The Recent Economic Slowdown

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Excerpt from The Recent Economic Slowdown: Hearings Before the Joint Economic Committee, Congress of the United States, One Hundred Fourth Congress, First Session, June 8, 1995The Committee met. pursuant to notice, at 11:05 a.m.. in Room 628. Dirkscn Senate Office Building, the Honorable Connie Mack. Chairman of the Committee, presiding.Present: Senators Mack. Craig. Santoruin and Bennett and Representatives Stark. Thornberry. Saxton. Manzullo and Sanford.Staff Present: Robert Mottice. Brian Wesbury. Missy Coriese. Shelley Hymes. Juanita Morgan. Colleen Healy. Lee Price. William Buechner. William Spriggs and Chad Stone.Opening Statement of Senator Connie Mack, ChairmanSenator Mack. Good morning, and the hearing will come to order I want to welcome our distinguished panel, and I will make introductions after some opening remarks.The purpose of our hearing today is to examine the policy implications of the recent economic slowdown. The evidence on the economy is disturbing. After the data of the past week it appears that the economy is on the verge of a recession.In the last two months the economy has lost almost one million jobs as measured by the household survey, the greatest two-month decline in employment in 20 years. This loss follows job performance in this recovery' that has been only one-half of the normal recovery's pace.Despite this slower growth, inflation indicators are rising. For example, import prices surged 1.2 percent in April and are up 6.7 percent in the last 12 months. In addition, the Consumer Price Index is up 3.6 percent, at an annual rate, so far this year after rising only 2.6 percent in 1994.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.