    [Public Papers of the Presidents of the United States: George W. Bush (2006, Book I)]
    [May 3, 2006]
    [Pages 844-852]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks to the American Council of Engineering Companies
    May 3, 2006

        Thanks for the warm welcome. Thanks for inviting me. [Laughter] I
    was looking for something to do this morning. [Laughter] I'm really
    thrilled to be here. I thank you, Mr. Chairman, for letting me come by. I've got something to talk to you
    about, about the economy. What I'm really thrilled is, is that the
    American Council of Engineering Companies would allow a history major to
    come by to speak to you. [Laughter]
        I want to first say, I appreciate the good work you do for the
    country. I want you to know that I know how vital your contribution to
    America is. And it means a lot, and thanks a lot for doing what you're
    doing. I remember the work you did to help repair the Pentagon after
    September the 11th. I know full well the work that members of your group
    do to help construct schools and hospitals in some of the world's newest
    democracies, particularly Afghanistan and Iraq. And for those of you who
    encourage your employees to do that or if you've done that yourself,
    thank you from the bottom of our Nation's collective hearts.
        I know that members have been down to help rebuild the communities
    along the gulf coast. And for those of you who have been down there or
    may live down there, you know what that storm did. I mean, you talk
    about wiping out a part of our country; it just flat did. And it makes a
    difference in people's lives when good-hearted citizens come down and
    lend their talents and expertise to help rebuild. I've been down there
    quite a bit; Laura, as a matter of fact, was down
    in New Orleans last night, and she's there this morning and heading over
    to Mississippi. And it's amazing what the collective compassion of
    America has done to help lift the spirits of our fellow citizens. And
    some of our Nation's engineers were down there helping.
        I also want to thank you for helping to build on this country's
    prosperity. Through your hard work, your vision, your ingenuity, you're
    helping this economy of ours. You know, I like to remind people that the
    government's role is not to engineer the economy. The government's role
    is to create an environment in which people can find work, risk capital,
    grow their companies, so that, collectively, we all benefit.
        I appreciate the entrepreneurial spirit represented here in this
    room. One of the most important jobs of government is to make sure the
    entrepreneurial spirit remains strong. We want America to be
    entrepreneurial heaven, the place where people can come and realize
    their dreams.
        Laura sends her best. I'm a lucky man to have
    her as my wife. I believe the country is lucky to have her as the First
    Lady. She is a--[applause]--she's pretty busy. She's busy telling me
    what to do and not what to say. [Laughter] It's an interesting life in
    the White House, as I'm sure you can imagine. There's nothing better, to
    have somebody by your side who you love, right here in the middle of
    Washington, DC. [Laughter] And Laura is that way. You

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    know, people--my friends from Texas always ask me what it's like to be
    the President, living in the White House and everything, and it's pretty
    interesting. I've got a 45-second commute. [Laughter] And the good news
    is, I commute to a house that's warm, and that's because of Laura.
        So she sends her very best to you. I wish she
    were here, but she's, as I said, down in New Orleans helping the people
    on the gulf coast get their lives back together. As you might remember,
    she's a librarian, and she's talking about her foundation to help
    rebuild the libraries down there in the gulf coast of our country.
    Anyway, she's doing just good. I know you didn't ask, but I'm telling
    you anyway. [Laughter]
        I want to thank--not only thank Ed,
    but I also want to thank the chairman-elect of the ACEC, Jeff
    Daggett. I want to thank Dave
    Raymond. I want to thank all the members
    for letting me come by.
        Let me start by telling you, look, I understand there's a lot of,
    kind of, different opinions about our economy. And you'll hear a lot of
    different opinions, particularly as the political season approaches. Let
    me just give you some facts so you can draw your own conclusions, so the
    American people can draw their own conclusions about whether this
    economy is strong or not.
        In the first quarter of this year, America's economy grew at an
    impressive rate of 4.8 percent. The strong start follows a strong 2005
    when our economy--American economy grew at 3.5 percent. Now, let me put
    that in perspective for you. Our economy's growth in 2005 was faster
    than Japan, more than twice as fast as France, and more than three times
    as fast as Germany.
        The American economy is the fastest growing of any major
    industrialized nation in the world. Productivity has been growing at the
    highest rate in decades. An economy that is productive is one that will
    help increase the standard of living for our American people, and we are
    a productive nation.
