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US President George W. Bush
| | THE PRESIDENT:
Good morning.
I'm pleased to report that we see new signs that the pro-growth
policies we have pursued during the past four years are having a positive
effect on our economy. We added 274,000 new jobs in April -- and we have
added nearly 3.5 million jobs over the past two years. Unemployment is
down to 5.2 percent, below the average rate of the 1970s, 1980s, and
1990s. We have seen steady job gains during each of the past 23 months,
and today more Americans are working than at any time in our
history.
There are other good reasons for optimism. The
economy grew at a solid rate of 3.6 percent over the past four quarters,
and economists expect strong growth for the rest of 2005. Manufacturing
activity is enjoying its longest period of growth in 16 years. Inflation
and mortgage rates remain low -- and we have more homeowners in America
than ever before.
These positive signs are a tribute to the effort and enterprise of
America's workers and entrepreneurs. But we have more to do. So next week,
I will focus on three priorities that will strengthen the long-term
economic security of our nation.
On Monday, I will travel to West Point, Virginia, to highlight the
benefits of biodiesel, an alternative fuel that will help our country
achieve greater energy independence. We'll also discuss our need for a
comprehensive national energy strategy that reduces our dependence on
foreign oil. This strategy will encourage more efficient technologies,
make the most of our existing resources, help global energy consumers like
China and India reduce their own use of hydrocarbons, encourage
conservation, and develop promising new sources of energy such as
hydrogen, ethanol and biodiesel.
I applaud the House for passing an energy bill that is largely
consistent with these goals. Now the Senate must act. Congress needs to
get a good energy bill to my desk by the August recess so I can sign it
into law.
On Tuesday I will welcome our newest United States Trade
Representative, former Congressman Rob Portman. Ambassador Portman
understands that expanding trade is vital for American workers and
consumers. He will make sure we vigorously enforce the trade laws on the
books, while also working to continue opening foreign markets to American
crops and products. The Central America Free Trade Agreement would help us
achieve these goals. This agreement would help the new democracies in our
hemisphere deliver better jobs and higher labor standards to their
workers, and it would create a more level playing field for American goods
and services. Congress needs to pass this important legislation.
Finally, on Thursday, I will travel to Milwaukee, Wisconsin, to discuss
with young people the importance of acting now to strengthen Social
Security. The Social Security safety net has a hole in it for younger
workers. For the sake of our children and grandchildren, we need to make
Social Security permanently solvent. And we need to make the system a
better deal for younger workers, by allowing them to put some of their
payroll taxes, if they so choose, into a voluntary personal retirement
account. Because this money will be saved and invested, workers will have
the opportunity to earn a higher rate of return on their money than
anything the current Social Security system can now give them.
The American economy is the envy of the world. For the sake of our
nation's hardworking families, we must work together to achieve long-term
economic security, so that we can continue to spread prosperity and hope
throughout America and the world.
Thank you for listening. |