Congressional Record, Vol. 166, No. 19, January 29, 2020 — House
Summary
The opening pages of the Congressional Record, Volume 166, No. 19, for Wednesday, January 29, 2020, covering the House of Representatives, which met at 10 a.m. with Mr. Cuellar as Speaker pro tempore. Ms. Jackson Lee speaks for 5 minutes, recalling a 2016 op-ed titled Seven Years of Change You Can See and Feel about the Obama economy and its jobless figures. Mr. Thompson of Pennsylvania marks the United States-Mexico-Canada trade agreement becoming law, citing dairy benefits, and another Member cites more than $68 billion in new economic activity and approximately 176,000 new jobs. Mr. Massie also speaks.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
Cite this document
“Congressional Record, Vol. 166, No. 19, January 29, 2020 — House.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/crec-crec-2020-01-29-crec-2020-01-29-pt1-pgh637-5-18b4721510/
, SHA-256 d772a118ce005dd225f1f952f1f9afde0fd42504e003d5d72649fad7ef1cf266.Full text
Congressional Record
E PL
UR M
IB NU
U U
S
116 th CONGRESS, SECOND SESSION
United States
of America PROCEEDINGS AND DEBATES OF THE
Vol. 166 WASHINGTON, WEDNESDAY, JANUARY 29, 2020 No. 19
House of Representatives
The House met at 10 a.m. and was Thanks to the leadership of the THE OBAMA ECONOMY
called to order by the Speaker pro tem- Trump administration, we are deliv- The SPEAKER pro tempore. The
pore (Mr. CUELLAR). ering real results for the men and Chair recognizes the gentlewoman from
f women who are the backbone of the Texas (Ms. JACKSON LEE) for 5 minutes.
American economy. Freer markets, Ms. JACKSON LEE. Mr. Speaker, in
DESIGNATION OF SPEAKER PRO
fairer trade, and increased opportunity 2016, I wrote this op-ed, ‘‘Seven Years
TEMPORE
are on the horizon as USMCA is signed of Change You Can See and Feel.’’ I
The SPEAKER pro tempore laid be- today and implemented. wrote it in the backdrop of the election
fore the House the following commu- The numbers are staggering: more of President Barack Obama and his
nication from the Speaker: than $68 billion in new economic activ- opening remarks and his inauguration
WASHINGTON, DC, ity, approximately 176,000 new jobs, that said: ‘‘Today I say to you that the
January 29, 2020. and an increase of more than $2 billion challenges we face are real. They are
I hereby appoint the Honorable HENRY a year in agriculture exports. It is no
CUELLAR to act as Speaker pro tempore on serious and they are many. They will
wonder that USMCA passed with over- not be met easily or in a short span of
this day.
NANCY PELOSI, whelming bipartisan support in both time. But know this America: They
Speaker of the House of Representatives. the House and the Senate. will be met.’’
USMCA brings particularly good Mr. Speaker, I include in the RECORD
f
news for the Commonwealth of Penn- the op-ed I authored.
MORNING-HOUR DEBATE sylvania. In 2018 alone, Pennsylvania
[From the Washington Examiner, Feb. 17,
The SPEAKER pro tempore. Pursu- exported approximately $15 billion in 2016]
ant to the order of the House of Janu- goods to Canada and Mexico, and SEVEN YEARS OF CHANGE YOU CAN SEE AND
ary 7, 2020, the Chair will now recog- USMCA continues to open doors for our FEEL
nize Members from lists submitted by producers. (By Sheila Jackson Lee)
the majority and minority leaders for As Pennsylvania’s number one indus- The morning of January 20, 2009 was one of
morning-hour debate. try, agriculture is vital to the health of the coldest days on record in Washington,
The Chair will alternate recognition both the economy and our residents, as DC. But this was nothing compared to the
between the parties, with time equally our farmers provide the food, the fiber, chill wind blowing through the American
allocated between the parties and each the energy, the building materials, and economy and body politic. The nation was
Member other than the majority and all that we depend upon. With in- facing economic challenges unseen since the
creased market opportunities, the fu- Great Depression: Americans were losing
minority leaders and the minority
their jobs at a frightening rate of 800,000 per
whip limited to 5 minutes, but in no ture of the Keystone State is brighter
month; the national unemployment rate had
event shall debate continue beyond than ever. risen to 7.8 percent and would continue to
11:50 a.m. That being said, it is impossible to climb until reaching its peak of 10.0 percent
f talk about the impact USMCA will in October 2009.
