February 11, 2020 - Issue: Vol. 166, No. 28 — Daily Edition116th Congress (2019 - 2020) - 2nd Session
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ECONOMIC GROWTH; Congressional Record Vol. 166, No. 28
(Senate - February 11, 2020)
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[Pages S973-S974] From the Congressional Record Online through the Government Publishing Office [www.gpo.gov] ECONOMIC GROWTH Mr. THUNE. Madam President, last Tuesday, the President delivered his State of the Union Address. He discussed some of our biggest accomplishments over the past 3 years, and, of course, chief among those accomplishments is the economic progress we have made. During the Obama administration, our economy spent years in the doldrums. American families and American workers struggled to advance in a historically slow recovery that left some experts predicting that a weaker economy would be the new normal. Yet Republicans didn't believe we should be resigning ourselves to that future. In fact, we knew that the real strength of the American economy, American business, and American workers was still there. But we also knew that burdensome regulations and an outdated tax code were preventing our economy from thriving the way it should, so we took action. We cut burdensome regulations and passed historic reform of our Tax Code. We cut tax rates for families, doubled the tax credit, and nearly doubled the standard deduction. Then we took aim at the parts of the Tax Code that were holding back American workers and American businesses. We lowered tax rates across the board for owners of small and medium-sized businesses, farms, and ranches. We lowered our Nation's massive corporate tax rate, which was the highest corporate tax rate in the developed world. We expanded business owners' ability to recover the costs of investments they make in their businesses, which frees up cash they can reinvest in their operations and their workers. We brought the U.S. international tax system into the 21st century so that American businesses are not operating at a competitive disadvantage next to their foreign counterparts. Tax reform is working. Unemployment is near its lowest level in 50 years--50 years. Think about that. For the past 12 months, unemployment has been below 4 percent, a record that was last achieved in the 1960s. African Americans, Hispanic Americans and Asian Americans all saw record low unemployment in 2019. Strong economic growth has also given discouraged workers the confidence to come off of the sidelines and to join the workforce. Currently, the labor force participation rate is at its highest level in 7 years. Last month, the economy created 225,000 jobs, well above market expectations. All told, the economy has created an average of 171,000 jobs per month over the past 12 months--a strong number. Wages are growing. For the past 18 months, wage growth has been at or above 3 percent. And as the President said in his State of the Union Address, this is a ``blue-collar boom.'' In contrast to the Obama administration, in this economy, it is blue-collar workers who are seeing the strong wage growth. Gains in the stock market have been good news for American workers' 401(k)s and pensions. The list goes on. Of course, while we have made a lot of progress, our work isn't done. While our economy as a whole has thrived, our Nation's farm economy continues to struggle. Low commodity and livestock prices, natural disasters, and protracted trade disputes have made the last few years challenging ones for farmers and ranchers. One of the most important things we can do to help the farm economy is negotiate trade deals that expand markets for American agriculture products and give our farmers and ranchers certainty about what markets will look like going forward. That is why I pushed for passage of the United States-Mexico-Canada Trade Agreement, which the President signed last month. This agreement will maintain and expand farmers' and ranchers' access to the two biggest markets for American agricultural products and provide certainty about what these markets will look like for the foreseeable future. I am particularly pleased about the improvements the agreement makes [[Page S974]] for the dairy industry, which is a growing industry in my State of South Dakota. We need to conclude more strong trade agreements going forward that will expand markets for American agriculture products. The President also mentioned the trade agreement we are negotiating with China. The President recently signed phase one of the agreement, which includes a pledge from China to substantially increase its imports of American agriculture products. That is excellent news for farmers and ranchers, but we need to make sure that China actually lives up to its commitments. As we know, China doesn't have the best record in this regard, and it is important that the United States make clear that any agreements must be honored. We have made a lot of progress for the American people over the past 3 years, but, as I said, there is more work to be done. I hope to work with my colleagues of both parties this year to continue to build on the economic progress we have made and create more opportunities for American workers. I will continue to make the needs of our Nation's farmers and ranchers one of my top priorities. I am committed to seeing our Nation's farm economy catch up to our economy as a whole. I am proud that Republican economic policies have made life better for American workers. I will continue to work to ensure that every American has access to the benefits of our strong economy. I yield the floor. I suggest the absence of a quorum. The PRESIDING OFFICER. The clerk will call the roll. The senior assistant legislative clerk proceeded the call the roll. Mr. COTTON. Madam President, I ask unanimous consent that the order for the quorum call be rescinded. The PRESIDING OFFICER (Mrs. Loeffler). Without objection, it is so ordered. ____________________
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