        We've added jobs for 31 months in a row. We've added more than--
    [applause]--and that's totaled 5.1 million new jobs for the American
    people, and that's good news. The national unemployment rate has fallen
    to 4.7 percent. That is lower than the average of any decade since the
    1950s. The job market for college graduates is the best it's been in 5
    years. The American people are going to work in record numbers, and
    that's important. Construction spending is at an alltime high. Business
    confidence is strong, and business investment is growing. Business
    investment is an indication of confidence in the future. People invest
    because they think the future is going to be brighter. And when people
    invest, it helps this country remain productive, and it helps people
    find work.
        Small businesses are flourishing. I know many of you all are small-
    business owners, and I applaud you for having the courage to start your
    own business and manage your own business. But small businesses are
    flourishing in America, and that's important. Most new jobs in America
    are created by small businesses, and when the small-business sector is
    strong, it means people are going to find work. The number of Hispanic-
    owned businesses is growing at three times the national rate, and that's
    a positive development.
        One of the things I try to do is promote an ownership society. We
    want people owning their own business. There's something that encourages
    somebody to think about the future of the country when they own their
    own company. The number of African American-owned businesses is growing
    at four times the national rate. Real after-tax income has grown by
    almost 9 percent per person since I took office.
        Homeownership recently reached record levels. That's important. I
    mean, I love the idea, when somebody opens a door to where they live,
    says, ``Welcome to my house; welcome to my piece of property.''

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    It is good for our society to encourage ownership.
        Consumer confidence is at its highest point in nearly 4 years.
    Household wealth is at an alltime high. These are the facts which say to
    me, this economy is powerful, productive, and prosperous. And we intend
    to keep it that way.
        One of the most important explanations for this strong economy is
    low taxes. When I came to Washington, taxes were too high, and this
    economy of ours was headed into a recession. Not only did we have a
    recession; there was a stock market correction, corporate scandals, an
    attack on the United States of America. This country went to war to
    defend ourselves; we had natural disasters. It's amazing the statistics
    I just read are as strong as they are, given what we've been through.
    But I believe a lot of the reasons why the statistics are strong is
    because we let people keep more of their own money under the theory that
    if you have more of your own money in your pocket to save, invest, or
    spend, this economy will do just fine.
        Part of creating a wealth in which--an environment in which the
    entrepreneurial spirit is strong is to let people have more of their
    money, is to unleash the great creative talent of the American people.
    And that's what we did. I worked with Congress to cut the taxes on
    everybody who pays taxes. It wasn't one of these tax cuts where, you
    seem okay, you get a tax cut, and you're not, and you don't. My attitude
    was, the only fair way to treat people is if you pay taxes, you get tax
    relief.
        So we reduced taxes for every American who pays taxes, and that's
    more than 110 million people in all. And I want to remind you about the
    tax relief. First of all, we doubled the child tax credit. We thought it
    made sense to help people who've got children. Secondly, we put--we
    reduced the marriage penalty. We did not think it made sense to penalize
    marriage. We cut the taxes on capital gains and dividends to encourage
    business investment.
        I understand, with more investment, this economy of ours will grow.
    That's what you want to encourage; you want to encourage people to
    invest. And it's important for people who watch the economy and try to
    figure out why we make decisions we make to understand that the more
    investment there is in the private sector, the more likely it is someone
    will be able to find work. And so we created incentives in the Tax Code
    for our small businesses to purchase equipment. We rewarded family
    businesses and farmers and ranchers by putting the death tax on the way
    to extinction.
        The cumulative effect of these tax cuts left $880 billion in the
    hands of American workers and businesses. And they have used that money
    to fuel our economic resurgence. It's the American people, people such
    as yourself, that used your own money to help make this economy as
    strong as it is.
        There's a business owner today named Gregg Ten Eyck. You know old Gregg. I just named him. Where are you?
    There he is, right there. [Laughter] I hope you're okay with--is that
    your son? Your son? Yes. Is it okay to mention the old man's name in
    public? [Laughter] Good, because I just did. Gregg is--runs an
    engineering company in Denver, Colorado. He brought his family. Thank
    you all for being here. He files as a subchapter S corporation. Most of
    you know what that means. For those of you who don't, it means that he
    pays taxes on business income at individual income tax rates.
        See, most small businesses are subchapter S corporations or limited
    partnerships, and therefore, the business pays tax at an individual
    income tax rate. And so by cutting individual income taxes--rates across
    the board, we cut taxes on small businesses like Gregg. And there's a reason why you would want to do that. If
    most new jobs are created by small businesses in the United States and a
    primary objective is to help people find work, it then makes sense to
    leave more money in

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    Gregg's hands so he can spend it to expand his business.
