Competition, Telecommunications and our Country's Prosperity

Let's review briefly what competition today has done for us. We have long-distance prices that are 50 percent lower than they were 10 years ago. We have fiber-optic network, four bands of it, across the country. We have tremendous capacity for transmission of digital signals over this fiber-optic network. We have an explosion of products in computers, in telephone equipment, in faxes, in voice mail, in all of the products that just 10 years ago we as consumers couldn't even imagine.

It is competition in breaking apart the local network from the long-distance network and allowing competition in the equipment side of the business which has caused this tremendous forward movement for consumers, lower prices, and bringing the United States to the forefront of the telecommunications revolution.

It is a fact that competition has made this country the preeminent leader in the world in telecommunications. Japan is behind us, Europe is behind us. We are exporting products, we are creating jobs, but more than that we have tremendous productivity and we have products and lower prices better than anywhere in the world. It is competition that has gotten us to this stage, and it is the antitrust decree and the modified final judgment which is responsible for that.

The time has come to move this important industry from the courts to legislation. The time is here, the time is now, and by taking the next step and opening the local loop, still monopolized by the Regional Bell Operating Companies, to competition, which only this bill can do fully and effectively and immediately, we can move into the next phase of the telecommunications revolution in this country. If we do that, if we do it wisely, if it we do it promptly, if we do it smart and with courage, we can continue to lead the world in this basic and vital industry which is now 10 percent of our gross domestic product.

The job of building the Nil the infrastructure that will permit broadband, interactive communication between all members of our society has been aptly compared to the building of the nation's interstate highway system. Like the construction of the highway system, the construction of the Nil will create hundreds of thousands of jobs. And just as roads have enhanced this nation's productivity and living standards, the completion of the Nil will make firms and individuals more productive. The Nil will also enliance the quality of our lives by creating new ways to educate adults and their children, improve our health care, give us better and cheaper ways of buying products and services, and entertain us at home.

There is no question that it affects the life of every American. It affects the economy of this country and it affects our competitiveness and productivity.