[Congressional Record (Bound Edition), Volume 150 (2004), Part 3]
[House]
[Page 3775]
[From the U.S. Government Publishing Office, www.gpo.gov]




                     LACK OF JOB GROWTH IN AMERICA

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentlewoman from Ohio (Ms. Kaptur) is recognized for 5 minutes.
  Ms. KAPTUR. Mr. Speaker, the lack of job growth in America continues 
to reverberate, the jobless recovery they call it. That means even as 
investment increases, new jobs are not created. Now, there might be a 
recovery for a few in the financial elites that sit in our corporate 
board rooms, but it is still a recession around the kitchen tables of 
America's working families.
  So where are our jobs? Millions of Americans are asking the Congress 
and they are asking the President, Where are the jobs?
  Toledo Blade reported this weekend: ``Unemployment rises across 
Ohio.'' Toledo, the major community in my district, Toledo's rate of 
unemployment hit double digits, over 10 percent; and even rural 
counties, not accustomed to unemployment rising, those numbers are now 
increasing across the State of Ohio.
  Even America's economists are starting to wonder what is going on.

                              {time}  2015

  When the Labor Department released the most recent job data last 
Friday, showing a mere 21,000 payroll jobs created in February, 
economists were left dumbfounded, shaking their heads. Alan Blinder, a 
former member of the Federal Board of Governors, told the Wall Street 
Journal, and I quote, ``From an historical perspective, the lack of job 
growth is stunning, given what is happening to the gross national 
product.''
  Productivity is high, economic activity is up, interest rates are 
still very low, but even Ohio's Republican governor was forced to admit 
no job growth. So, where are our jobs? Sales at U.S. retail stores rose 
by 6.7 percent in February, and the consumer continues to keep our 
economy afloat. But how long can that last?
  Household debt is climbing. The Federal Reserve reported on Friday 
that consumer credit outstanding grew at an annual rate of 8.6 percent 
in February. Households in America have refinanced everything and they 
have maxed out on their credit cards and they have borrowed to keep up 
their spending levels.
  They have been carrying the load up till now, but they simply cannot 
do it by themselves. We have got to start creating jobs in America, and 
that starts at 1600 Pennsylvania Avenue.
  Last month, President Bush promised that the economy would create 2.6 
million jobs by the end of this year. Instead, we have seen almost 3 
million jobs disappear since he was installed in office.
  Now, America suffers twin deficits that are sucking the lifeblood 
from our economy. We have a $.5 trillion budget deficit and a $.5 
trillion trade deficit. At the same time, these twin deficits total 
more than $1 trillion sucking life and economic strength out of our 
economy. That is a $1 trillion in the wrong direction every year under 
President Bush.
  The failed economic policies of the Bush administration are choking 
any hoped-for economic recovery, destroying wealth and saddling future 
generations of Americans with more debt than they can possibly afford. 
How irresponsible.
  The failed economic policies of the Bush administration are the 
reason for the lack of jobs in America. Where are the jobs? They are 
being outsourced and exported to Mexico and China and other low-wage 
countries. Some have called this Bush-onomics. But if you are a 
multinational corporation looking for low-wage workers, they roll out 
the red carpet for you. They even say outsourcing jobs is a good thing. 
The Bush administration will even drive down the value of the dollar to 
help their bottom line.
  But if you are a family in Toledo or Cleveland or Akron, you are out 
of luck. Our workers are sitting around the kitchen table asking a 
simple question: Where are the jobs? And I hope they are also asking 
who are they going to elect to the job of the Presidency of our Nation 
and to this Congress come next November.

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