The Stock Market Soars, America's Economy Is Booming

Floor Speech

THE STOCK MARKET SOARS, AMERICA'S ECONOMY IS BOOMING -- (House of Representatives - July 23, 2007)

(Mr. WILSON of South Carolina asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)

Mr. WILSON of South Carolina. Mr. Speaker, all Americans should be grateful that the New York Stock Exchange closed at a record high of 14,000 last Thursday. Students benefit as college endowments grew, reducing tuition costs. Retirees benefit as retirement accounts appreciated. And with increased liquidity, jobs are created for small businesses. The stock market in 5 years has soared 91 percent from the decline caused by the 9/11 terrorist attacks.

More than 2 million jobs have been created in the last year, and 8.2 million jobs have been created since the tax relief was initiated in June 2003. This has led to an unemployment rate lower than the average of the 1970s, 1980s and 1990s. There is record high homeownership.

The Republican tax reductions are helping workers. I urge my colleagues to act immediately to make the tax cuts permanent so American workers, not the Federal Government, can continue to decide how to spend their hard-earned money. This proves the point of Jerry Bellune, editor of the Lexington County Chronicle, that the earnings of America's workers belong to the people and are not a handout from the government.

In conclusion, God bless our troops, and we will never forget September 11th.

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