have on Pennsylvania without talking For African Americans, the numbers were
UNITED STATES-MEXICO-CANADA about dairy. For far too long, our Na- much grimmer: A jobless rate of 13.5 percent
TRADE AGREEMENT BECOMES tion’s dairy producers have been sub- in January 2009 which would grow to 16.5 per-
LAW ject to Canada’s unfair class 6 and class cent by the end of the year. And on top of
this, tens of thousands of American families
The SPEAKER pro tempore. The 7 ultrafiltered pricing programs, lim-
each month were losing their health insur-
Chair recognizes the gentleman from iting our export potential both into ance and their homes to foreclosure. The
Pennsylvania (Mr. THOMPSON) for 5 Canada and, quite frankly, into Third United States was still bogged down in the
minutes. World countries as Canada floods them quagmire that was the Iraq War and young
Mr. THOMPSON of Pennsylvania. with dairy components of whey and people by the thousands were being forced to
Mr. Speaker, today, at long last, the lactose, proteins and powdered milk. defer or drop out of college because of lack of
United States-Mexico-Canada trade Thanks to USMCA, this is a thing of financial aid. And the average price of gas
agreement, USMCA, will officially be- the past. exceeded $4 per gallon.
It was against this backdrop that I
come law. USMCA is a major win not A 21st century economy requires 21st
watched from the inaugural platform as
only for American farmers, ranchers, century trade policy, and with USMCA, Barack Obama, surrounded by his radiant
manufacturers, and business owners, we are sending a crystal-clear message and beautiful wife, Michelle, and their two
but for each and every American who to our trade partners around the globe: adorable daughters, rose to take the oath of
depends on these industries. America is open for business. office. After being sworn in as the nation’s
SSpencer on DSKBBXCHB2PROD with HOUSE
b This symbol represents the time of day during the House proceedings, e.g., b 1407 is 2:07 p.m.
Matter set in this typeface indicates words inserted or appended, rather than spoken, by a Member of the House on the floor.
H637
.
VerDate Sep 11 2014 00:12 Jan 30, 2020 Jkt 099060 PO 00000 Frm 00001 Fmt 4634 Sfmt 0634 E:\CR\FM\A29JA7.000 H29JAPT1
H638 CONGRESSIONAL RECORD — HOUSE January 29, 2020
44th president of the United States, Obama spot on the steps where the Rev. Martin Lu- checkers have found this to false. Before
reassured an anxious but hopeful nation, ther King, Jr. shared his dream for Amer- Trump took office in January 2017, the econ-
saying: ica’s future. omy had largely recovered from the Great
‘‘Today I say to you that the challenges we So as President Obama serves the final Recession. Overall economic indicators were
face are real. They are serious and they are year of his presidency, it is clear beyond already strong and were trending stronger.
many. They will not be met easily or in a doubt that he kept the promise he made to Unemployment had been cut by more than
short span of time. But know this America: the nation seven years ago on that cold day half during the Obama administration, from
They will be met.’’ in January when he said: a peak of 10 percent to 4.7 percent.
Watching Barack Obama address the na- ‘‘Today I say to you that the challenges we The economy had experienced 76 consecu-
tion that day, spectators in attendance and face are real. But know this America: They tive months of job growth.
viewers across the country and around the will be met.’’ GDP growth was strong—an average of 2.6
world understood they were witnessing a his- They were more than just met; they were percent growth in the last 11 quarters of the
toric president, the first African American overcome under his leadership. And because Obama administration.
ever to hold the nation’s highest office. of President Obama, today the United States Growth in annual median household in-
But more than being a historic president, is stronger, more prosperous and better posi- come was strong and trending upward, in-
Barack Obama’s actions and leadership over tioned than ever to win the future. creasing $4,800 during the last two years of
the ensuing seven years would demonstrate And that is what makes his one of the the Obama administration.
