[Congressional Record (Bound Edition), Volume 150 (2004), Part 6]
[House]
[Page 7111]
[From the U.S. Government Publishing Office, www.gpo.gov]




          SENATOR KERRY'S ECONOMIC PLAN WOULD HARM OUR ECONOMY

  (Mr. PITTS asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. PITTS. Mr. Speaker, the Democrat candidate for President has 
promised to create 10 million jobs if elected, but a recent economic 
analysis of his plan by the Heritage Foundation says he is wrong and 
showed four negative effects of his scheme. First, employment growth 
slows under his plan with 225,000 fewer jobs created per year under his 
policy, in contrast to the fact that in the first quarter of this year, 
513,000 new jobs have been created.
  Secondly, GDP growth slows for the next decade, underperforming by 
$20 billion in just the first 5 years.
  Third, after-tax income shrinks. And this makes sense. Taxes go up, 
take-home pay goes down. And under the Democrat plan, take-home pay 
plummets $240 billion below current projections.
  And, lastly, savings plummet. The personal savings rate would average 
17 percent less during just the first year of his administration.
  Each of these items would reverse trends started by President Bush's 
economic recovery program, a plan that is working.
  In the end his tax-and-spend, rob-the-rich-to-pay-the-government 
economic scheme will do more harm than good.

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