[Congressional Record (Bound Edition), Volume 149 (2003), Part 18]
[Senate]
[Page 25581]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              THE ECONOMY

  Mr. REID. Madam President, I simply say to my friend from Minnesota, 
before he gets too excited about the economy doing so well, that that 
explanation should be given to the 3 million people who have lost jobs 
during this administration. This is the first President since Herbert 
Hoover who has had a net job loss during his tenure in office. I hope 
there is a turnaround. But before we come here and start giving 
speeches about how great the economy is, we need to explain that the 
economy is losing jobs on a monthly basis. We are not losing as many as 
we did, that is true, but we are still losing jobs. People need to 
work.
  This is the worst job creation record of any modern President. It is 
the weakest economic growth under any President in 50 years. If there 
is a recovery, it is certainly jobless. Poverty is increasing. Real 
income is falling. We have a record deficit. No one seems to mention 
that.
  There were cheers from the Department of Commerce this year that the 
deficit--when you add in the surplus of Social Security--is only about 
$500 billion. They were cheering about that. There is a record deficit. 
There is a record debt increase. We are going to have to increase it 
again before this next summer is out. It is the worst fiscal reversal 
in history.
  Keep in mind that during the last years of the Clinton 
administration, we were actually spending less Government money than we 
were taking in. There has been about a $3 trillion loss in market value 
in the stock market.
  I think the time is a little premature to start coming here and 
giving cheerleading speeches about the greatness of the economy.
  The PRESIDING OFFICER. The Senator from Texas.
  Mrs. HUTCHISON. Madam President, there is an additional 5 minutes on 
our side. How much time remains on our side with the additional 5 
minutes?
  The PRESIDING OFFICER. Nineteen minutes, nine seconds.
  Mrs. HUTCHISON. Thank you, Madam President.
  I would like to allocate up to 5 minutes to Senator Craig, up to 10 
minutes to Senator Cochran, and the remaining time to Senator Santorum.
  Mr. WYDEN. Madam President, parliamentary inquiry: How much time 
remains on this side of the aisle?
  The PRESIDING OFFICER. Nineteen minutes, sixteen seconds.
  Mr. WYDEN. Thank you, Madam President.

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