[Congressional Record (Bound Edition), Volume 147 (2001), Part 16]
[Senate]
[Pages 22102-22103]
[From the U.S. Government Publishing Office, www.gpo.gov]



                           AMERICA'S ECONOMY

  Mr. DURBIN. Madam President, as part of the challenge facing America 
today, we have to consider the state of America's economy, and it is a 
sad state of affairs. After almost 10 years of unparalleled prosperity 
in the history of the United States, during the past year we have seen 
terrible things occur--a massive growth in unemployment. The number of 
people who have been laid off across America is now reaching, 
unfortunately, historic levels. Last month saw the biggest 1-month 
increase in unemployment in 21 years. Nearly 7\1/2\ million Americans 
are now out of work, and the economists have warned us that a 1 or 2 
million more may be losing their jobs over the next 12 months. Small 
and large businesses have faced this.
  A friend of mine who deals with bankruptcies has told me we will be 
shocked as we hear the names of the major corporations and businesses 
which are going to go bankrupt in the near future. It is a fact of life 
this downturn in the economy is touching us in virtually every area of 
American life.
  This is a time of year when many American businesses hope to show 
their greatest profit and success. This retail season around the 
holidays means so much to companies across America. Unfortunately, the 
sales are slow and the indication is clear that the American people are 
holding back. It is an understandable impulse on their part, 
understandable because they are not certain of their own stability in 
their job or their small business. They are uncertain about the future 
of our economy and, of course, the war which we are waging has led 
people to have a certain personal austerity, a little less flamboyance 
when it comes to their lifestyle. It is understandable. It reflects the 
spirit of sacrifice.

[[Page 22103]]

  So what we need to do in Congress is to consider what it will take to 
turn this around. How can we breathe life back into this economy and 
get it moving forward? They have called it an economic stimulus package 
or an economic recovery package. Whatever the description, it is clear 
to me Congress should do something and do it immediately.
  Several weeks ago, I called together business and labor leaders in my 
home State of Illinois, in the city of Chicago. Some of the largest 
corporations were represented, as well as small businesses and labor 
unions, and I said to them: Tell me what the problem is as you see it; 
what do you think the solution should be.
  They came amazingly to a consensus. Seated around this table were 
Democrats and Republicans and Independents, people in labor, people in 
business. They said: It is our impression we have too much production 
in America and not enough consumption. There are too many cars and 
refrigerators and washers and dryers waiting for buyers. So we need to 
give the American people the resources and the confidence to take 
money, go to the store, and make an important purchase. They said that 
consumer confidence is critical to any kind of economic stimulus; focus 
on the consumers.
  Secondly, they said to do it in a hurry because if there is going to 
be an impact on this economy, do not wait. Congress has a tendency to 
identify problems and then spend months, if not years, waiting to 
respond. Well, when it comes to the economy, we cannot afford to do 
that.
  The third thing they said is, do not do anything today that you will 
regret tomorrow. Make this a temporary fix so when it is all over, we 
will not have a problem we have to cope with for years to come.
  This is the advice of a diverse group of people who came together in 
Chicago. It is exactly the same advice which we have been given on 
Capitol Hill. Economist after economist has come into this building and 
told us, these are the three things: Help the consumers move forward, 
do it quickly, and do not do anything that will jeopardize the economy 
in the long run.
  So how do we achieve that? Well, it is very clear to me if we want to 
move the economy forward and help consumers, we ought to focus on those 
individuals in our economy who are most likely, with additional 
resources, to spend them.
  My basic course in economics, which I took many years ago at 
Georgetown, said people in lower and middle-income groups will spend 
their money and do it more quickly, and they are more likely to spend 
it than those in higher income categories.
  The ACTING PRESIDENT pro tempore. The Senator's time has expired.
  Mr. DURBIN. I ask unanimous consent for an additional 10 minutes.
  The ACTING PRESIDENT pro tempore. Is there objection?
  Mr. MURKOWSKI. Madam President.
  The ACTING PRESIDENT pro tempore. The Senator from Alaska.
  Mr. MURKOWSKI. Did I hear the Senator request an additional 10 
minutes?
  The ACTING PRESIDENT pro tempore. That is correct.
  Mr. MURKOWSKI. I was seeking recognition and was going to recognize 
my colleague from Missouri who has to catch an airplane. She needed 5 
minutes. I stepped aside for her. I obviously want to accommodate 
Members and do not intend to object, but what is the order of morning 
business? Is it 10 minutes?
  The ACTING PRESIDENT pro tempore. It is a 10-minute limitation.
  Mr. DURBIN. In response to the Senator from Alaska, I gave the same 
accommodation to his colleague who just left, who asked for additional 
time to speak, but I do not want to keep anyone from catching their 
plane.
  Mr. MURKOWSKI. My concern was to accommodate the Senator from 
Missouri.
  Mr. DURBIN. I want to accommodate my colleague from Missouri, too. I 
yield 5 minutes to her and then ask for an additional 10 minutes.
  Mr. MURKOWSKI. I have no objection.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.
  The Senator from Missouri.

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