that his would be a consequential presidency most consequential presidencies in American Greg Mankiw, chairman of the Council of
that changed America for the better. history. Economic Advisers under President George
His first and most pressing task was to res- Ms. JACKSON LEE. In the years of W. Bush, states that ‘‘the economy was in
cue an economy on the brink of collapse. fine shape at the end of the Obama adminis-
Working with the Democratic-controlled
Obama’s service, we did, together, meet
tration, despite what President Trump some-
Congress, the American Recovery and Rein- those challenges. times asserts.’’
vestment Act was passed, which created 3.7 His first and most pressing task was THERE IS NO SUCH THING AS A ‘‘TRUMP BUMP’’—
million jobs and saved the jobs of millions of to rescue an economy on the brink of KEY ECONOMIC INDICATORS ARE THE SAME OR
teachers, firefighters, police officers and so- collapse. Working with the Demo- WORSE
cial service providers. The Recovery Act also cratic-controlled Congress, the Amer- Last week, the president said ‘‘we have the
cut taxes for working families, extended un- ican Recovery and Reinvestment Act, greatest economy we’ve ever had in the his-
employment insurance, and expanded the the stimulus, was passed and created tory of our country.’’ This claim did not
Earned Income and Child Tax Credits, which
3.7 million jobs and saved the jobs of make it by the fact checkers at The Associ-
disproportionately benefit African American ated Press. A few facts to keep in mind:
families. millions of teachers, firefighters, police
officers, and social service providers. Monthly non-farm job growth has slowed
Seven years later the verdict is in on the in the first 35 months of the Trump adminis-
economic plan put in place by President The Recovery Act also cut taxes for
tration compared to the last 35 months of
Obama and the Democratic Congress. The working families, extended unemploy- the Obama administration—36,000 fewer jobs
Recovery Act ended the Great Recession, ment insurance, and expanded the per month under Trump.
transformed the economy from one hem- earned income and child tax credit, Average real GDP growth has been roughly
orrhaging jobs to one that has created more which disproportionately benefits Afri- the same for the first 11 quarters under
than 16 million new jobs over a record 71 con- Trump and the last 11 quarters of the Obama
can Americans. The challenge was met.
secutive months. The national unemploy- administration.
ment rate has dipped under 5 percent for the
So any discussion of any excitement
about the work of this administration Growth in median annual household in-
first time since President Clinton left office, come was three times as great during the
the deficit has been cut by 71 percent and the creating an economy, it is an economy
last two years of the Obama administration
Dow Jones stock market index topped 18,000 that was literally given to them be- as during the first two years of the Trump
in 2015, an increase of 177 percent over where cause of the work of President Obama administration.
it stood the day President Obama took of- and the Democratic Caucus. PRESIDENT TRUMP’S SIGNATURE ECONOMIC POL-
fice. We have, now, $2 trillion extra in ICY—THE $1.9 TRILLION TAX CUT—HAS FAILED
As an added benefit, the average price of
debt. We have the pending possibility TO DELIVER THE PROMISED ECONOMIC BOOST
gasoline has been reduced from more than
$4.11 per gallon to $1.80, the lowest price of wars. We have the continuing down- Trump promised the tax cuts would be like
since before the tragedy of September 11. ward spiral of issues that will impact ‘‘rocket fuel’’ to the economy, but the effects
The seven years of Obama also effected pol- this economy. have been underwhelming. The economic
icy change in the areas of criminal justice So, with this terrible tax cut, we boost has been very small and short-lived.
reform, health and education, national secu- were not given a strong economy. We GDP growth: Trump promised GDP growth
rity and foreign affairs. paid an extremely high price: $1.9 tril- as high as 6 percent. However, in the seven
President Obama also made history by ap- quarters before and after passage of the Re-
lion for tax cuts has done little for the publican tax law, GDP growth is exactly the
pointing two women to the U.S. Supreme
economy. There is no such thing as a same, averaging 2.5 percent.