        He also took advantage of the new
    investment opportunities to purchase computers and software that help
    make him more competitive. Not only did it make him more competitive,
    but somebody had to make the computers that he purchased. There's an
    effect throughout the economy when government provides incentives for
    people to invest. And the fundamental question facing our country is,
    who do you want making decisions with his own money? Do you want Gregg
    making the decisions, or do you want somebody in the Halls of Congress?
    This administration thinks the money is better left in Gregg's hands.
        The most important connection for the American people to what I just
    said about encouraging investment and reducing taxes is this:
    Gregg's added--Gregg's business added
    employees for the past 5 years in a row. And this year, he plans to add
    a few more. Stories like Gregg's prove the tax cuts are doing what we
    want them to do, and that's to get this economy growing so people can
    find work. That's what we want.
         The problem is that these tax cuts are scheduled to expire in the
    next few years. So when Congress passed them, they didn't make them a
    permanent part of the Tax Code. They said, we'll give you some tax
    relief for a while, but the tax relief is scheduled to go away. And of
    course, if that were to happen, it means your taxes are going to go up.
    The prospect of higher taxes, the notion that there's uncertainty in the
    Tax Code makes it difficult for small-business owners and company execs
    to plan. How can you plan if you're uncertain about what the future is
    going to be when it comes to the Tax Code?
        Obviously, if you think a big tax crease is incoming--a big tax
    increase is coming, it will make you less likely to invest. Investment
    leads to a more productive society; investment leads to job. The lack of
    investment will make us less competitive and make it more likely there
    won't be new jobs created.
        And so there's uncertainty in the Tax Code because the Congress made
    sure that the tax cuts would expire. At a time of high gasoline prices--
    I know energy prices is on your mind, like a lot of other folks--at a
    time when there's growing competition in the world, the last thing the
    American people need is a tax hike. And so my message to the Congress is
    this: In order to keep this economy strong, Congress needs to make the
    tax relief permanent.
        By the way, there's a struggle here in Washington about who best can
    spend your money. [Laughter] Some are very anxious for the tax cuts to
    expire; some want to repeal the tax cuts now. Many of those are members
    of the loyal opposition here in Washington, DC, who've objected to tax
    relief all along the way. When Congress first cut taxes back in 2001,
    most of the Democrats in Congress voted against it. One leading
    Democrat said that tax cuts were a huge
    mistake. We have a philosophical difference here in Washington; nothing
    wrong with that. There's nothing wrong with having differences of
    opinion. Another predicted that the tax cuts would do nothing to create
    jobs. A year-and-a-half ago, a Democrat Senator informed us the economy
    may be on the brink of collapse. The Democrats' record of pessimism has
    been consistent; it's been consistently wrong.
        If the people have their way--who want this tax relief to expire--
    the American people will be hit with $2.4 trillion in higher taxes over
    the next decade. That's 2.4 trillion that would be taken out of the
    pockets of firms like Gregg, taken out of the
    pockets of those who are raising their children. It would be handed over
    to Government; that's where the money would go. It would be taken out of
    the economy and given to people here in Washington, DC, to spend. A tax
    increase would be disastrous

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    for business, disastrous for families, and disastrous for this economy.
        Congress has an opportunity to pass a progrowth measure that would
    keep key elements of the tax relief in place. The House and the Senate
    are close to completing a bill that would extend the tax cuts on
    dividends and capital gains for two more years, through 2010. The bill
    would also extend incentives for small businesses to purchase new
    equipment. All these provisions have been successful over the past few
    years. By improving access to capital, the tax cuts on capital gains
    have led to more investment, more growth, and more job creation.
        The tax cuts on the dividends has resulted in more dividend payments
    to investors and large savings for our seniors who rely on fixed
    incomes. The small-business expensing incentives have helped many
    businesses like yours expand and hire new workers. There is no reason
    for Congress to allow taxes on the job creators to go up. So the House
    and the Senate have got to resolve their differences and pass progrowth
    legislation, so I can sign it into law.
        Congress also needs to take action on the other side of the ledger
    as well. And by that I mean, we've got to restrain spending. See, what
    you'll hear in Washington is, we must balance a budget by raising your
    taxes. The problem is, that's not the way Washington works. What happens
    is, they'll raise your taxes and figure out new ways to spend your
    money. [Laughter] The best way to reduce our deficit is to keep
    progrowth economic policies in place so the economy expands, which will
    yield more tax revenues, and be wise about how we spend your money.
