Sam Gejdenson: “there are two overriding issues here: One is, where are we? The fundamental economic concern from people appointed to…”

“there are two overriding issues here: One is, where are we? The fundamental economic concern from people appointed to the Fed by the former Presidents is that the economy is getting too hot, that the budgets that the Democrats in this Congress have passed have brought this economy back to life and it may get out of control and get so hot that we are going to have inflation. The other thing to remember is what Mo Udall always said: ``May our words be gentle and kind for tomorrow we may have to eat them,'' and let us go back to the past and figure out if we ought to listen to the gentleman from Minnesota [Mr. Sabo], who says to reject this amendment or some of the folks on the other side. Madam Speaker, a rhetoric versus reality test. Rhetoric: This is August 5, 1993. ``We will try to help you when this puts the economy in the gulch.'' Reality: During President Clinton's first year, we had the largest increase in GDP in a decade. Rhetoric on this side: ``This is really Dr. Kevorkian's plan for the economy.'' On our side, the reality is, confidence in retail sales and business investments; housing starts are up; all these things are up. That is the reality. The rhetoric, August 3, 1993: ``It is like a snakebite,'' meaning the President's plan. ``the venom is going to be injected into the body of the economy and kill jobs that Americans now have.'' The reality: Employment shot up by almost half a million jobs in March of this year.…”