Court, including the first Hispanic American
to serve on the Court. He appointed the first bump by this administration. Key indi- Business investment: The Trump adminis-
African American man and woman to serve cators are saying that things, in actu- tration predicted a flood of business invest-
as attorney general and the first woman to ality, are worse. ment, which is critical to long-term eco-
chair the Federal Reserve Board. The Joint Economic Committee says nomic growth. However, it actually has
In the area of foreign affairs and national unemployment was cut by more than slowed since the tax cut, falling from an av-
security, President Obama ended the Iraq half during the Obama administration, erage annual growth rate of 4.6 percent in
War, assembled and led an international coa- the seven quarters before enactment to a 3.5
from a peak of 10 percent to 4 percent. percent annual rate in the seven quarters
lition to impose sanctions on Iran that were
The economy had experienced 76 con- following the tax cut.
so crippling that it was forced to the negoti-
ating table. That yielded the Iran Nuclear secutive months of job growth. The Household income: The administration pre-
Agreement that prevents Iran from ever at- GDP growth was strong, an average of dicted that the tax cuts would bring an in-
taining a nuclear weapon. And of course, as 2.6 percent in 11 quarters of the Obama crease of $4,000 to $9,000 or more per house-
the world knows, because of President administration. Growth in annual me- hold. However, household income increased
Obama’s leadership, General Motors is alive dian household income was strong and only $550 in the first year after the tax cuts
and Osama Bin Laden is dead. went into effect.
trending upward, increasing $4,800 dur- Unemployment: It was at 4.1 percent before
For seven years, President Barack Obama ing those last 2 years. And the Chair-
has represented our country with grace, in- the tax cuts took effect, falling just over
tegrity, honor, and distinction. He has pro-
man of the Council of Economic Advi- one-half of 1 percent since then.
vided consolation, hope, and healing in the sors under George W. Bush states that WE PAID AN EXTREMELY HIGH PRICE—$1.9 TRIL-
face of unspeakable tragedies such as the the economy was in fine shape at the LION—FOR TAX CUTS THAT HAVE DONE SO LIT-
massacre of innocent children at Sandy end of the Obama administration, de- TLE FOR THE ECONOMY
Hook, worshippers at Mother Emanuel AME spite what President Trump now as- When it is fully implemented, the Repub-
SSpencer on DSKBBXCHB2PROD with HOUSE
Church in Charleston, spectators at the Bos- serts. lican tax law will add $1.9 trillion to the na-
ton Marathon, and mass shootings in Aurora, Mr. Speaker, I include in the RECORD tional debt, according to CBO.
Colorado and Tucson, Arizona. He expressed the Joint Economic Committee article. In just the past two fiscal years, the an-
and symbolized our joy and pride in the nual deficit has increased from $666 billion in
progress made over the last half century— PRESIDENT TRUMP DID NOT CREATE THE STRONG FY 2017 to $984 billion in FY 2019 (a 48 per-
and the distance we still have to travel— ECONOMY; HE INHERITED IT cent increase).
when he marched across the Edmund Pettus President Trump regularly claims the Despite a deficit forecast to exceed $1 tril-
Bridge and addressed the multitude from the economy he inherited was a ‘‘mess,’’ but fact lion for the rest of the decade and beyond,
VerDate Sep 11 2014 00:12 Jan 30, 2020 Jkt 099060 PO 00000 Frm 00002 Fmt 4634 Sfmt 0634 E:\CR\FM\A29JA7.003 H29JAPT1
January 29, 2020 CONGRESSIONAL RECORD — HOUSE H639
Trump administration officials continue to omy, as I said, had been growing very continue to climb until reaching its peak of
claim the tax cuts will pay for themselves. well under President Obama. 10.0 percent in October 2009.
In the long term, the vastly increased def- The GOP tax scam led to a record- For African Americans, the numbers were
icit likely will weigh down the economy and much grimmer, a jobless rate of 13.5 percent
setting $1 trillion in stock buybacks,
Republicans will argue that those deficits
will require cuts to vital services and pro- unlike what was represented to us, in January 2009 which would grow to 16.5
grams like Medicare and Social Security. In that that was going to create invest- percent by the end of the year.
fact, the President admitted just last week ment in this country. And on top of this, tens of thousands of
he will look at cuts to those programs. We are now beginning to put forward American families each month were losing
TRUMP’S SECOND MAJOR ECONOMIC POLICY—THE some major legislation that deals with their health insurance and their homes to fore-
TRADE WAR—IS A SELF-INFLICTED WOUND, investment in our infrastructure, in- closure.
