Mr. Speaker, tonight and beginning each week, we will begin the week talking about the accomplishments of both President Obama, as well as the Democratic leadership in the legislature. The efforts of the Democratic Caucus over the last…
Mr. Speaker, tonight and beginning each week, we will begin the week talking about the accomplishments of both President Obama, as well as the Democratic leadership in the legislature. The efforts of the Democratic Caucus over the last year and a half, particularly since President Obama was sworn in have truly been remarkable. The efforts have been remarkable, but also the accomplishments.
And I think it's important that we continue to talk to the American people about those accomplishments, particularly when compared to some of the commentary that's out there in the media because, from watching some news programs, one would think that we were all here in the Chamber sitting in our chairs, fast asleep, as opposed to working and keeping our heads down and being very focused and working under the leadership of President Obama to make sure that we can turn the absolute nightmare that we were handed by the former Bush administration into the new direction that we talked about and that the American people elected us to take this country in.
And so tonight my colleagues and I are going to spend some time outlining those accomplishments. But I think it's important and instructive to first look at where we were, and then talk about where we are now. So that's some of what we're going to do this evening.
If you look back to January of 2009, which was the month, Mr. Tonko, that President Obama was sworn in, during that month the economy was yet again bleeding 700,000-plus jobs. And I think we have a chart here that I can use to illustrate that. But I think the most illustrative example of where we were, versus where we are today is this chart.
If you look back, this chart begins in December of '07, and you can see through the end of the Bush administration, Mr. Speaker, that the economy was steadily getting worse. We were bleeding jobs. By the time President Obama took office in January of '09, we literally were at 700,000-plus jobs lost, and that continued all the way up until February of '09 with the passage of the American Economic Recovery Act.
Now, I've heard a lot of malarkey in the news media out there, and particularly quite a lot from our friends on the other side of the aisle, about the supposed absence of job creation that the Recovery Act generated.
Well, the numbers don't lie, Mr. Speaker. If you look at the direction that job creation has gone in, and our economic recovery has begun, you look at the blue line beginning in February of '09 with the passage of the Recovery Act, and you progress all the way up where we were losing month by month fewer and fewer jobs; and we talked about how, obviously, any job losses are unacceptable, until we reached this most recent month in April. And I think actually this chart--it doesn't even, the numbers are even better, Mr. Altmire, than we have on this chart. But this chart shows it up through March where we added 167,000 jobs.
In April, Mrs. Dahlkemper, we actually added 290,000 jobs in April. The vast majority of those were private sector jobs. We do know that we have
some Census jobs that are temporary. But the point is that, as a direct result of the American Recovery and Reinvestment Act, we are moving in the right direction and beginning to turn the economy around. And I think it's incredibly important that we show the American people the results of our policies.
And, Mr. Altmire, I'd be happy to yield to you.
Mr. Tonko, I really appreciate your comments. I know that the folks listening do as well.
Madam Speaker, I think one of the important facts that we need to talk about tonight, as well, is the stark reality that we are in an election year, and in a few months our constituents are going to have a choice. Elections are, after all, about choices. And we have an opportunity here to present the choice that the American people are going to have to make decisions on. They can go back to the ways of the last 8 years prior to President Obama's inauguration in which the tax- cutting policy in America was focused exclusively on the wealthiest few and the middle class was essentially left out of the discussion. There was absolutely no focus on making sure that middle class tax cuts and job creation, targeted tax cuts and job creation would be focused on the middle class.
I served in the minority and the majority during the Bush administration, and I can tell you that in neither 2-year period was there any discussion of how to get the middle class back to work, how to get small business back. Small business was never discussed under the Bush administration or the Republican leadership. Their focus was big business, corporate interests, as we saw with the collapse of Wall Street and, as a result, the collapse of our economy.
And now when, as President Obama said, we have come in, President Obama was inaugurated and he is trying to clean up the mess he was handed, the Republicans refuse to even grab a mop. I mean, he is here mopping away, and not only do they refuse to grab a mop, to quote President Obama, but they also criticize the way he is holding the mop. I mean, it's just really--well, it's nothing short of brazen behavior. There is an expression for it, but on the House floor I won't use that expression.
