[Congressional Record (Bound Edition), Volume 149 (2003), Part 2]
[Senate]
[Page 2692]
[From the U.S. Government Publishing Office, www.gpo.gov]




 ECONOMIC REPORT OF THE PRESIDENT DATED FEBRUARY 2003 WITH THE ANNUAL 
       REPORT OF THE COUNCIL OF ECONOMIC ADVISERS FOR 2003--PM 14

  The PRESIDING OFFICER laid before the Senate the following message 
from the President of the United States, together with an accompanying 
report; which was referred to the Joint Economic Committee:


                    economic report of the president

To the Congress of the United States:
  The economy is recovering from the effects of the slowdown that began 
in the middle of 2000 and led to the subsequent recession. The American 
economy has been hit hard by the events of the past three years, most 
tragically by the effects of the terrorist attacks of September 11, 
2001. Our economy and investor confidence were hurt when we learned 
that some corporate leaders were not playing by the rules. The combined 
impact of these events, along with the three-year decline in stock 
values that impacted business investment, slowed growth in 2002. 
Despite these challenges, the economy's underlying fundamentals remain 
solid--including low inflation, low interest rates, and strong 
productivity gains. Yet the pace of the expansion has not been 
satisfactory; there are still too many Americans looking for jobs. We 
will not be satisfied until every part of our economy is vigorous and 
every person who wants a job can find one.
  We are taking action to restore the robust growth that creates jobs. 
In January, I proposed a growth and jobs plan to add needed momentum to 
our economic recovery. We will accelerate the tax relief already 
approved by Congress and give it to Americans now, when it is most 
needed. Lowering tax rates and moving more Americans into the lowest 
tax bracket will help our economy grow and create jobs. Faster marriage 
tax relief and a faster increase in the child tax credit will 
especially help middle-class families, and should take effect now. We 
will take steps to encourage small business investment, helping them to 
expand and create jobs. We will end the unfair double taxation of 
corporate income received by individuals. By putting more money back in 
the hands of shareholders, strengthening investor confidence in the 
market, and encouraging more investment, we will have more growth and 
job creation. These steps will allow Americans to keep more of their 
own money to spend, save, or invest. They will boost the economy, 
ensure that the recovery continues, and provide long-term economic 
benefits through higher productivity and higher incomes.
  As our economy recovers, we also have an obligation to help Americans 
who have lost their jobs. That is why we extended the unemployment 
payments for workers who lost their jobs and improved incentives for 
investment to create new jobs. I also proposed a bold new program of 
reemployment accounts to help workers searching for jobs.
  Our commitment to a strong economy does not stop with these important 
steps. We will continue to strengthen investor confidence in the 
integrity of our markets. We will develop better ways to train workers 
for new jobs. We will make the Nation's regulations and tax code less 
onerous and more reflective of the demands of a dynamic economy, and 
expand opportunities for open trade and stronger growth in all nations, 
especially for emerging and developing economies.
  Our Nation's economic progress comes from the innovation and hard 
work of Americans in a free market that creates opportunities no other 
system can offer. Government does not create wealth, but instead 
creates the economic environment in which risk takers and entrepreneurs 
create jobs. with the right policies focused on growth and jobs, strong 
economic fundamentals--and hard work--I am confident we will extend 
economic opportunity and prosperity to every corner of America.
                                                      George W. Bush.  
The White House, February 2003.

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