[Congressional Record (Bound Edition), Volume 150 (2004), Part 3]
[Senate]
[Pages 3436-3437]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              THE ECONOMY

  Mr. COLEMAN. I would like to spend the little time remaining to talk 
about the economy. I was mayor of St. Paul, MN, for 8 years, and I 
learned as mayor that the best welfare program is a job; the best 
housing program is a job. Access to health care quite often came 
through a job. I also learned nobody jumps on a sinking ship; that hope 
and confidence yield investment.
  As we look at the data, look at what is happening in the economy, it 
is very clear the economy is moving forward. This Nation has come a 
long way from the terrible day of September 11 and the impact that had 
both on the infrastructure in New York and in Washington, but also on 
the psyche of the American public, the confidence.
  Look at the scandals on Wall Street, the WorldComs and the Enrons. 
Undermining the trust and confidence in the American system, the way we 
do business, that has an impact. The reality is we have come so far. In 
the third quarter of last year we had the greatest GDP growth in nearly 
2 decades. The fourth quarter exceeded expectations contributing to 6.1 
percent annual growth rate in the last half of the year, the strongest 
6 months gain since 1984. It is expected the 2004 economic growth will 
be between 4.6 and 4.8 percent.
  We sound like statisticians here. I am not sure the average man or 
woman worried about their economic future and feeding their family 
understands the impact of that, but that is the fastest annual growth 
in this country since 1984.
  When you try to turn around an economy that has suffered so much, 
when we try to do the things with the President's leadership--to cut 
taxes, put more money in the pockets of moms and dads, to allow 
business to increase expensing that, to generate bonus depreciation--it 
then results in more economic investment, which results in more jobs, 
more jobs.

[[Page 3437]]

  Those are the things we have done, and the result is that the economy 
is moving forward. The statistics show that.
  I understand that capital expenditures are on the rise. The 
Department of Commerce reported earlier this week that capital goods 
orders are rising and are 3.6 percent higher in January than in the 
final quarter of 2003. We have nearly 660,000 less unemployment claims 
than we had at our peak figure last summer and, I think, over 336,000 
new jobs according to the payroll survey, the most narrow reading--and 
the household survey shows much more of an increase. If you do 
something out of your home, if you are individually employed, it 
doesn't count that. I learned from my 17-year-old that people do 
business out of eBay, and they are not listed in the payroll survey. 
But the household survey is significant.
  Millions of jobs have been created in this country. So we are moving 
forward. In my State, the last report of the State budget showed very 
good news. The terrible deficits and gaps we were facing, the fiscal 
crisis, may be over. The National Conference of State Legislatures 
recently said that. So we have a lot of good news. Over the last 6 
months, in the course of a Presidential campaign, all you heard is the 
negative, telling people again and again how bad it is. Ultimately, 
common sense tells you if you tell somebody something often enough and 
put enough money behind it, they may actually believe it. The problem 
is, if they believe it, it impacts their confidence and we all suffer. 
That is a bad thing. Instead of criticizing, we need to work together 
to get things done to move this economy forward at a faster pace.
  The Senator from Missouri recently talked about a highway bill, a 
jobs bill, a transportation bill that would create 1.7 million jobs 
while improving the Nation's infrastructure. We need to invest in 
improving locks and dams so farmers can get products to market and 
continue to grow a farm economy that is doing a lot better. We need to 
pass an energy bill to create between 500,000 and 700,000 new jobs--a 
bill that has been subject to a filibuster. That has to end and we need 
to stop criticizing and pledge to work together to get something done.
  We need legal reform. We came within a vote of class action reform. 
Talk to the folks who create jobs in this country, to the 
manufacturers. They will tell you the biggest impediments they have are 
the cost of class actions, the cost of litigation, the cost of 
regulation and taxation--those things that we impose and that we can 
fix if we simply came together with a positive vision and commitment to 
work in a bipartisan way to get something done.
  If you really care about moms and dads and their ability to put food 
on the table and to work, then figure out a way to pass an energy bill, 
a highway bill, class action reform, and deal with asbestos reform, 
which is a critical issue--pay for those who are hurt, but make sure 
the lack of reform doesn't drive companies under and hurt jobs, hurt 
the ability for mom and dad to take care of their family. I found out 
when I was a mayor that the best thing I could do for kids was to do 
those things to make sure mom and dad had a job. What we are working on 
today is another jobs bill. It is going to take working in a bipartisan 
way, putting aside some of the negative, why we cannot do it, how 
terrible things are. Let's focus on those things we can do to improve--
and they are very clear--the opportunity for mom and dad to get a job. 
The way to change an economy this size is not like a race car ripping 
around the corner. It is more like one of those big boats that travel 
on Lake Superior. You just get it moving in the right direction.
  I suggest that we are moving in the right direction. There is more 
work to be done. Let's get about the business of doing that.
  With that, I yield the floor and suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The assistant legislative clerk proceeded to call the roll.
  Mr. GRASSLEY. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER (Mr. Ensign). Without objection, it is so 
ordered.

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