        It's difficult in Washington for people to set priorities when it
    comes to spending your money. I have set priorities, and our number-one
    priority is to make sure that the men and women in our uniform have what
    it takes to defend America and win the war on terror--[applause]--which
    means we must show discipline in other areas of the budget. You know
    what that means. You can't spend every--your money on everything you
    want to spend it on. You have to set priorities. And that's what
    Congress needs to do.
        We're actually making good progress on spending restraint. There are
    two types of spending: discretionary spending and mandatory spending.
    Mandatory spending, which I'll talk about a little bit later on, is
    relief programs that escalate based upon formula. Medicare and Social
    Security are the two programs that you're most familiar with.
        Discretionary spending is where the Congress can decide whether or
    not to increase or decrease a particular budget. Every year since I took
    office, we've slowed the growth of discretionary spending that's not
    related to the military or homeland security. The last two budgets have
    actually had cuts in this kind of spending. We've reduced the spending.
        What we've asked Congress to look at is, we said, look, why don't
    you analyze whether or not a program is working? See, every program
    sounds great; they all have got good titles, but sometimes they don't
    deliver results. And when they don't deliver results, we shouldn't spend
    taxpayers' money on it. In 2007 budget, we've identified 141 programs
    that are performing poorly or not fulfilling essential priorities. We've
    asked Congress to get rid of them. If they're not working, eliminate
    them.
        With a disciplined approach to spending, we're on our way to cutting
    the deficit in half by 2009, and that's a positive goal. Congress is
    considering a piece of legislation that will test its commitment to
    spending restraint. I've requested a bill that would provide emergency
    funds for the war on terror and hurricane relief. Unfortunately, there
    are some here in Washington trying to load that bill up with unnecessary
    spending. This bill is for emergency spending, and it should be limited
    to emergency measures.

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        And so I've told the Congress--I'd like to reiterate it here for
    you--that anything above $92.2 billion for this emergency spending bill,
    plus the funding to prepare for a pandemic flu emergency, will be
    vetoed. The Congress needs to hear me loud and clear: If they spend more
    than 92.2 plus pandemic flu emergency funds, I will veto the bill. It's
    important for there to be fiscal discipline in Washington, DC, if we
    want to keep this economy strong.
        There are other ways to make sure we're wise about how we spend your
    money. I'm going to work with Congress to reduce the number of what's
    called earmarks for special projects. [Applause] Sounds like you know
    what an earmark is. [Laughter] Earmarks are often an award of Federal
    funds to projects without a proper hearing. In other words, people just
    kind of slide them in there in these bills. And as a result, I don't
    think the taxpayer gets the best result for their money. It's not--I
    don't think you can prioritize if you have a system of people just
    slipping spending in bills without proper hearing.
        I appreciate the Senate work on sensible earmark reform. Today the
    House of Representatives is taking up a measure that includes earmark
    reform. And I encourage both bodies of Congress to get the job done, to
    have meaningful, real earmark reform. I look forward to signing such a
    bill if it comes to my desk.
        Congress also can pass the line-item veto. By the way, earmark
    reform may not require--it's really a matter of Congress having the will
    to do what's right; same with the line-item veto. A line-item veto would
    allow me to eliminate wasteful spending items without having to veto the
    entire bill. And this will be a useful way to help bring fiscal
    discipline to Washington, DC. The Congress needs to pass a line-item
    veto quickly. I look forward to working with members of both political
    parties to achieve budgetary reform so we can do the job you expect us
    to do.
        The biggest problem we've got, however, is--for our budgetary
    health--is the entitlement spending programs like Social Security and
    Medicare. If we're wise about keeping progrowth policies in place and
    fiscal restraint, we can get this deficit down. We're on a trajectory to
    do so by--cut it in half by 2009. But there's a large problem looming
    out there, and it's because baby boomers like me and you--[laughter]--
    well, some of you--are getting ready to retire. We're getting to that
    age where the Government has made us a promise. And there's a lot of us.
    There's a lot of baby boomers. There's a baby boomer bulge--in more ways
    than one. [Laughter] And we're living longer than anybody thought when
    they first designed these programs.