HURTING CONSUMERS, BUSINESSES AND THE vestment in public housing and afford- And the average price of gas exceeded $4
ECONOMY able housing, because we realize what per gallon.
Trump’s claim that China bears the entire creates jobs. We create jobs when we It was against this backdrop that the new
cost of the tariffs is absolutely false—there invest back into the Nation. We do not President of the United States, Barack
are casualties on both sides of the trade war. create jobs when we take tax cuts and Obama, rose to take the oath of office.
One analysis finds that the trade war with After being sworn in as the nation’s 44th
China had already cost 300,000 American jobs
give them to the rich while everybody
else suffers. President, President Obama reassured an
as of September 2019 and the number could anxious but hopeful nation, saying:
rise to 450,000 by the end of 2019. The GOP tax law encourages compa-
nies to send factories and jobs over- ‘‘Today I say to you that the challenges we
CBO estimated that the trade war reduced
GDP by 0.3 percent by 2020. seas. Under the GOP tax cut, income face are real. They are serious and they are
The trade war hits consumers in their wal- generated by American companies many. They will not be met easily or in a short
lets and pocketbooks. The Federal Reserve abroad face tax rates that are half the span of time. But know this America: They will
Bank of New York estimated that tariffs on new top corporate rate of 21 percent. be met.’’
imports from China cost each U.S. household Because of the actions President Obama
By the way, corporations didn’t ask
nearly $300 per year in 2018, and over $800 per took, not to further the interests of himself but
year since with the additional 15 percent tar- for that low corporate tax rate. Some
of the American people, these challenges
iff on $200 billion worth of goods. companies may be able to avoid taxes
were more than met and overcome and for
WHILE TRUMP CUTS TAXES FOR THE WEALTHY altogether on tangible investments
that Barack Obama’s presidency is regarded
AND APPLAUDS THE STOCK MARKET, MILLIONS made offshore.
The GOP tax law increases deficits, by historians as a consequential presidency
OF AMERICANS ARE STRUGGLING TO MAKE
ENDS MEET as I said earlier, by $1.9 trillion when that changed America for the better.
Mr. Speaker, before Trump took office in
In a recent analysis, the Brookings Institu- we are facing major budgetary chal-
January 2017, the economy had recovered
tion found that 53 million workers—44 per- lenges driven by our aging population.
cent of all workers—earn just $10.22 per hour from the Great Recession and overall eco-
Finally, Mr. Speaker, I would say
or about $18,000 per year. $18,000 is not nomic indicators were already strong and were
that there was nothing but a gift given
enough to raise a family on. trending stronger.
to this administration by the hard
The president has begun talking about a Unemployment had been cut by more than
work of the Obama administration.
blue-collar boom, but manufacturing has half during the Obama administration, from a
contracted in three of the last four quarters. Let us get back to investing in the
peak of 10 percent to 4.7 percent.
The sector has added just 9,000 jobs in the American people. That is how we build The economy had experienced 76 consecu-
past six months. the economy, not by snatching it away tive months of job growth, the longest sus-
MOST OF PRESIDENT TRUMP’S CLAIMS ABOUT from them. tained period of growth in American history.
THE ECONOMY ARE FALSE OR HIGHLY MIS- Mr. Speaker, the verdict is now in, and it GDP growth was strong, average of 2.6 per-
LEADING leads to the inescapable conclusion that the cent annually in the last 11 quarters of the
According to The Washington Post Fact Trump TaxScam has not accelerated the Obama Administration and median household
Checker, Trump has made more than 1,500 economy, rather it is a significant drag on the income growth was strong and trending up-
false claims about the economy. booming economy President Barack Obama
This is part of a broader pattern. Fact
ward, increasing $4,800 during in last two
bequeathed to his successor, the current oc- years of the Obama administration.
