Pete Domenici: “I rise to talk this morning about good news. This morning we just received a current report on how many new jobs were…”

“I rise to talk this morning about good news. This morning we just received a current report on how many new jobs were created in America in the past quarter. There were 248,000 jobs created in May. There is so much talk about unemployment. People say this Presidential race is going to depend on jobs and the performance of our President with reference to jobs and the American economy during his term. We all know that about the time he was elected, this country was going into recession. That means the big growth that occurred for about 4 years prior to that had reached its peak and was on the way down. That means if something was not done, we would have to wait for the natural give and take of the American economy to right itself. Who knows how long that would have taken. Perhaps it would have taken 2, 3 or 4 years to right itself because the lessons of economics take that long. Once the economy starts down, one has to wait for the economy to right itself, and who knows how long that will take. That recession was coupled with the bust of the stock market. Who knows when it would have filled that gap. The recession did not last very long because somebody did something right. I surmise that Congress did not do anything right because I can look around and see what happened. They did not do anything. The President did something that was right. He suggested that we ought to interrupt that recession and startup the American economy again by cutting taxes.”