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This week, the House is in recess for the summer district work period and will reconvene on September 6. I have enjoyed visiting many communities throughout the beautiful, vast Fourth Congressional District during this period. The Bush Boom In this week’s Human Events Online, Lawrence Kudlow wrote of how little credit President Bush is receiving for the more than two years of sustained economic growth his policies have stimulated. “Some call it the ‘Goldilocks economy’ – a term widely used to describe the low-inflation growth of the second half of the 1990s. More accurately, it’s a non-inflationary boom where the economy is hitting on all cylinders and the outlook for the coming years is bright. In view of the ravages of the 2000-02 stock market plunge, the 9-11 terrorist attacks and skyrocketing energy prices, the Bush boom stands as even more of a great achievement.” Indeed, an accurate description of current conditions would be the “Bush Boom”. The economy is growing at about 4 percent annually since the 2003 tax cuts. More importantly, business investment is leading the surge while consumer spending and residential construction constitute a smaller portion of the gross domestic product. This business surge has caused industrial production to rise by 4.1 percent annually. Happily, the boom is benefiting all segments of our society. The Labor Department’s August 5th employment report showed that another 200,000 jobs were created in July. And, unemployment dropped for both men and women, including among African Americans and Hispanic Americans. Just as President Reagan’s supply side policies led to the economic recovery and prosperity of the mid-1980s, so too have such policies anchored America today despite unstable world events and high energy prices. The enactment of the energy bill and transportation bill will only serve to cement our economic growth in the coming years as hundreds of millions of dollars will be invested into the creation of construction-related jobs, and tax incentives will spur further business investment. While the mainstream media may never give President Bush the credit he deserves while he is in office, history will surely give him his due. Shrinking the Pie Like many of my constituents, I too am concerned with the scale of federal government spending. However, I do see cause for optimism. The House Appropriations Committee, of which I am a member, made progress this summer under the leadership of our new chairman, California’s own Jerry Lewis. In the appropriations bills passed by the House, funding for 98 programs was completely eliminated for a projected savings of $4.3 billion. In fact, this year we are on track to record the first real reduction in discretionary domestic spending since 1987! I look forward to working with Chairman Lewis to identify additional programs for the chopping block. At the same time, I am striving to secure appropriations for vital infrastructure projects in Northern California that meet our transportation, water quality, and natural resources management needs. In short, I am working hard to shrink the overall federal pie while at the same time carving as big a slice as possible for my constituents. Considering California contributes more tax revenue to the U.S. Treasury than it receives in services, this is the best approach for both our nation and our state. In Their Own Words In a 2001 letter to President Bush, Senators Chuck Schumer (D-NY) and Pat Leahy (D-VT) referred to American Bar Association (ABA) evaluations as, “the gold standard by which judicial candidates are judged ...” This week a unanimous panel of the liberal ABA gave Supreme Court nominee John Roberts its highest rating – well-qualified. |
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