For Immediate Release
Office of the Press Secretary
August 2, 2003
President's Radio Address
Audio
THE PRESIDENT: Good morning. This week, we received some
encouraging news on the economy. The nation's economy grew faster than
expected in the second quarter. Manufacturers are receiving more
orders and their inventories need to be replenished, home builders are
busy meeting near-record demand, and retailers report that consumers
are buying more goods. Many economists expect that growth will
accelerate in the coming months.
Yet this week's employment report also shows that many Americans
who want to work are still having trouble finding a job. My
administration is acting to promote faster growth to encourage the
creation of new jobs. The key to job growth is higher demand for goods
and services. With higher demand, businesses are more likely to hire
new employees.
The best way to promote growth and job creation is to leave more
money in the pockets of households and small businesses, instead of
taxing it away. So we lowered income tax rates, cut taxes on dividends
and capital gains, reduced the marriage penalty and increased the child
tax credit. This week, the checks for up to $400 per child started
arriving in the mailboxes of American families. That money will help
American families move the economy forward.
We have also taken action to help small businesses, who are the job
creators of America. We increased tax incentives for equipment
purchases, giving small businesses an additional reason to invest.
More orders for machinery and equipment means more jobs. And more
business investment can lead to greater worker productivity, which
helps raise worker wages.
We are starting to see results from our actions. My
administration's economists believe that if we had not passed tax
relief, our unemployment rate would have been nearly one percentage
point higher, and as many as 1.5 million Americans would not have the
jobs they have today.
This week, three members of my Cabinet -- Treasury Secretary John
Snow, Commerce Secretary Don Evans, and Labor Secretary Elaine Chao --
visited business owners and their workers in the Midwest. They
received reports that the economy is picking up.
Last month I met with Mike Gendich, who owns a part-making company
in Michigan called Metalmite. Mike's customers are keeping him busier
than he has been in three years, giving him reason to hire three new
workers. Tax relief has given him reason to invest in new equipment,
to keep those workers productive. In Mike's words, tax relief, "can be
the difference between making an investment or not." When small
business owners like Mike make new investments, that can also be the
difference between someone finding work or not.
Tax relief is one part of my aggressive, pro-growth agenda for
America's economy. We're negotiating free trade agreements with
countries to create new markets for products made in America. Congress
needs to pass a sound energy bill to ensure our nation has reliable,
affordable supplies of energy. And Congress needs to let small
businesses join together to purchase affordable health insurance for
their employees. We need legal reform to stop the frivolous lawsuits
that are a drag on our economy. We have pushed Congress to make the
child credit refundable for lower-income families. And we're working
to control spending in Washington, D.C., so that government spending
does not rise any faster than the average household budget is expected
to grow this year.
America's economy has challenges, and I will not be satisfied until
every American looking for work can find a job. By steady, persistent
action, we are preparing the way for vigorous growth and more jobs. I
have confidence in our economic future, because I have confidence in
the people whose effort and creativity make this economy run -- the
workers and the entrepreneurs of America.
Thank you for listening.
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