    [Public Papers of the Presidents of the United States: George W. Bush (2005, Book II)]
    [August 6, 2005]
    [Pages 1309-1310]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    August 6, 2005

        Good morning. As families across the country enjoy the summer,
    Americans can be optimistic about our economic future.
        In the past 4 years, our economy has been through a lot. We faced a
    stock market decline, a recession, corporate scandals, an attack on our
    homeland, and the demands of an ongoing war on terror. To grow the
    economy and help American families, we acted by passing the largest tax
    relief in a generation. And today, thanks to the tax relief and the
    efforts of America's workers and entrepreneurs, our economy is strong
    and growing stronger.
        This past week, we learned that America added over 200,000 new jobs
    in July. Since May of 2003, we've added nearly 4 million new jobs. The
    unemployment rate is down to 5 percent, below the average of the 1970s,
    1980s, and 1990s. And more Americans are working today than ever before
    in our Nation's history.
        Recent economic reports show that our economy is growing faster than
    any other major industrialized nation. Small businesses are flourishing.
    Workers are taking home more of what they earn. Real disposable personal
    income has grown by over 12 percent since the end of 2000. Inflation is
    low, and mortgage rates are low. And over the past year, the
    homeownership rate in America has reached record levels.
        The tax relief stimulated economic vitality and growth, and it has
    helped increase revenues to the Treasury. The increased revenues and our
    spending restraint have led to good progress in reducing the Federal
    deficit. Last month we learned that the deficit is now projected to be
    $94 billion less than previously expected. I set a goal of cutting the
    deficit in half by 2009, and we are ahead of pace to meet that goal.
        To continue creating jobs and to ensure that our prosperity reaches
    every corner of America, we're opening markets abroad for our goods and
    services. This past week, I was proud to sign the Central American-
    Dominican Republic Free Trade Agreement. This historic agreement will
    level the playing field for America's workers and farmers and open up a
    market of 44 million customers for products made in the United States.
        To keep our economy growing, we also need affordable, reliable
    supplies of energy.

    [[Page 1310]]

    Next week in New Mexico, I'll sign a bipartisan energy bill that
    encourages conservation, expands domestic production in environmentally
    sensitive ways, diversifies our energy supply, modernizes our
    electricity grid, and makes America less dependent on foreign sources of
    energy. And next Wednesday in Illinois, I'll sign a highway bill that
    will improve the safety of our roads, strengthen our transportation
    infrastructure, and create good jobs.
        Our economy is strong, yet I will not be satisfied until every
    American who wants to work can find a job. So this coming Tuesday, I
    will meet with my economic team in Texas to discuss our agenda to keep
    the economy moving forward. As Congress considers appropriations bills
    this fall, we will work with the House and the Senate to ensure that
    taxpayer dollars are spent wisely or not at all.
        We need to make the tax relief permanent, end the death tax forever,
    and make our Tax Code simpler, fairer, and more progrowth. We'll
    continue working on Social Security reform. Social Security is sound for
    today's seniors, but there's a hole in the safety net for our younger
    workers, so I'll work with the Congress to strengthen Social Security
    for our children and grandchildren. I'll continue to press for legal
    reform to protect small businesses, doctors, and hospitals from junk
    lawsuits. And we will work to make health care more affordable and
    accessible for all Americans.
        The American economy is the envy of the world, and we will keep it
    that way. We will continue to unleash the entrepreneurial spirit of
    America so more of our citizens can realize the American Dream.
        Thank you for listening.

    Note: The address was recorded at 8:25 a.m. on August 5 at the Bush
    Ranch in Crawford, TX, for broadcast at 10:06 a.m. on August 6. The
    transcript was made available by the Office of the Press Secretary on
    August 5 but was embargoed for release until the broadcast. The Office
    of the Press Secretary also released a Spanish language transcript of
    this address.