Ehrlich on Washington column, March 31, 2002

1 407 York Rood, Suit* 304 LulhorvilU, Morylood 2 1 093 MEWS FROM Robert L. Ehrlich, Jr. Second Congressional District of Maryland 3 1 5 Cannon Hou»* Office Building Washington, D.C 20515 EHRLICH ON WASHINGTON By Congressman Robert L. Ehrlich, Jr. Week of March 31, 2002 A Light at the End of the Tunnel In December of 2000, Bill Clinton was still president of the United States. Consumer confidence in the economy was beginning to sag, the stock market was slipping, the “dot com” bubble was about to burst, and businesses and were scaling back earnings forecasts and preparing to lay people off. Recession was settling into the American business cycle. The beach party of the 1 990's was over. Sixteen months later, we live in a far different world. George W. Bush is a popular wartime president, spearheading the global campaign against terror. Aside from the war, President Bush dedicated much of his first year in office to strengthening our economy and creating sustainable jobs. First, he worked with Congress to scale back the highest peace time taxation in American history, resulting in a historic $1.35 trillion tax relief package that reduced financial burdens on every working American. By lowering taxes across the board, President Bush helped create an estimated 800,000 jobs nationwide. Tax relief proved yet again that more money in the hands of consumers means more jobs and a better economy. Next, President Bush worked with the House of Representatives to enact an economic stimulus package to help small businesses and the unemployed alike. Remarkably, my colleagues in the House and I adopted four separate stimulus packages before Tom Daschle would allow his colleagues in the Senate to vote on the initiative and send it to President Bush for his signature. This bill provides a sorely needed lift to our small businesses by helping create jobs and spurring investment. President Bush’s dedication is paying off. America’s economy is on the rebound. The Commerce Department reports that our economy was growing by close to 2 percent by the end of 2001 . Many respected analysts predict the economy may have grown by as much as 6 percent so far in 2002. On Wall Street, stocks are moving higher. The trade deficit is shrinking and consumer spending, which accounts for most economic activity, is steadily growing. Housing sales are climbing, and consumer sentiment is at its highest rate (95.7) since December of 2000. Finally, there is light at the end of the tunnel.