismantling and destabilizing health 
care for millions of Americans by making yet another attempt to 
``repeal and replace'' the Affordable Care Act passed under the 
extraordinary leadership of President Barack Obama which provided 
health security to more than 20 million Americans.
  Madam Speaker, we now entering Act III of the immorality play we 
predicted the President would write.
  Act I was the cutting of taxes for the rich; Act II was the 
inevitable exploding of the deficit we predicted would result and our 
Republican friends denied would ever happen.
  And now we have Act III, in which Republicans claim to have newly 
rediscovered their horror over the deficits created by their fiscal 
irresponsibility and insist that the mess they created but be cleaned 
up by slashing investments in the programs relied upon by the 90-95 
percent of Americans who were made worse off by the GOP TaxScam.
  The President should be embarrassed and ashamed of his economic 
stewardship and thankful every day to President Obama for tackling and 
solving the major economic challenges facing Americans.

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