    [Public Papers of the Presidents of the United States: George W. Bush (2006, Book II)]
    [July 8, 2006]
    [Pages 1355-1356]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    July 8, 2006

        Good morning. This week, I visited the city of Chicago. In that
    great city and across America, our strong and growing economy is
    creating jobs and delivering prosperity to more of our people.
        In the Chicago area, businesses have added more than 74,000 new jobs
    over the past 2 years. And in Illinois, the unemployment rate has fallen
    to 4.6 percent, the lowest rate there in over 5\1/2\ years.
        We have good news about our national economy as well. On Friday, we
    learned that the American economy created 121,000 new jobs in June, and
    it has created over 5.4 million jobs since August 2003. We now have
    added jobs for 34 straight months, and the unemployment rate is 4.6
    percent.
        In the first quarter of 2006, our economy grew at an impressive
    annual rate of 5.6 percent. This follows our economic growth of 3.5
    percent in 2005, the fastest rate of any major industrialized nation.
    And
    because taxes are low, our workers are
    keeping more of the money they earn.
        Behind each of these positive statistics are countless stories,
    stories of workers who start each day with hope because they have a job
    that will help them build a better life, stories of families with more
    money in the bank for college tuition or a downpayment on a home,
    stories of
    small-business owners who know they can

    [[Page 1356]]

    hire more workers and grow with confidence.
        Our economic expansion is lifting the lives of millions of
    Americans, and to keep this expansion going, we must maintain the
    progrowth, low-tax policies that helped to launch it in the first place.
    The tax relief we delivered has helped unleash the entrepreneurial
    spirit of America and kept our economy the envy of the world. So I will
    continue to work with Congress to make that tax relief permanent.
        Our economy is also thriving because America remains the world's
    most innovative nation. During my trip to Illinois, I visited a company
    called Cabot Microelectronics, which makes products for manufacturing
    semiconductor chips and other high-tech components. Cutting-edge firms
    like Cabot are creating good jobs for our workers and helping to keep
    America competitive in the global economy.
        To help companies like Cabot maintain our Nation's competitive edge,
    I proposed my American Competitiveness Initiative. This initiative will
    double Federal funding for research in promising areas such as
    nanotechnology, supercomputing, and alternative energy sources. The
    initiative will also encourage bolder private sector investment in
    technology and help ensure that every American child has the math and
    science skills needed for the jobs of tomorrow.
        Last month, the House of Representatives approved full funding for
    the basic research component of this initiative. I urge the Senate to
    follow the House's lead, so America can remain an innovative nation that
    competes with confidence.
        Americans are living in times of great hope and great opportunity.
    By keeping our taxes low, keeping our country competitive, and keeping
    this a welcoming nation, we will add to our prosperity, and we will
    create a better America for future generations.
        Thank you for listening.

    Note: The address was recorded at approximately 10:06 a.m. on July 7 at
    the InterContinental Hotel in Chicago, IL, for broadcast at 10:06 a.m.
    on July 8. The transcript was made available by the Office of the Press
    Secretary on July 7 but was embargoed for release until the broadcast.
    The Office of the Press Secretary also released a Spanish language
    transcript of this address.