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False Positives on the Economic Front

Location: Washington, DC

FALSE POSITIVES ON THE ECONOMIC FRONT -- (House of Representatives - July 14, 2004)

(Mr. PASCRELL asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)

Mr. PASCRELL. Mr. Speaker, we have heard a lot recently about the so-called improving economy, but I want to bring my colleagues' attention on both sides of the aisle to the fact that 90 percent of the new jobs created since August of 2003 are in industries that pay an average hourly wage that is less than the national average, or that many of these new jobs are part-time or temporary.

So the President says, look, I have only lost, with this upturn in the last 3 months, I have only lost 1.5 million jobs. If Clinton ever came before us and said that, we would all have booed him out of here, and my Republican colleagues know it.

They have never mentioned that since the tax cut took effect there are actually 2.3 million fewer jobs than the administration projected that would be created by the enactment of its tax cuts.

Merrill Lynch put it more aptly: The number of millionaires jumped 14 percent last year. There is a middle-class
squeeze. The Bush tax cuts, which included a reduction in the top tax rate as well as reductions in taxes on estates, led the Wall Street Journal to report: This helped bolster the fortunes of the fortunate.

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