        And I don't know about you, but I like to get exercise; I'm wise
    about the choices I make in terms of drinking and all that. And as a
    result--and medicine has improved--we're living longer lives. So you've
    got a lot of people getting ready to retire who are going to live longer
    lives, and we've been promised greater benefits than the previous
    generation. People running for office say, ``Vote for me; I promise to
    increase your benefits in these entitlement programs.'' And sure enough,
    they won and did what they said they were going to do.
        But the problem is, is that there are fewer payers per beneficiary
    into the system than ever before. In other words, there is a heavy
    burden on a young generation of Americans coming up to pay the promises
    that Congress has made. And I really, really think that Congress has got
    to address this issue with me.
        I tried last year. I took it on, Social Security in particular, and
    went around the country saying, ``Folks, we got a problem''--on the
    theory that when the people said we got a problem, Congress would
    respond. Well, I got half of it right. [Laughter] People said, ``We got
    a problem.'' And it's so political up here that it's difficult at this
    stage of the game to get people to come together, to come with a
    bipartisan

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    solution. Look, we don't have to cut programs. It's like making sure you
    slow your car down to the speed limit. You don't have to put it in
    reverse. There are commonsense ways to keep the promises to the
    generation that is fixing to retire but make sure that future
    generations will have a sound Social Security and Medicare system.
        So I just want to assure you this issue is on my mind a lot. I like
    to remind people that the job of a President is to confront problems, no
    matter how difficult they may look, and not pass them on to future
    Presidents. I also believe--[applause]. So we're in the process of
    working with Democrats and Republicans to come together to forge a
    bipartisan solution so that we can say we did our duty, that we came and
    we made the system work better. It's a really important issue.
        And so when you hear people talking about the budget, the current
    account deficit is important; it's really important. But these unfunded
    liabilities will serve to be a major drag on our economy if we don't do
    it now. Now is the time to do it. The longer we wait, the more difficult
    it's going to be for people to come together. So you'll see me working
    with Democrats and Republicans, hopefully, to come up with a solution
    that will address this problem.
        One of the interesting challenges we face is whether or not this
    Nation will lose its confidence or not. We live in a global economy, as
    you well know. And some people in the country really wonder whether it's
    worth the competition, whether it makes sense to try to compete with
    these new and growing economies like China and India. I, first of all,
    know it's important for us to compete and to be confident. If we want to
    remain the economic leader of the world, which I happen to believe is
    good for our people, we shouldn't fear the competition. We ought to
    welcome it, and we ought to develop a strategy so that we can remain the
    leader. And here's some ideas.
        Obviously, we've got to do something about energy. A global economy
    means that when demand for energy goes up in India and China, which it
    is, it causes our gasoline prices to go up. When the price of crude goes
    up, because of international demand increase is greater than the supply,
    your gasoline prices go up. And so it's--and my attitude about this is
    to make sure you're not being mistreated at the pump, you're being
    treated fairly, but also recognize now is the time to spur strong
    research and development into using other ways to power our cars, such
    as hydrogen or ethanol or batteries that can give the first 40 miles on
    electricity, as opposed to gasoline. Now is the time.
        And so I look forward to working with Congress to press ahead hard
    on research and development. And we're close to some amazing
    breakthroughs. Cellulosic ethanol may be on the verge of becoming
    commercially viable. We're close to these new battery technologies that
    will enable people to drive the first 40 miles in a city not using
    gasoline. Ethanol is on the move. We must, as a nation, in order to stay
    competitive, diversify away from crude oil. I know it sounds weird for a
    Texan to say--[laughter]--but I'm telling you, it is essential for our
    economic security and national security to do so.
        We've got a challenge when it comes to making sure our health care
    is available and affordable. There is a debate here in Washington. There
    are some who say, ``Let's let the Government run it, set the price, set
    the supply.'' I'm strongly against that. I believe we've got to empower
    the doctor-patient relationship. And we put out a lot of good ideas, two
    that I think will interest you. One is to make sure the small businesses
    can pool risk across jurisdictional boundaries so they can buy insurance
    at the same discounts--[applause].
        And secondly, do something about these junk lawsuits that are
    running up the cost of medicine. Do you realize there are over

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    1,500 counties in America--about, they estimate--that do not have an ob-
    gyn? That is harmful for our health care system. It's discouraging to
    the America people. A lot of it is because of these lawsuits. And the
    lawsuits not only make medicine less accessible, but docs practice
    defensive medicine. If you think you're going to get sued, you prescribe
    more drugs than necessary or more procedures than necessary so that you
    can make your case in a court of law. And this is--these lawsuits harm
    medicine. It makes the cost of medicine difficult for you, and it makes
    it hard for you to afford it for your employees.
