Maurice Hinchey: “just before the August recess the Wall Street Journal published an op-ed urging Presidential candidate Bob Dole to…”

“just before the August recess the Wall Street Journal published an op-ed urging Presidential candidate Bob Dole to embrace a return to supply side economics. Shortly thereafter the Journal printed a letter I authored in response to that op-ed, showing that the economy performed better since 1992 than it had during the previous 12 years of supply side economics. In comparing economic performance under Clinton since 1992, to the Reagan-Bush years, we find that under President Clinton the economy has grown more rapidly, employment has risen at a faster rate, per capita income has increased more quickly, and the deficit is much smaller relative to the economy. Last month's unemployment rate of 5.1 percent provides evidence of just how healthy the economy has become despite the fact that the growth has not been shared equally among all regions of the Nation. Mr. Speaker, we owe much of this progress to the success of the 1993 budget reduction law which was enacted by the Democratic Congress. It was reduced the deficit by more than 60 percent. It has expanded the EITC program, providing tax breaks averaging $500 for New Yorkers alone. Let us not return to supply side economics. Let us keep on a steady course which is providing economic growth for all Americans.”