I think another important point, Mr. Tonko, that can't be overlooked is when I have been out there at home, I come from a State that does not have a manufacturing base. We are a service-based economy, a tourism-based economy, and our economy was quite focused and dependent upon housing. We had a tremendous bubble in Florida. The bubble burst, and now, because the housing market has not rebounded at the same rates as the rest of the economy, we are still struggling with a higher average unemployment rate.
You will hear our friends on the other side of the aisle, Mr. Altmire, talk about, well, you can talk about all this fabulous job creation, but the unemployment rate still ticked up last month. Well, it's important to understand that the reason that the unemployment rate ticked up is because you have about 800,000 people who began looking for work again who had taken themselves out of the process because it was hopeless, because there was absolutely no chance of a recovery in their minds. And if they looked for a job, in their mind, it would have been pointless.
So in an odd way, it's actually a good thing in the short term that the unemployment rate ticks up a little bit, because we know the unemployment rate has been artificially a little bit lower because of the people who have simply not been looking for work. And now because, as Mr. Altmire noted, U.S. consumer confidence in April reached its highest levels since September of 2008, we have an increase in the GDP, an increase in the manufacturing base, pending home sales up for the fifth straight month. All of these economic indicators are moving dramatically in the right direction. And as a result, we are going to be able to really begin to ramp up our progress, and it's very exciting.
I want to spend some time tonight talking about, besides the Recovery Act, the other things that we have been doing to really put small businesses back in the black, make sure that they can have an opportunity to make hiring decisions and add to their workforce.
With that, if the gentleman from New Mexico is ready, it's a pleasure to be joined by Mr. Heinrich of New Mexico.
Will the gentleman yield for a question?
Does the gentleman recall how many of our friends on the other side of the aisle voted for the Recovery Act?
I think it was none.
I think it was none. Goose eggs. And that was the Recovery Act that gave 98 percent of Americans a tax cut, the same one that created a situation where we have the lowest, as you said, the lowest tax bills, the lowest tax rate since 1950, the one that created a situation where the triangle that Mr. Tonko referred to a few minutes ago enabled us to go from bleeding more than 700,000 jobs prior to President Obama being sworn into office to gaining almost 300,000 jobs in this last month.
So we, on our side of the aisle, created, conceived, passed, and President Obama signed the Recovery Act into law, and our friends on the other side of the aisle all said ``no.'' Is that right?
Okay. I just wanted to make sure that that was accurate. Mr. Tonko, do you have something to add?
I thank both gentlemen.
Again, I think it's really important to stress the choices that we have in front of us. The American people have choices over the next few months about the direction that they want to go, whether they want to continue to go in the direction that the job creation chart that we just had up showed, whether they want to continue to go in the direction of the tax rate chart that Mr. Heinrich just had, or whether they want to go back in this direction because this direction shows us the history of Presidents and the deficit situation that the United States has been in under each President.
So if you look at President Reagan, under President Reagan we had a $1.4 trillion deficit. Under President Bush 41, we had a $3.3 trillion deficit by the end of his Presidency. Then President Clinton was in office for 8 years and finished his second term with a $5.6 trillion surplus--a record surplus which he handed over to President Bush 43, who, in a very short period of time, handed off to President Obama an $11.5 trillion deficit. And that's because his focus was not on targeted tax cuts for the middle class, not on creating jobs and wealth for small business, not on making sure that we could focus on educational opportunities for our Nation's young people and focusing on investments and innovation and technology and energy, and particularly alternative energy--those weren't the focus of the Bush administration. Their focus was on the wealthiest Americans, the whole notion of trickle-down, which didn't work under President Reagan and clearly, as you can see, as big a red box as you are looking at here on this chart, didn't work under the Bush administration either.
So the choice that the American people will have is to go back to big red boxes like this one and continue to bleed jobs, bleed money, and move in the wrong direction, or under President Obama and the Democratic Congress, continue to focus on job creation, on opportunities for young people, on investments in alternative energy, on weaning ourselves off dependence on foreign oil. I mean if what's going on in the Gulf of Mexico today doesn't prove that we need to do that, I don't know what would.