        When I came to Washington, I said, this isn't really a national
    issue; States ought to deal with it. Then I realized that the cost of
    defensive medicine and the cost of raising premiums costs our
    Government--you--about $28 billion a year because of Federal health
    programs such as Medicare, Medicaid, veterans' benefits. And so I've
    called upon Congress to get a bill to my desk that is rational,
    reasonable, and common sense, that does something about these junk
    lawsuits.
        Another initiative I think you'll be interested in is this: To stay
    competitive, we got to make sure our children have the skill sets
    necessary to fill the jobs of the 21st century. That skill set happens
    to be based upon math and science. I think you know what I'm talking
    about. And as well, in order to be a competitive nation--one that
    doesn't fear the future, but welcomes the competition and says, look, we
    can compete, recognizes the importance of research and technology--the
    research and development tax credit needs to be a permanent part of our
    Tax Code in order to make sure that people invest in the future, come up
    with new ideas.
        As well, I've committed the Government to double research in basic
    sciences over the next 10 years. The Government has got a vital role to
    play. People say to me, why should the Government invest in basic
    sciences, basic research--research for the basic sciences? And the
    answer is, is because it's amazing what happens, what research can
    bring, such as the Internet. The Internet came to be as a result of
    Government research monies spent at the DOD. There's unbelievable things
    that can happen when we unleash the creativity of the American people,
    and the Federal Government ought to be a rational part of that.
        But the other answer--the other real challenge we face is whether or
    not our kids can compete. And the American people have got to understand
    that if our children do not have the basics in math and science, they
    will then not have the skill sets necessary for the jobs of the 21st
    century. And in a global economy, those jobs will go somewhere else.
        And now's the time to get it correct. And we're making pretty good
    progress, in my judgment. First of all, as people who are results-
    oriented people, I think you'll appreciate the approach we took in the
    No Child Left Behind Act, which basically said, in return for spending
    Federal money, particularly for Title I students, the poor students--
    which I support--why don't you show us whether or not we're getting
    results? It's kind of an odd concept, isn't it--[laughter]--we spend;
    you measure.
        You notice I didn't say, the Federal Government will design the
    test. I don't believe in federalizing schools. I believe in local
    control of schools, but I do believe in accountability. And so
    therefore, we said to the States, in return for Federal participation,
    develop accountability systems so we know. There's all kinds of debates
    that take place in public education. One of them is, does the curriculum
    work that you're using? The best way to figure it out is to measure.
        The second part of this system is that when we find children falling
    behind early, there's extra money--supplemental service money we call
    it--to get tutoring so that the children are not left behind. In other
    words, we're tired of this business about socially promoting students.
    We want to make sure that people get promoted based

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    upon knowledge. And our system is working.
        There's a--there's an achievement gap in America that's got to be
    closed for the future of this--to make sure this country's future is
    bright. And we're closing it. How do we know? Because we measure. And we
    need to apply the same rigor, by the way, that we apply to reading to
    math and science. It turns out that we're doing fine in fourth grade
    math, and we're doing fine in eighth grade math, but when kids get into
    high school, when it comes to the rest of the world, we're falling down.
    And so therefore, it makes sense to measure in junior high and provide
    supplemental services for math to make sure that our children have got
    the skill base necessary to become the engineers and scientists.
        AP works--Advanced Placement program works. If it's--if you're
    involved with your schools in your community, you know what I'm talking
    about. It's important to set high standards. The Government ought to
    help train 70,000 teachers to become Advanced Placement teachers to
    raise the standards for our children. We need 30,000--30,000 scientists
    and engineers to become adjunct professors, so to speak, in the
    classrooms to make sure that--[applause]. I can go on forever.
        Here's the deal, though. Here's what I'm trying to explain to you:
    We don't need to fear the future because we're going to shape the
    future. We'll make sure our children are educated. We're going to make
    sure we do something about these junk lawsuits. We're going to make sure
    that we do something about energy. Why I wanted to talk to you today,
    though, is to make sure that you understand that in order for this
    country to be competitive, in order for us not to fear the future, we
    got to keep your taxes low.
        I appreciate you for what you do for our country. Thanks for letting
    me come by and share some thoughts with you. God bless you.

    Note: The President spoke at 11:25 a.m. at the Grand Hyatt Hotel. In his
    remarks, he referred to Edward J. Mulcahy, chairman, and David A.
    Raymond, president, American Council of Engineering Companies.