The Congressional Record is a unique source of public documentation. It started in 1873, documenting nearly all the major and minor policies being discussed and debated.
“THE ECONOMY” mentioning the U.S. Dept. of Commerce was published in the Senate section on pages S13071 on Oct. 23, 2003.
The publication is reproduced in full below:
THE ECONOMY
Mr. REID. Madam President, I simply say to my friend from Minnesota, before he gets too excited about the economy doing so well, that that explanation should be given to the 3 million people who have lost jobs during this administration. This is the first President since Herbert Hoover who has had a net job loss during his tenure in office. I hope there is a turnaround. But before we come here and start giving speeches about how great the economy is, we need to explain that the economy is losing jobs on a monthly basis. We are not losing as many as we did, that is true, but we are still losing jobs. People need to work.
This is the worst job creation record of any modern President. It is the weakest economic growth under any President in 50 years. If there is a recovery, it is certainly jobless. Poverty is increasing. Real income is falling. We have a record deficit. No one seems to mention that.
There were cheers from the Department of Commerce this year that the deficit--when you add in the surplus of Social Security--is only about
$500 billion. They were cheering about that. There is a record deficit. There is a record debt increase. We are going to have to increase it again before this next summer is out. It is the worst fiscal reversal in history.
Keep in mind that during the last years of the Clinton administration, we were actually spending less Government money than we were taking in. There has been about a $3 trillion loss in market value in the stock market.
I think the time is a little premature to start coming here and giving cheerleading speeches about the greatness of the economy.
The PRESIDING OFFICER. The Senator from Texas.
Mrs. HUTCHISON. Madam President, there is an additional 5 minutes on our side. How much time remains on our side with the additional 5 minutes?
The PRESIDING OFFICER. Nineteen minutes, nine seconds.
Mrs. HUTCHISON. Thank you, Madam President.
I would like to allocate up to 5 minutes to Senator Craig, up to 10 minutes to Senator Cochran, and the remaining time to Senator Santorum.
Mr. WYDEN. Madam President, parliamentary inquiry: How much time remains on this side of the aisle?
The PRESIDING OFFICER. Nineteen minutes, sixteen seconds.
Mr. WYDEN. Thank you, Madam President.
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