[Public Papers of the Presidents of the United States: George W. Bush (2006, Book I)]
[April 7, 2006]
[Pages 678-679]
[From the U.S. Government Publishing Office www.gpo.gov]



Remarks on the National Economy
April 7, 2006

    Good morning. This morning's economic report shows that America's 
growing economy added 211,000 jobs in the month of March. The American 
economy has now added jobs for 31 months in a row, created more than 5.1 
million new jobs for American workers. The unemployment rate is now down 
to 4.7 pecent; that's below the average rate of the 1960s, 1970s, 1980s, 
and 1990s.
    These millions of new jobs are evidence of an economic resurgence 
that is strong, broad, and benefiting all Americans. Real after-tax 
income has grown by more than 8 percent per person since I took office. 
That means, on average, Americans have an income that is $2,100 higher 
this year than it was in 2001, after adjusting for inflation.
    More Americans own their homes than at any time in history. Minority 
homeownership has reached record levels. Consumer confidence is at its 
highest point in nearly 40 years. Productivity is high; inflation is 
contained; manufacturing activity is growing; and the small-business 
sector is thriving.
    The economy has expanded for 17 straight quarters. And last year, 
the American economy grew at a healthy rate of 3.5 percent. That's the 
fastest rate of any major industrialized economy.
    These gains are the result of the energy and the effort of American 
workers, small-business owners, and entrepreneurs. They are also the 
result of progrowth economic policies. The tax cuts I signed left $880 
billion with our Nation's workers, small-business owners, and families. 
They've used that money to fuel our economic resurgence.
    Not everyone in Washington agreed with the decision to let people 
keep more of their own money. On the day that Republicans in the House 
and Senate were finalizing the 2003 tax cuts, one Democratic 
leader said these cuts would, quote, ``do 
nothing to create jobs.'' Facts have proven the critics wrong 5.1 
million times over.
    Tax relief has done exactly what it was designed to do. It's created 
jobs and growth

[[Page 679]]

for the American people. Yet some are now proposing that we raise taxes, 
either by repealing the tax cuts or letting them expire. These are the 
same politicians who told us that letting Americans--letting America's 
working families keep more of their own money would be irresponsible, 
reckless, and shameful. They were wrong then, and they are wrong now. 
Our economy grows when the American people make the decisions about how 
to save, spend, and invest their money. To keep our economy creating 
jobs and opportunity, Congress needs to show its trust in the American 
people and make the tax relief permanent.
    Congress also needs to restrain spending so we can stay on track to 
cut the deficit in half by 2009. And if necessary, I will enforce 
spending restraint through the exercise of the veto. The American people 
expect their leaders to address other key leaders--that directly affect 
their family budgets and bottom line, especially health care and energy.
    When the cost of energy and health care rise, families are squeezed 
and small businesses suffer. I proposed practical reforms that would 
make health care more available and affordable. I put forward an energy 
initiative that will make our dependence on Middle Eastern oil a thing 
of the past. I've also laid out a plan to make America more competitive 
by increasing our investment in scientific research, encouraging 
research and development in the private sector, and improving math and 
science education.
    I urge the Congress to move forward on all these important 
priorities so we can keep America the economic leader of the world and 
allow more families and small businesses to realize the American Dream.
    Thank you for your time.

Note: The President spoke at 9:32 a.m. in the Diplomatic Reception Room 
at the White House.