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“THE ECONOMY IS STRONG AND GROWING” mentioning the U.S. Dept. of Commerce was published in the Extensions of Remarks section on pages E1477-E1478 on Aug. 2, 1996.
The publication is reproduced in full below:
THE ECONOMY IS STRONG AND GROWING
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HON. CAROLYN B. MALONEY
of new york
in the house of representatives
Friday, August 2, 1996
Mrs. MALONEY. Mr. Speaker, this morning we were going to hold a hearing of the Joint Economic Committee to hear the July jobs report. It was canceled. And that's a shame--because the President has an economic record any President could be proud of.
After 3\1/2\ years of President Clinton, the economy continues to grow stronger and stronger. We've created more than 10 million new jobs--a faster rate of job growth than under any Republican administration since the 1920's. In our global economy, job creating exports have increased by one-third--up $162 billion. And today's job report, issued by the Bureau of Labor Statistics shows that we added 193,000 more jobs in July.
We have the highest rate of new business incorporations since World War II, with the Commerce Department reporting that our Nation's economy grew at an extremely healthy 4.2-percent annual rate from April through June, and with the lowest combined rates of unemployment, inflation, and mortgage rates since the 1960's.
Best of all for both working Americans and our fixed-income retirees under President Clinton we've sustained this growth while keeping inflation stable and low.
Mortgage rates are the lowest they've been in 30 years. The result: Millions of Americans have been able to purchase their first home, giving us the highest homeownership rate in 15 years.
Mr. Speaker, the current issue of Money Magazine reports: ``The majority of Americans are better off on most pocketbook issues after 3\1/2\ years under [President] Clinton, who's presided over the kind of economic progress any Republican would be proud to post.''
Barron's reports ``In short, Clinton's economic record is remarkable. Clinton also rightfully boasted that, `our economy is the healthiest that it has been in 30 years.' ''
This record is no mere happenstance. It is the result of tough decisions. Under President Clinton, the deficit has been cut to $117 billion this year--the lowest deficit as a percentage of GDP of any major economy--and less than half of what it was when he took office.
In fact, were it not for the interest on the debt accumulated during the Reagan and Bush years, we would be running a surplus. Alan Greenspan said earlier this year that the deficit reduction in President Clinton's 1993 Economic Plan was ``an unquestioned factor in contributing to the improvement in economic activity that occurred thereafter.''
On that other side, some are still talking about hundreds of billions of dollars in tax cuts for the wealthiest. President Clinton has proven that responsible deficit reduction that maintains our investments in research and development, in our cities, our kids, our schools, and infrastructure can work.
I do not believe the American people want a return to the pie-in-the-
sky promises that built up this deficit in the first place. Today's jobs report is another indication that the President's economic plan is working.
The question the American people are facing is do we stay the course, or do we go back to the budget-busting policies of the 1980's. I, for one, truly believe the American people are beyond being fooled by false promises. Yes, there is work to be done, but they know we are headed in the right direction.
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