Ehrlich on Washington column, March 29, 1999

NEWS FROM Robert L. Ehrlich, Jr. Second Congressional District of Maryland 1 407 York Road, Suite 304 Lutherville, Maryland 21093 315 Cannon House Office Building Washington, D.C. 20515 EHRLICH ON WASHINGTON Week of March 29, 1 999 By Congressman Robert L. Ehrlich, Jr. OUR BOOMING ECONOMY IS NOT BY ACCIDENT Recently, the Dow Jones industrial average (DJIA) closed past the 1 0000 mark for the first time in history, surprising many experts. This average and the record breaking NASDAQ and S&P 500 averages, serve as a barometer of the health of American businesses. Combined with low unemployment, low inflation and low interest rates, this positive news shows our economy is faring well. Many experts state these indicators predict a continuing strong economy which translates into financial stability for our country and communities. This great news did not happen by accident. When our economic house is in good order, the economy blossoms; people have jobs, they can afford to buy homes, and their purchasing power is not ravaged by escalating inflation. Everyone from seniors to school children benefits when our national economy is flourishing. I strongly believe the record-breaking financial markets and the other important indicators come as a result of the economic course many Americans and Congress have worked so hard to put in place over the past few years. In January 1995, with the DJIA at approximately 3900 points, the historic freshman Republican Congress ushered in a sea of change. This new team arrived with a plan to put the country ’s economic house in order. The Republican Congress prioritized and effectively worked together to achieve what was considered “impossible”: balancing the budget for the first time in over 30 years with the Balanced Budget Act of 1997, reducing the welfare rolls, and providing real tax relief to working Americans.