[Congressional Record Volume 170, Number 13 (Wednesday, January 24, 2024)]
[Senate]
[Page S228]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                                Economy

  Mr. President, on the economy, we are not even a month into 2024, and 
a new pattern is emerging. Americans are feeling more and more 
optimistic about the economy. Last week, a report by the University of 
Michigan showed that consumer sentiment--how consumers feel about the 
economy--surged by 29 percent over the last 2 months--the biggest 2-
month increase in over 3 decades--in over 30 years. Higher consumer 
sentiment means Americans have more money in their pockets and are 
feeling better about their financial future.
  That is precisely what the Democratic agenda is all about: lowering 
costs, increasing wages, fueling economic growth. That is why Democrats 
passed historic legislation like the Inflation Reduction Act, the CHIPS 
and Science Act, the infrastructure law, and more.
  When you pass an ambitious agenda like the ones the Democrats have 
passed under President Biden, it can take some time for the effects to 
take hold. But by now, the signs are getting clearer and clearer: Under 
President Biden, under Democratic leadership, the country is on the 
right track. Real wages are rising. In fact, paychecks have outpaced 
inflation over the past year, meaning people's paychecks are going 
further. Inflation is cooling down, now to 3.4 percent. When we passed 
the Inflation Reduction Act, it was over 8 percent.
  Unemployment is falling. The economy created 2.7 million new jobs 
last year, more jobs than any year of the Trump administration.
  And manufacturing investment levels are at an all-time high--again, 
more than double the peak of the Trump administration.
  That is the difference between Democratic and Republican leadership. 
When Democrats were elected into office, we passed legislation to lower 
costs, to bring American manufacturing back, to lower prescription drug 
costs--which is already happening--and invest in science and 
innovation.
  But what about the hard right? What about what is going with our 
Republican colleagues? Well, look at what they spend time talking 
about: shutting down the government.

  That is what the hard right does. We are getting things done for the 
American people; they are talking about shutting down the government, 
pushing America toward default. Amazingly, the hard right, which has a 
lot of sway in the House and too much in the Senate, said default would 
be a good thing. Attacking a woman's right to choose, wasting time on 
sham impeachments, and drastic cuts to veterans' aid, nutrition 
programs, education, Federal law enforcement, no wonder some 
Republicans are so concerned they have no real accomplishments to show 
the American people.
  The difference, frankly, is night and day: Democrats are focused on 
lowering costs, more jobs, and more money in people's pockets, but the 
hard right is consumed by chaos, bullying, cutting vital investments, 
making things worse. They want to make things worse. Somehow that is 
their credo.
  The Republican frontrunner for President has made it abundantly clear 
that he is not running on making people's lives better but rather on 
airing his personal political grievances, as we saw in last night's so-
called victory speech.
  So we still have a long way to go to make our economy better--working 
better for families--but the evidence is growing that under President 
Biden, we are headed in the right direction, and Americans are seeing 
it for themselves.
  I yield the floor.
  I suggest the absence of a quorum.
  The ACTING PRESIDENT pro tempore. The clerk will call the roll.
  The senior assistant legislative clerk proceeded to call the roll.
  Mr. McCONNELL. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.