[Congressional Record Volume 166, Number 28 (Tuesday, February 11, 2020)]
[Senate]
[Pages S973-S974]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                            ECONOMIC GROWTH

  Mr. THUNE. Madam President, last Tuesday, the President delivered his 
State of the Union Address. He discussed some of our biggest 
accomplishments over the past 3 years, and, of course, chief among 
those accomplishments is the economic progress we have made.
  During the Obama administration, our economy spent years in the 
doldrums. American families and American workers struggled to advance 
in a historically slow recovery that left some experts predicting that 
a weaker economy would be the new normal. Yet Republicans didn't 
believe we should be resigning ourselves to that future. In fact, we 
knew that the real strength of the American economy, American business, 
and American workers was still there.
  But we also knew that burdensome regulations and an outdated tax code 
were preventing our economy from thriving the way it should, so we took 
action. We cut burdensome regulations and passed historic reform of our 
Tax Code. We cut tax rates for families, doubled the tax credit, and 
nearly doubled the standard deduction.
  Then we took aim at the parts of the Tax Code that were holding back 
American workers and American businesses. 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 was 
the highest corporate tax rate in the developed world. We expanded 
business owners' ability to recover the costs of investments they make 
in their businesses, which frees up cash they can reinvest in their 
operations and their workers. We brought the U.S. international tax 
system into the 21st century so that American businesses are not 
operating at a competitive disadvantage next to their foreign 
counterparts.
  Tax reform is working. Unemployment is near its lowest level in 50 
years--50 years. Think about that. For the past 12 months, unemployment 
has been below 4 percent, a record that was last achieved in the 1960s. 
African Americans, Hispanic Americans and Asian Americans all saw 
record low unemployment in 2019. Strong economic growth has also given 
discouraged workers the confidence to come off of the sidelines and to 
join the workforce.
  Currently, the labor force participation rate is at its highest level 
in 7 years. Last month, the economy created 225,000 jobs, well above 
market expectations. All told, the economy has created an average of 
171,000 jobs per month over the past 12 months--a strong number.
  Wages are growing. For the past 18 months, wage growth has been at or 
above 3 percent. And as the President said in his State of the Union 
Address, this is a ``blue-collar boom.'' In contrast to the Obama 
administration, in this economy, it is blue-collar workers who are 
seeing the strong wage growth.
  Gains in the stock market have been good news for American workers' 
401(k)s and pensions. The list goes on.
  Of course, while we have made a lot of progress, our work isn't done. 
While our economy as a whole has thrived, our Nation's farm economy 
continues to struggle. Low commodity and livestock prices, natural 
disasters, and protracted trade disputes have made the last few years 
challenging ones for farmers and ranchers.
  One of the most important things we can do to help the farm economy 
is negotiate trade deals that expand markets for American agriculture 
products and give our farmers and ranchers certainty about what markets 
will look like going forward. That is why I pushed for passage of the 
United States-Mexico-Canada Trade Agreement, which the President signed 
last month. This agreement will maintain and expand farmers' and 
ranchers' access to the two biggest markets for American agricultural 
products and provide certainty about what these markets will look like 
for the foreseeable future.
  I am particularly pleased about the improvements the agreement makes

[[Page S974]]

for the dairy industry, which is a growing industry in my State of 
South Dakota. We need to conclude more strong trade agreements going 
forward that will expand markets for American agriculture products.
  The President also mentioned the trade agreement we are negotiating 
with China. The President recently signed phase one of the agreement, 
which includes a pledge from China to substantially increase its 
imports of American agriculture products. That is excellent news for 
farmers and ranchers, but we need to make sure that China actually 
lives up to its commitments. As we know, China doesn't have the best 
record in this regard, and it is important that the United States make 
clear that any agreements must be honored.
  We have made a lot of progress for the American people over the past 
3 years, but, as I said, there is more work to be done. I hope to work 
with my colleagues of both parties this year to continue to build on 
the economic progress we have made and create more opportunities for 
American workers. I will continue to make the needs of our Nation's 
farmers and ranchers one of my top priorities. I am committed to seeing 
our Nation's farm economy catch up to our economy as a whole.
  I am proud that Republican economic policies have made life better 
for American workers. I will continue to work to ensure that every 
American has access to the benefits of our strong economy.
  I yield the floor.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The senior assistant legislative clerk proceeded the call the roll.
  Mr. COTTON. Madam President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER (Mrs. Loeffler). Without objection, it is so 
ordered.

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