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The latest economic reports show that the economy continues to thrive. The economy added jobs for the 37th consecutive month, meaning a total of nearly 6 million new jobs have been created since August 2003. Unemployment is down, gross domestic product is up, and wages continue to rise, showing that current economic policies are spurring growth and opening opportunities for the American people.
As the economy continues to grow, the cost of living has dropped, thanks to falling gas prices. Last Thursday, the stock market closed at a record high. And we also received good news about the budget. The federal budget deficit for the year will be $68 billion less than last year’s deficit and $86 billion less than the deficit projections at the beginning of the year. The declining deficit is due to higher than expected tax receipts and spending control.
North Korea’s Actions Will Test the U.N.
On a very serious note, North Korea claims it has tested a nuclear weapon. U.S. officials are investigating to determine the truth of this claim. Whether this claim is true or not, this constitutes an act of defiance. North Korea’s actions are reckless, and it must be penalized for them. The United States and our allies must respond decisively and seriously. We cannot afford to sit back and allow a dictator to intimidate his neighbors and show blatant disregard for international treaties.
In 1999, North Korea agreed it would not continue to pursue nuclear weapons. In the years since, the international community has held numerous discussions with this rogue regime with the goal of preventing it from obtaining a nuclear weapon. Clearly, these talks have not accomplished what we had hoped, and a different approach needs to be taken. Now is not the time for military action; however, the time has come for decisive action to be taken to isolate North Korea. Stricter international economic sanctions would be a good start.
The days and weeks ahead will also prove to be a test for the United Nations. Many Americans, including myself, have many reasons to doubt the ability of this international body to be an effective force for peace and security. Here we have a clear example of a country that is thumbing its nose at the international community and threatening the world with nuclear weapons. It is vitally important for the security of the United States and its allies that the U.N. passes this test.
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