[Congressional Record (Bound Edition), Volume 150 (2004), Part 9]
[Senate]
[Page 11453]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           ECONOMIC RECOVERY

  Mr. McCONNELL. Mr. President, this week marks the 1-year anniversary 
of the Jobs and Growth Act of 2003, a bill signed into law on May 28 
last year. And now, a year later, we see by every conceivable economic 
measure of prosperity and well-being the Bush recovery is roaring 
ahead.
  The Bush recovery has American families on the right course. The Bush 
recovery has American businesses, services, manufacturing, and exports 
all moving ahead at full steam.
  The Bush recovery has workers' income rising, their job opportunities 
expanding, and their take-home pay increasing. A record number of 
workers are working. The Bush recovery is broad, it is growing, it is 
substantial, and it is a record of achievement of which any President 
would be justly proud. But the remarkable aspect of the Bush recovery 
is not what it has obtained but what it has overcome.
  Go back to January 2000, when President Bush was still Governor Bush. 
The Dow Jones industrial average peaked at 11,723. That was the peak in 
January of 2000. The Dow Jones industrial average peaked at 11,723. Two 
months later, it lost one-fifth of its total value. A couple of months 
later, in March of that year, Nasdaq peaked. But by the end of 2000, 
tech stocks had lost more than half of their value. By the fall of 
2000, the economy had slipped into recession.
  Again, this all occurred while President Bush was still Governor Bush 
of Texas.
  President Bush took office with an economy already stalled, a stock 
market tanking, and 8 months later America suffered an unprecedented 
terrorist attack, on September 11. We are all aware of the toll of 
lives from that tragic day, but few appreciate the full effect on our 
freedom and on our prosperity. Planes were grounded for days, and new, 
expensive security measures were imposed. Business in America came to a 
screeching halt, each one collectively seeking to reassess the risk and 
the opportunity of all their endeavors, not only here but overseas. 
Average Americans took stock of the threats and warnings out there and 
acted cautiously for the sake of their loved ones.
  As our freedom to act without fear was diminished, so, too, was the 
economic activity that is a reflection of that freedom. A new world of 
uncertainty was created by 9/11, and while many have completely 
forgotten the attacks even occurred, their full ramifications are felt 
today, not only militarily and politically but economically as well.
  Despite all that, America is back and stronger than ever, and much of 
that strength can be traced back to the Jobs and Growth Act of 2003. By 
letting workers, families, and businesses keep more of their own money, 
that legislation, along with the President's 2001 tax relief, laid the 
foundation for economic growth and job creation, not only now but for 
years to come.
  Mr. President, 111 million individuals and families will receive an 
average tax cut of $1,586; 49 million married couples will have an 
average tax cut of $2,602; 43 million families with children will 
receive an average tax cut of $2,090; 14 million elderly individuals 
will see their taxes fall on average by $1,883, and 25 million small 
business owners will receive an average tax cut of $3,001.
  This tax relief has prompted the growth of a surging, vital economy. 
Since the President signed that bill, the stock market is up 18 
percent, increasing America's capital base by more than $2 trillion. 
Real business investment in equipment and software is up 14 percent 
annually, the fastest third-quarter increase since the late 1990s. More 
manufacturers have been reporting increased activities and new orders 
than any other time in the last 20 years, and real GDP grew at a 5.6-
percent annual rate, the fastest in nearly 20 years.
  As tax relief has prompted a surging economy, families have benefited 
in the last year. Real disposable personal income rose at an average 
annual rate of 3.9 percent, household wealth hit a record high of $44 
trillion, and home ownership has risen .4 percentage points to a record 
high of 68.6 percent.
  With families stronger and businesses growing, the Bush recovery is 
building strong momentum in the jobs market. In just the last year, 
over 1 million new jobs have been created for America's workers. The 
unemployment rate fell from 6.1 percent to 5.6 percent. That is lower 
than the average unemployment rates in the 1970s, the 1980s, and the 
1990s. If that were not enough, State unemployment rates fell in 47 out 
of 50 States.
  America is headed in the right direction. Looking at this chart, 
since President Bush signed the Jobs and Growth Tax Relief Act last 
May, the 5.6-percent increase in GDP is the best in 20 years; 1.1 
million new jobs since last May; 800,000 new jobs this calendar year 
alone; the stock market rebound, up 18 percent since the President 
signed the tax relief bill. Home ownership is up to 68.6 percent, an 
alltime high since the President signed the tax bill. Disposable income 
is up 3.9 percent--more take-home pay. All of this has occurred since 
President Bush signed the Jobs and Growth Tax Relief Act last May.
  We have had an extraordinary period of economic growth. Some say the 
economy should be growing faster, but their solution is to lock up the 
brakes and whip a u-turn. That is what an agenda of more taxes, more 
regulation, and more Government spending would do.
  Under President Bush's leadership, America is finally headed in the 
right direction. The economy is picking up steam, and families, 
businesses, and workers across America are reaping the benefits. This 
is not the time to turn backward.
  I yield the floor.
  The PRESIDING OFFICER (Ms. Murkowski). The minority leader is 
recognized.

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