Checker has found that altogether Trump cupant of the office.
has made more than 16,000 false or mis- Even Greg Mankiw, chairman of the Council
Specifically, two points cannot be stressed of Economic Advisers under President George
leading claims on all topics in his first three
years in office. enough. W. Bush, had to admit that ‘‘the economy was
Trump made half of those false or mis- First, President Trump did not create the in fine shape at the end of the Obama admin-
leading claims in 2019—the pace of these strong economy; he inherited it. istration, despite what the current President
claims is increasing. Second, we paid an extremely high price— falsely asserts.
Any statement the president makes about $1.9 trillion—for tax cuts that have done so lit- Mr. Speaker, I include in the RECORD an op-
the economy has a good chance of being false tle for the economy. ed published on February 17, 2016 in the
or misleading. Mr. Speaker, most of President Trump’s Washington Examiner, entitled ‘‘Seven Years
Ms. JACKSON LEE. And so we have a claims about the economy are false or highly of Change You Can See and Feel.’’
challenge to try and recoup and re- misleading. President Obama actually had a plan to
cover, for hardworking Americans, a There is no such thing as a ‘‘Trump tackle the economic woes that were affecting
real economy, because it is frightening bump’’—key economic indicators are the same the American people.
when we begin to start losing jobs. or worse. Working with the Democratic-controlled
Let me show how the trend went. The President’s signature economic policy— Congress, the President signed into law the
We were adding 270,000 jobs per the $1.9 trillion tax cut—has failed to deliver American Recovery and Reinvestment Act,
month under President Obama. We are the promised economic boost and his second which created 3.7 million jobs and saved the
now adding an average of 191,000 jobs major economic policy—the trade war—is a jobs of millions of teachers, firefighters, police
under this present administration. And self-inflicted wound, hurting farmers, con- officers, and social service providers.
it can be seen very clearly that the job sumers, businesses and the economy. The Recovery Act also cut taxes for working
growth is challenging. Mr. Speaker, those of us who were there re- families, extended unemployment insurance,
We can also see that, when we were member well that the morning of January 20, and expanded the Earned Income and Child
down in a slump on median household 2009, which was one of the coldest days on tax credits, which disproportionately benefit Af-
income, it was surging up because of record in Washington, DC. rican American families.
the values and principles of the Obama But it was nothing compared to the chill The Recovery Act ended the Great Reces-
SSpencer on DSKBBXCHB2PROD with HOUSE
administration working with the wind blowing through the American economy sion, transformed the economy from one hem-
Democratic Congress. and body politic because at that time the na- orrhaging jobs to one that has created over 16
Employment was down when Mr. tion was facing economic challenges unseen million new jobs over a record 71 consecutive
Obama took office. We can see that it since the Great Depression: Americans were months.
surged up; and then it began to go losing their jobs at a frightening rate of The national unemployment rate has dipped
down, with respect to this administra- 800,000 per month; the national unemploy- under 5 percent, for the first time since Presi-
tion, and turning red again. The econ- ment rate had risen to 7.8 percent and would dent Clinton left office, the deficit has been cut
VerDate Sep 11 2014 00:12 Jan 30, 2020 Jkt 099060 PO 00000 Frm 00003 Fmt 4634 Sfmt 9920 E:\CR\FM\A29JA7.004 H29JAPT1
H640 CONGRESSIONAL RECORD — HOUSE January 29, 2020
by 71 percent and the Dow Jones stock mar- THE GOP TAX LAW INCREASES DEFICITS BY $1.9 TRILLION of households making less than approximately
ket index topped 18,000 in 2015, an increase WHEN WE ARE FACING MAJOR BUDGETARY CHAL- $150,000 per year.