But those are the choices that the American people have.
But our friends on the other side of the aisle have choices, too, Mr. Tonko. They have choices, and they've repeatedly made them. They've repeatedly showed which side they're on. They've showed that they are not on the side of the American workers struggling to be able to get back to work and find a job. They've showed that they're only interested in coming back to power, and it's all--unfortunately, sadly, my observation is that that is the only thing that they care about, winning elections and focusing on power.
Their agenda is tough to identify because other than siding with Wall Street, with big banks, with big corporations and the wealthy elite in this country, that's really the only side that I have been able to see that they appear to be on. Their voting records demonstrate that, and I think we have a pretty stark choice that the American people are going to be able to make come November.
If the gentleman would yield, because I want to focus on results.
We have been talking about the facts tonight. We have been talking about the impact and results of Democratic policies, the policies of the Democratic Congress, the policies of Democratic President Barack Obama, and the results that have occurred. And I think this chart right here is very illustrative of the direction that we continue to go in.
If you look at the very ugly red end of the chart, that is an indication of where we were in terms of household wealth under the Bush administration. And if you look through those years, we had household wealth that dramatically, dramatically declined, so much so that people were in absolute dire straits. So we had an economy that was reeling, spiraling ever downward; we had deficits that were exploding from a President who was handed a record surplus, and that was the mess that President Obama found himself in.
The additional mess that he found himself in was a plummeting statistic of household wealth. If you look at the progress that we have made and the direction that household wealth is going in now, as evidenced by the right side of the chart, you have an indicator that, since the Recovery Act took effect, we have gained nearly 30 percent back of household wealth that was lost under the Bush administration, $5 trillion in growth in household wealth, compared to $17.5 trillion in household wealth that was lost. We have gained in just 1 year $5 trillion of that back.
Again, Mr. Tonko, we talk about choices. This is as stark a choice, Mr. Heinrich, as we can illustrate.
We could go back to policies that got us in the ditch in the first place and give the keys back to the people who drove us into the ditch; or we can hold on to the keys that we wrested from them in November of 2008 and continue to drive this economy in the direction that the American people want it to go.
I am thrilled that we are joined by the gentleman from Ohio. He might still be getting organized. So while he does that, I wanted to focus a little bit.
The American Recovery and Reinvestment Act clearly is sort of the jewel in the crown, the linchpin to the beginning of our economic recovery, and all the indicators demonstrate that. But it is sort of a ``but that's not all'' type thing.
We had the Recovery Act, which gave us a huge boost, but we also passed and continue to propose numerous pieces of legislation designed to focus on different aspects of the economy: small business, the energy sector, technology and innovation, making sure that we cover as many bases as we can, because we know that there are so many potential gaps in the economy and you don't want to leave anybody behind.
So in addition to the Recovery Act, Madam Speaker, we also passed the Worker Home Ownership and Business Assistance Act, which was legislation that expanded that first-time homebuyer tax credit and gave people an opportunity to purchase a home when they had been unable to previously, provided that tax relief for small businesses.
I am glad you asked. I believe it was approximately 93 percent of Republicans voted against that legislation.
Yes.
So, again, it is about choices. The American people have a choice. It is a very stark contrast. They can side with the people who voted 93 percent in this instance with Wall Street and big corporations and continuing to pad their bottom line; or they can vote with the middle class and make sure that we can continue to boost small business and get our economy moving again and put folks back to work. It really is a very stark contrast with a very clear choice.
And, Mr. Heinrich, as we wrap up, we really want to talk about over the next weeks and months the choices that the American people will have. Over the next weeks and months, Madam Speaker, we'll be talking about those choices, the choice that the American people have to continue to go in the direction where we're nurturing our economy and helping it thrive or the direction that our colleagues on the other side of the aisle would take us, which is to strangle our recovery in the crib. That's a very stark contrast that we will be presenting to the American people over the next few weeks and months, and we look forward to it.