Washington, D.C. – U.S. Senator Mike Enzi, R-Wyo., Chairman of the Senate Health, Education, Labor and Pensions (HELP) Committee, praised the strength of America’s economy in light of indicators that it is growing faster than previously reported. The Department of Commerce stated this week that real gross domestic product (GDP) growth for the first quarter was revised from 4.8 percent to 5.3 percent – the fastest growth in two-and-half years.
"The numbers reflect a strong, growing economy across the entire country. I’m pleased to see that the GDP has grown so impressively in the first quarter, and I anticipate it will continue to do so," Enzi said. "With the ongoing war on terrorism and higher energy prices, this is an important indicator of the underlying strength of our economy."
The GDP measures the value of all goods and services produced in the United States, and it is considered the best gauge of the country’s economic state. The higher reading, based on more complete information, is a sign of stronger American exports and better inventory building by business.
Enzi noted that this rapid growth is accompanied by a surge in employment. The U.S. economy has created 5.3 million jobs since August 2003, including 2 million in the last year. According to a recent report by the Christian Science Monitor, these aren’t just jobs – they are high-skill, high-paying jobs.
"The GDP growth and the increase in high-paying jobs are proof-positive that the programs we have in place are working," Enzi said. "They also serve as a strong reminder for Congress to extend these programs, particularly the Workforce Investment Act and the President’s YouthBuild initiative, which together will spark added momentum in the burgeoning economy. These programs are essential to help both workers and employers close the skills gap that jeopardizes America’s long-term competitiveness."
Enzi also encouraged his colleagues on both sides of the aisle to further strengthen the economy by controlling spending and reducing taxes, a pro-growth policy approach that will continue to create economic growth and lower the deficit.
"I will continue to urge my colleagues to join me in providing tax relief that will keep money in the hands of working families and encourage new investment in the economy," Enzi said. "At the same time, we must exercise fiscal restraint to preserve valuable resources and services for our children and grandchildren."