LENGES DRIVEN BY OUR AGING POPULATION
of 177 percent over where it stood the day EVEN THOUGH FEDERAL REVENUES HAVE RISEN, THE
President Obama took office. Even after accounting for any economic GOP TAXSCAM HAS CREATED A MAJOR REVENUE DEFI-
And, as an added benefit, the average price growth effects, the Congressional Budget Of- CIENCY PROBLEM
of gasoline has been reduced from more than fice (CBO) estimates the GOP tax scam in- Corporate tax receipts dropped an astound-
$4.11 per gallon to $1.80, the lowest price creases deficits by $1.9 trillion over the ten ing 31 percent drop in 2018, with total receipts
since before the tragedy of September 11. years 2018 to 2028—hardly the ‘‘pay for itself’ as a share of GDP falling to the lowest levels
In short, Mr. Speaker, President Obama be- message we heard from the Administration since the end of the Great Recession despite
queathed a booming and vibrant economy to and Republicans in Congress. healthy economic growth and a tight labor
his successor, who promptly took actions to Our friends across the aisle promised the market.
undermine it and explode the national debt. GOP TaxScam would significantly boost eco- Revenue last year was 16.4 percent of the
Mr. Speaker, the GOP TaxScam was the nomic growth, spurred an investment boom, economy, almost two percentage points below
wrong policy at the wrong time because it drove unemployment down to the lowest level the so-year average of 18.3 percent in years
showered benefits on the top 1 percent large since the 1960s, created jobs for millions of in which unemployment fell below 5 percent.
multinational corporations while doing little for workers, and helped middle-class families By contrast, spending as a share of GDP
everyday working Americans and Main Street keep more of their paychecks. last year fell right at the historical average.
small business owners. All of these claims have collapsed in the Predictably, the President and our Repub-
GOP TaxScam also raises the nation’s debt crucible of actual experience. lican friends seeks to evade blame and re-
by $1.9 trillion at a time when the economy THE GOP TAXSCAM DID NOT SIGNIFICANTLY BOOST THE sponsibility for the fiscal mess and exploding
was already strong, and when we are facing ECONOMY debt they have created.
major long-term budgetary challenges driven In the seven quarters before and after pas- Instead of redressing the harm caused by
by our aging population. sage of the Trump TaxScam, GDP growth is the Trump TaxScam, Republicans resort again
And rather than devoting resources to wise unchanged from the Obama economy, aver- to their past practice of blaming the deficit on
investments in our workers and small busi- aging 2.5 percent. the entitlement programs such as Social Secu-
nesses, the GOP TaxScam further burdens By 2023, the tax law’s positive effect on rity, Medicare, SNAP, and veterans benefits
working families, endangers Americans’ retire- economic growth will fade away entirely. and seek to slash these programs to the
ment security, and worsens our budgetary out- THE GOP TAXSCAM DOES NOT SPUR BUSINESS barebones.
look. INVESTMENT For example the President sought to cut
Our long-term economic growth trajectory is There is no evidence of an investment non-defense discretionary (NDD) programs by
unchanged and there is no sign of an invest- boom, which Republicans promised would be $1.4 trillion, including cuts to Medicare and
ment boom. the key to unleashing unprecedented eco- Medicaid, reduce funding for SNAP by $220
Real wage growth for workers remains mod- nomic growth and wage gains. billion or 22 percent, and deny infrastructure
est and factories and jobs are more likely to Nonresidential business investment grew by funding for cash-strapped state and local gov-
go overseas. less than 1 percent in the third quarter of last ernments; and pile more hardships on strug-
The federal deficit is soaring as corporate year, while business’ orders for durable goods gling Americans with $327 billion in cuts to di-
tax receipts plummet and the tax code is rid- (another measure of investment) fell in De- rect spending programs that safeguard basic
dled with even more special-interest tax cember for the fourth time in five months. living standards they need to get by.
breaks and loopholes. Instead of encouraging investment, the tax The President is obsessed with dismantling
THE GOP TAXSCAM LED TO A RECORD-SETTING $1 cut triggered a record level of stock buybacks. and destabilizing health care for millions of
TRILLION IN STOCK BUYBACKS
THE GOP TAXSCAM IS NOT THE CAUSE OF LOWEST Americans by making yet another attempt to
The GOP TaxScam delivered huge benefits UNEMPLOYMENT SINCE 1968 ‘‘repeal and replace’’ the Affordable Care Act
to rich investors and CEOs through record-set- President Trump is coasting on an eco- passed under the extraordinary leadership of
ting stock buybacks in 2018 while average nomic expansion—now the second-longest on President Barack Obama which provided
workers struggle to pay for rising health care record—that began under President Obama. health security to more than 20 million Ameri-
and living costs. The law has not changed the unemployment
Stock buybacks do nothing to improve busi- cans.
trend. Mr. Speaker, we are now entering Act III of
ness operations or help workers. The unemployment rate has fallen steadily the immorality play we predicted the President
THE GOP TAXSCAM SHOWERS BENEFITS ON THE
since the end of the Great Recession. would write.
