John Thune: “I want to start with, regarding these economic impacts, looking generally at the economy. In the fourth quarter of last…”

“I want to start with, regarding these economic impacts, looking generally at the economy. In the fourth quarter of last year, the economy grew at six-tenths of 1 percent, and in the first quarter of this year it grew at nine-tenths of 1 percent. Some analysts and elected officials are looking at the record-high energy prices, the crisis in the financial services and housing markets, and the recent job losses as signs that we are already in a recession. In the last few weeks, we have seen oil traded at $130 a barrel, which has caused the price of virtually all consumer goods in this country to increase. However, after months of debating high energy prices and a sluggish economy, we are now debating a bill that would actually raise energy prices and slow economic growth. I don't blame my constituents when they wonder how Washington works and complain that Congress seems to be out of touch with their everyday reality. Over the Memorial Day weekend, millions of families were faced with record-high gas prices. As they planned their vacations to travel to see loved ones, they were met with average gasoline prices that hovered around $4 per gallon.”