Kent Conrad: “It was a disappointing way to do business. I think the result has…”

On the recordMay 9, 2001

It was a disappointing way to do business. I think the result has suffered. I will follow up on the point the Senator made about slower productivity growth. We saw in the first quarter, instead of 1 percent increase, it was negative one-tenth of 1 percent. If we were to have 1 percent less productivity growth per year, the projected surplus of $5.6 trillion would be reduced to $3.2 trillion. That is the hard reality of how dramatically affected the ultimate results are by very small changes in the assumptions in these forecasts. That is something we should all understand.

Said by

Kent Conrad

Democratic · North Dakota

Source

govinfo.gov

Editor's note · Context

Discussing the impact of productivity growth on projected budget surpluses.

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Kent Conrad: “It was a disappointing way to do business. I think the result has suffered. I will follow up on the point the Senator…”

Editor's note · Context