The Economy

Floor Speech

BREAK IN TRANSCRIPT

Mr. McCONNELL. Mr. President, President Obama recently bragged to the New York Times Magazine about his performance on the economy. He boasted about his economic legacy and actually claimed that, by his estimation, the administration managed the economic recovery better than any peer economy facing a financial crisis--now listen to this-- ``on Earth in modern history.'' Well, that is a quote to remember.

The same day this story hit, the Bureau of Economic Analysis released its first quarter report showing only 0.5 percent economic growth. It is the latest reminder of the actual economy that Americans are forced to confront day in and day out.

President Obama has presided over the worst economic recovery since World War II. Growth is anemic, wages are stagnant for too many, poverty is up for too many, jobs are scarce for too many, and Americans are losing faith in the future.

Somehow President Obama doesn't seem to think any of this is his problem or a problem at all. The issue isn't his policies or his refusal to work across the aisle on solutions. No, to him it is just a messaging problem. It is just that he was too busy to ``take victory laps'' or explain things properly.

He believes ``the U.S. economy is in much better shape than the public appreciates.'' As the magazine story I mentioned previously observes, in fact, he claims that ``by almost every economic measure, we are significantly better off.''

Well, many in the middle class feel quite differently. Just don't take my word for it. Here is what Bill Clinton thinks of the Obama administration economy. He said: ``Millions and millions and millions and millions of people look at that pretty picture of America he painted and they cannot find themselves in it to save their lives.''

That is Bill Clinton on the Obama economy. Hard-working middle class families simply cannot find themselves in the picture this President has painted of the American economy.

Median household incomes have shrunk under this President. Too many Americans have given up even looking for work altogether, after years of failed attempts.

One survey found that more than half of Americans say that ``the next generation will be worse off than them financially.''

The middle class has now shrunk to such an extent under President Obama that it no longer contains the majority of Americans. That is something none of us should take comfort in.

I will read a quote from the President. I am not sure he intended it, but President Obama said something a few months ago that seemed to sum up his economic legacy. He said: ``There was a time I think when upward mobility was the hallmark of America.''

He is right. There was a time. There can be a time again.

We don't have to accept the Obama economy as the new normal in our country. Democrats may want middle-class families to keep their gaze down and their expectations tempered, but we have a right to expect more in this country. We have a right to believe in our future. It is clear we need a change to get America moving again.

The Republican-led Senate will continue to look for and pass real solutions that aim to get our economy back on track--solutions to help foster economic growth, solutions to help create jobs and strengthen our workforce, and solutions to help America prosper once more.

If President Obama wants to actually build an economic legacy for himself and not just try to spin Americans on one, then I invite him to finally join us.

My Republican colleagues will have more to say on the economy this afternoon.

I thank my colleague Senator Sullivan, who has been outspoken on this important matter.

I also thank Senator Coats for his work to strengthen our economic policies as chairman of the Joint Economic Committee, as well as a member of the Finance Committee.

These Senators know the costly toll the Obama economy has had on people in their home States, and they are working to address it.

BREAK IN TRANSCRIPT

Source