FROM THE OFFICE OF PUBLIC AFFAIRS

August 6, 2004
JS-1844

The Honorable John W. Snow
Prepared Remarks
The Pittsburgh Technology Council
August 6, 2004
8:00am

It's great to be here in Pittsburgh today, and I'm honored to have the chance to visit with you: the business leaders of this fine city.

Many of you are small-business owners. You're all entrepreneurs. And that puts you at the very center of the American economy. Entrepreneurship thrives here like nowhere else in the world. Our workforce is the best in the world as well, and as a result our economy is the most dynamic and innovative. I believe we owe all of this to the simple fact that we embrace the idea of a free market economy so fully.

The economic recovery and expansion that this country is experiencing today is largely thanks to the hard work of you and your employees. You are the embodiment of the free enterprise system.

I appreciate what you do to keep this economy strong, to create good jobs for the hardworking people of Pennsylvania, and produce products and services that improve the lives of your customers. Our economy has been through some massive shocks over the last four years, starting with the recession which President Bush inherited. He responded with a bold tax proposal to get the economy moving and give it a needed boost. I hope that the President's tax cuts gave you the oxygen you needed after our economy and our country endured some very harsh blows.

The President's tax cuts were designed with you in mind, because he understands that small and independent businesses are the lifeblood of the American economy. He understands that the smallest businesses create three out of every four net new jobs. He understands that job growth happens one small business at a time… but that can add up to millions of jobs across the country.

So he made sure that small employers like many of you in this room today would be able to keep more of your earnings, and reinvest them in your business.

He made sure it was easier for you to invest in new business equipment to help your companies grow.

And he is still fighting to make elimination of the death tax permanent… so you and your family can plan for the future of the business without fear of that punishing tax.

We want to make sure that the tax relief lasts, too, so you can continue to grow your business without the extra weight. Because we still need more jobs – there are still Pennsylvanians and workers throughout America who seek work. We want new jobs for all those who seek them and a growing, expanding economy is the surest path to those new jobs.

In 2004, more than 4.6 million Pennsylvania taxpayers will have lower income tax bills thanks to the President's tax cuts. More than 910,000 business taxpayers here will be able to use their tax savings to grow their companies, create jobs and increase employee compensation.

So far, tax cuts have helped this state by lightening the burden on its individual and business taxpayers. Since February of this year, nearly 70,000 new jobs have been created here in Pennsylvania by businesses like yours. And that's the best news possible for tens of thousands of Pennsylvania families.

Initiatives like the New Markets Tax Credit (NMTC) program also help with economic growth and job creation in areas that are most in need. That's why I was pleased to announce yesterday the opening of the third round of competition for the allocation of up to $2 billion in tax credits under the program. I have witnessed first hand the NMTC Program's potential to stimulate private sector investment in many of our nation's low-income communities. From a daycare center in Chicago to a commercial and cultural center in San Diego to a sustainable forestry timber mill in northern Maine, the NMTC Program is helping to foster economic growth and create needed jobs throughout the country."

Is our economy getting better? Is it growing and expanding and creating good jobs? Absolutely.  We are growing, jobs are being created all over the country, after-tax incomes are up and homeownership is at an all-time high. All that means that families are doing better and are more able to afford the things they need, from dishwashers to new cars to children's shoes.

But can we do better? Of course we can, and we will. As long as we continue on the path of freedom, making sure that individuals and entrepreneurs have an environment in which they can work and grow, our best days will remain ahead of us, all across this great country.

Thank you again for all you do for the people of Pittsburgh, and thank you so much for having me here today.