    [Public Papers of the Presidents of the United States: George W. Bush (2001, Book II)]
    [December 1, 2001]
    [Pages 1464-1465]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    December 1, 2001

        Good morning. This week, the official announcement came that our
    economy has been in recession since March. And unfortunately, to a lot
    of Americans, that news comes as no surprise. Many have lost jobs or
    seen their hours cut. Many have seen friends or family laid off.
        The long economic expansion that started 10 years ago, in 1991,
    began to slow last year. Many economists warned me when I took office
    that a recession was beginning,

    [[Page 1465]]

    so we took quick action. We passed the biggest tax cut in a generation,
    and we imposed some much needed discipline on Federal spending. And by
    the end of the summer, we could see signs that the economy was
    responding.
        But the terrorist attacks of September the 11th hit our economy
    hard. They hurt our airlines and hotels and restaurants and undermined
    consumer and business confidence. Now we need to act boldly to protect
    America's economic security. There are two immediate priorities for
    America's recovery: We must bring quick help to those who need it most,
    and we must restore our economy's growth.
        It's the holiday season. It's a time to reach out to Americans who
    are hurting, to help them put food on the table, and to keep a roof over
    their heads. I've offered a plan to provide immediate assistance to
    those who have lost their jobs in the wake of the terrorist attack. My
    plan extends unemployment compensation by 13 weeks in the States hardest
    hit by terrorism. My plan helps States offer Medicaid to uninsured
    workers in need and their families. And my plan offers emergency grants
    to States to help displaced workers get job training and find new work
    and continue their health insurance--practical help in a difficult time.
        And I'm working with congressional leaders on more ideas to help
    Americans who have lost their jobs. In the long run, the right answer to
    unemployment is to create more jobs. I have proposed a package of job
    creating measures. I've asked Congress for tax relief for low- and
    moderate-income people to put more money into the hands of consumers and
    to put people to work making things that consumers want. I have proposed
    we lower taxes on employers who buy new equipment to expand their
    business and hire more people.
        We should reform our tax laws so that employers don't pay more taxes
    as their profits shrink. And I propose we speed up the income tax cuts
    Congress passed in the spring so that people can keep more of their own
    money to spend or pay their debts.
        I asked for this job creation package on October the 5th. The House
    of Representatives responded swiftly. Yet I'm still waiting for a bill
    to sign, and more importantly, so are more than 415,000 Americans who
    have lost their jobs since then.
        You know, after September the 11th my administration and the
    Congress made a conscious decision to show the terrorists we could work
    together. We had an obligation to show that democracy works. We've done
    that. And now we need to do it again by helping dislocated workers and
    spurring economic growth.
        Thank you for listening.

    Note: The address was recorded at 10:16 a.m. on November 30 in the
    Cabinet Room at the White House for broadcast at 10:06 a.m. on December
    1. The transcript was made available by the Office of the Press
    Secretary on November 30 but was embargoed for release until the
    broadcast. The Office of the Press Secretary also released a Spanish
    language transcript of this address.