We face a puzzling economic situation. Part of our uncertainty is a result of the resounding economic success we have achieved over the last two decades. Yet, in many previous decades of the last century, even our current situation would have been a great blessing. This is a country that has become used to fabulous stock market returns, low unemployment, and low inflation. Understandably, people have gone from exuberance to anxiety about the stock market's performance of recent weeks, and yet so many fundamentals of our economy remain strong.
Consumer confidence remains high.
Consumer prices outside of energy, inflation in general, and unemployment remain flat. Despite these positive signs, industrial production has fallen for five months in a row. All indications show that we are at zero growth or very slow growth, and that's not good enough. The Financial Services Committee, and Mr. King's Subcommittee, have jurisdiction over economic growth and technology. So, we are in a unique position to look at the big picture and ask what can be done to support to weak areas of our economy.