Ralph Lee Abraham: “I rise today to make a few observations regarding the state of the American economy and the steps policy makers should…”

“I rise today to make a few observations regarding the state of the American economy and the steps policy makers should take to ensure continued prosperity in the future. Right now we have some good news about the state of the economy. Overall employment growth is strong. Unemployment is low at 4.5 percent nationally and an even lower 3.9 percent in my home state of Michigan. Family incomes continue to rise. And the technological and information age revolution continues to increase productivity and wealth throughout America. Hi-tech companies in particular are growing fast and creating thousands of spin-off jobs. Economist Larry Kudlow reports that the hardware and software industries combined account for about one third of real economic growth. What is more, this industry is increasing productivity throughout our economy in ways we can't even measure. So, on the surface things look pretty bright right now, Mr. President. But there are economic storm clouds on the horizon.”