[Congressional Record (Bound Edition), Volume 160 (2014), Part 11]
[House]
[Page 15643]
[From the U.S. Government Publishing Office, www.gpo.gov]




                    SIX YEARS AGO TODAY: THE ECONOMY

  (Mrs. CAROLYN B. MALONEY of New York asked and was given permission 
to address the House for 1 minute.)
  Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, 6 years ago this 
week, the economic situation of this country was so perilous, we 
announced that the TARP program was going to be expanded to cover auto 
loans and credit cards. The housing bubble had burst, household wealth 
was slashed by over $16 trillion, banks tottered, lending was frozen, 
the Dow was about to plunge to 7,000, the GDP was sinking at a rate of 
6.3 percent.
  Today much has changed. The TARP has been repaid, the Dow has climbed 
10,000 points, businesses are growing, unemployment has fallen to 5.8 
percent, GDP is expanding at a rate of 3.5 percent.
  As this Congress considers how to move forward, it would be 
beneficial and helpful if we would always remember to look back at what 
worked and what didn't. Let's do more of what works.
  With 56 months of private sector job growth--not enough, but the best 
record that we have ever had in history--we must build on this progress 
by investing in infrastructure, raising wages for middle class workers, 
committing to make it in America, and making sure our schools are 
preparing for the next generation.

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