Bill Bennett: “In this election time we are hearing a great deal of discussion about the economy. We are hearing all kinds of spin…”

“In this election time we are hearing a great deal of discussion about the economy. We are hearing all kinds of spin being placed on the economic numbers. I don't come to the floor to try to put any spin on the numbers, but I do come to try to list the numbers. As I read the various speeches on both sides of the aisle, many times they pick out one particular portion of the economy that can be used to make a point for or against where their political position is. I want to simply outline the numbers and let those who may be watching come to their own conclusions as to whether the economy is doing well. First number: Over the past four quarters the U.S. economy has expanded by 4.8 percent. Let's put that in perspective. In that same period, Italy has seen its economy expand by 1.2 percent; Germany 2 percent; 2.8 percent in France; 3.6 percent in Britain; and 4.2 percent in Japan. Japan is emerging from a 15-year recession, and they are thrilled about their growth at 4.2 percent. In America, we are growing at 4.8 percent. Those are the numbers. Comparison to our own history: The U.S. growth rate over the past year has been nearly a full percentage point above the 3.9 percent growth over a comparable period when President Clinton was seeking reelection. August's 5.4 unemployment rate, for those who want to focus primarily on jobs, is well below the average of the 1970s.”