On the recordOctober 23, 1992
Not good. But I think we can control it. You've got to start by controlling the growth of mandatory spending and not do it by raising people's taxes. And I think that will stimulate economic growth. We're limping along. We've had five straight quarters of economic growth. The definition of recession is two straight quarters of negative growth. We haven't had negative growth for five quarters. That's over a year and a--maybe six now, because the end of September, I think we'll find we grew. So we've had very anemic growth, caught up in an economic global recession in some countries, slowdown in others. We're going to come out of that. The way we're going to come out of it, I believe, is by controlling the growth of our spending, by stimulating through the kinds of tax proposals I told him about, and getting this country growing. After the last recession, we grew at 5.4 percent. Now we're growing at 1.7 or 1.8 percent, maybe up into 2 now. And it's too anemic. So you've got to have economic programs that are going to stimulate growth. And when that happens, then the standard of living, the standard of living goes up. Personal income is up in this country. Agricultural income has reached a high under our administration. Please don't wait to hear about that on the top of the CBS evening news or NBC or ABC--I've got to be careful here--because you don't get much good economic news out there. The unemployment claims went down yesterday, the biggest since, I think, 2 years, and I didn't even hear about it on the news. I'm not saying everything's perfect. A lot of people are hurting. But don't despair about the future standard of living if we get in there and bring a lot of new Members of Congress and say, now let's do what the people want done. I don't think they want their taxes raised. I do think they want to stimulate the economy. Family Leave Bill
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