Kent Conrad: “Yesterday we received more good news on the performance of the U.S. economy. Yesterday, the Census Bureau reported…”

“Yesterday we received more good news on the performance of the U.S. economy. Yesterday, the Census Bureau reported outstanding news with respect to increases in personal income and reductions in the levels of poverty in our country. I believe a significant part of the reason for the excellent economic performance is the Clinton economic plan that was passed in 1993. I believe that plan has contributed by reducing the deficit, reducing the deficit 4 years in a row. That took pressure off interest rates, and that fueled an economic resurgence in this country. I think when we evaluate the performance of the last three Presidents on the question of deficit reduction, the record is remarkably clear. Back in 1981, President Reagan came into office and inherited a deficit of $79 billion. The deficit promptly skyrocketed under the theory of supply-side economics--the notion that we could dramatically cut taxes while increasing defense spending and somehow it would all add up. Unfortunately, it did not add up. In fact, the deficit exploded.”