On the recordNovember 29, 2017
Mr. President, I know I don't need to tell anybody that American families have had a tough time in recent years. Weak economic growth, stagnant wages, and a lack of opportunities have left many Americans struggling just to get by. To put a fine point on that, during the entire years of the Obama Presidency, there wasn't a single year wherein the growth rate and the economy exceeded 3 percent. If we go back to the end of World War II, average economic growth in this country has averaged somewhere in the 3 to 3.5 percent range. So in the entire 8 years of the Obama Presidency, there was not a single year--not one year--where economic growth exceeded 3 percent. What did that mean for American workers? It meant that their wages stayed flat. In many cases, up until just recently, American families haven't had a pay raise for the better part of a decade as a result. It has been a sluggish, anemic, slow-growth economy that wasn't creating the kind of good-paying jobs or the wage levels that enabled American families to benefit from increasing incomes. A recent survey found that 50 percent of Americans consider themselves to be living paycheck to paycheck. That makes perfect sense if we look at the economic statistics, economic record of the past 8 years. About one-third of those same Americans say they are just $400 away from a financial crisis. Real help is on the way. This week, we will bring the Senate version of comprehensive tax reform to the Senate floor.…