WEALTHY AND LARGE CORPORATIONS WHILE DOING
LITTLE FOR WORKERS AND MAIN STREET SMALL BUSI-
THE GOP TAXSCAM HAS NOT CREATED JOBS FOR Act I was the cutting of taxes for the rich;
NESSES
MILLIONS OF WORKERS Act II was the inevitable exploding of the def-
The GOP tax cut is heavily tilted toward the More jobs were created in President icit we predicted would result and our Repub-
wealthy and corporations and exacerbates the Obama’s last two years in office than Presi- lican friends denied would ever happen.
stagnation of wages for the vast majority of dent Trump’s first two years, a monthly aver- And now we have Act III, in which Repub-
workers and worsens income and wealth in- age of 227,00 for Obama contrasted to an av- licans claim to have newly rediscovered their
equality. erage of 191,000 for Trump. horror over the deficits created by their fiscal
The GOP tax law does nothing to help small Monthly non-farm job growth has slowed in irresponsibility and insist that the mess they
businesses gain access to capital and grow the first 35 months of the Trump administra- created but be cleaned up by slashing invest-
their receipts. tion compared to the last 35 months of the ments in the programs relied upon by the 90–
Only 5 percent of small businesses pay Obama administration—36,000 fewer jobs per 95 percent of Americans who were made
taxes at the corporate level and most of the month under Trump. worse off by the GOP TaxScam.
pass-through tax cuts go to the largest 2.6 The tax law also encourages companies to The President should be embarrassed and
percent of businesses. send factories and jobs overseas rather than ashamed of his economic stewardship and
THE GOP TAX LAW ENCOURAGES COMPANIES TO SEND protecting jobs at home. thankful every day to President Obama for
FACTORIES AND JOBS OVERSEAS THE GOP TAXSCAM IS NOT HELPING MIDDLE-CLASS tackling and solving the major economic chal-
Under the GOP tax law, income generated FAMILIES KEEP MORE OF THEIR PAYCHECKS lenges facing Americans.
by American companies abroad face tax rates There has been very little increase in private f
that are half the new top corporate rate of 21 sector compensation or wages since the tax
law passed. OPPOSITION TO IMPEACHMENT
percent.
Real wage growth continues to be dis- TRIAL
Some companies may be able to avoid tax
appointingly modest, and real bonuses in- The SPEAKER pro tempore. The
SSpencer on DSKBBXCHB2PROD with HOUSE
altogether on tangible investments made off-
shore. creased by just 2 cents per hour between De- Chair recognizes the gentleman from
This further incentivizes companies to move cember 2017 and September 2018. Kentucky (Mr. MASSIE) for 5 minutes.
tangible assets, such as factories and machin- The law ignores the stagnation of working- Mr. MASSIE. Mr. Speaker, I rise
ery, overseas. class wages and worsens income and wealth today in opposition to the marathon
Rather than protecting workers and their inequality. impeachment sham trial currently un-
families, the GOP tax law tilts the playing field In fact, only 35 percent of the tax law’s ben- derway and occupying the Senate’s val-
against American workers. efits in 2018 will go to the bottom 80 percent uable time.
VerDate Sep 11 2014 00:12 Jan 30, 2020 Jkt 099060 PO 00000 Frm 00004 Fmt 4634 Sfmt 0634 E:\CR\FM\A29JA7.006 H29JAPT1
File and source
- File
- CREC_crec-2020-01-29_crec-2020-01-29-pt1-pgh637-5.pdf
- Size
- 303,220 bytes
- SHA-256
- d772a118ce005dd225f1f952f1f9afde0fd42504e003d5d72649fad7ef1cf266
- Original
- www.govinfo.gov