    [Public Papers of the Presidents of the United States: George W. Bush (2005, Book I)]
    [May 14, 2005]
    [Pages 796-797]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    May 14, 2005

        Good morning. I'm pleased to report that we see new signs that the
    progrowth policies we have pursued during the past 4 years are having a
    positive effect on our economy. We added 274,000 new jobs in April, and
    we have added nearly 3\1/2\ million jobs over the past 2 years.
    Unemployment is down to 5.2 percent, below the average rate of the
    1970s, 1980s, and 1990s. We have seen steady job gains during each of
    the past 23 months, and today, more Americans are working than at any
    time in our history.
        There are other good reasons for optimism. The economy grew at a
    solid rate of 3.6 percent over the past four quarters, and economists
    expect strong growth for the rest of 2005. Manufacturing activity is
    enjoying its longest period of growth in 16 years. Inflation and
    mortgage rates remain low, and we have more homeowners in America than
    ever before.
        These positive signs are a tribute to the effort and enterprise of
    America's workers and entrepreneurs, but we have more to do. So next
    week, I will focus on three priorities that will strengthen the long-
    term economic security of our Nation.
        On Monday, I will travel to West Point, Virginia, to highlight the
    benefits of biodiesel, an alternative fuel that will help our country
    achieve greater energy independence. We'll also discuss our need for a
    comprehensive national energy strategy that reduces our dependence on
    foreign oil. This strategy will encourage more efficient technologies,
    make the most of our existing resources, help global energy consumers
    like China and India reduce their own use of hydrocarbons, encourage
    conservation, and develop promising new sources of energy such as
    hydrogen, ethanol, and biodiesel.
        I applaud the House for passing an energy bill that is largely
    consistent with these goals. Now the Senate must act. Congress needs to
    get a good energy bill to my desk by the August recess so I can sign it
    into law.
        On Tuesday, I will welcome our newest United States Trade
    Representative, former Congressman Rob Portman. Ambassador Portman understands that expanding trade is
    vital for American workers and consumers. He will make sure we
    vigorously enforce the trade laws on the books while also working to
    continue opening foreign markets to American crops and products. The
    Central America Free Trade Agreement would help us achieve these goals.

    [[Page 797]]

    This agreement would help the new democracies in our hemisphere deliver
    better jobs and higher labor standards to their workers, and it would
    create a more level playing field for American goods and services.
    Congress needs to pass this important legislation.
        Finally, on Thursday, I will travel to Milwaukee, Wisconsin, to
    discuss with young people the importance of acting now to strengthen
    Social Security. The Social Security safety net has a hole in it for
    younger workers. For the sake of our children and grandchildren, we need
    to make Social Security permanently solvent. And we need to make the
    system a better deal for younger workers by allowing them to put some of
    their payroll taxes, if they so choose, into a voluntary personal
    retirement account. Because this money will be saved and invested,
    workers will have the opportunity to earn a higher rate of return on
    their money than anything the current Social Security system can now
    give them.
        The American economy is the envy of the world. For the sake of our
    Nation's hard-working families, we must work together to achieve long-
    term economic security so that we can continue to spread prosperity and
    hope throughout America and the world.
        Thank you for listening.

    Note: The address was recorded at 7:50 a.m. on May 13 in the Cabinet
    Room at the White House for broadcast at 10:06 a.m. on May 14. The
    transcript was made available by the Office of the Press Secretary on
    May 13 but was embargoed for release until the broadcast. The Office of
    the Press Secretary also released a Spanish language transcript of this
    address.