The Economy

Floor Speech

The SPEAKER pro tempore. Under a previous order of the House, the gentlewoman from North Carolina (Ms. Foxx) is recognized for 5 minutes.

Ms. FOXX. Mr. Speaker, the last few days have brought terrific news for American workers and taxpayers. Today, the markets closed at new record highs. The Dow Jones Industrial Average closed at 14,164; the S&P at 1,565.

Last week the Bureau of Labor Statistics released new jobs figures: 110,000 jobs created in September. September 2007, is the 49th consecutive month of job growth, setting a new record for the longest uninterrupted expansion of the U.S. labor market. Since August 2003, our economy has created more than 8.1 million jobs, and the unemployment rate remains low at 4.7 percent.

We also learned last week that the nonpartisan Congressional Budget Office said the Federal deficit came in at $161 billion for the just-completed fiscal year, down significantly from last year's deficit of $248 billion.

The Wall Street Journal editorial board noted today that ``since 2004 deficit spending has tumbled by $251 billion, which is one of the most rapid 3-year declines in U.S. history. The deficit as a share of the economy is down to 1.2 percent or about half the average of the last 50 years.'' A deficit at 1.2 percent share of the economy. In the words of the Associated Press, "The fiscal picture is the best it's been since 2001.''

Taken together, this shows the American economy remains strong, a strength derived from the hard work of the American people and Republican pro-growth, low-tax policies.

But as sure as the sun is going to rise in the morning and set in the evening, House Democrats are going to do their best to jeopardize our economic growth through higher taxes and spending increases. The Wall Street Journal warned this morning that the Democrat ``Congress is already gearing up to splurge again, with its $35 billion expansion in the children's health program, a $286 billion 5-year farm bill, $23 billion in water projects, and $22 billion more in non-defense discretionary spending. Combine this blowout with slowing revenue growth due to the housing recession, and the deficit may not fall again in 2008. This is all the more reason for President Bush to finally use his veto pen on spending bills.''

And that's just spending. Democrats continue to treat higher tax as a cure-all. Frustrated by their inability to choke of funds for our troops in harm's way, last week top Democrats on the Appropriations Committee proposed a $150 billion war tax. This is just the latest. Consider some of the recent Democrat tax hike proposals:

A 50 cent increase per gallon of Federal gas tax hike from the Energy and Commerce Committee chairman. A 5-cent increase per gallon of Federal gas tax hike from the Transportation Committee chairman. A massive $392.5 billion tax increase on middle-class families in their fiscal year 2008 budget. More than $15 billion in new energy taxes passed in July that will raise gasoline prices on consumers. A $7.5 billion tax increase in their farm bill which threatens 5.1 million American jobs and greater investment in the U.S.

It seems every time they propose to raise taxes, the deficit falls to historic lows. Each time they refuse to rein in spending, job creation breaks a new record. Each time they refuse to live up to their promise of fiscal responsibility, the stock market closes at record highs.

That's bad news for Democrats and terrific news for the American people.

Let's support the Republican policies that have made this success possible and let us see it continue.

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