[Public Papers of the Presidents of the United States: George W. Bush (2008, Book I)]
[May 3, 2008]
[Pages 634-636]
[From the U.S. Government Publishing Office www.gpo.gov]



The President's Radio Address
May 3, 2008

    Good morning. This week, the Commerce Department reported that GDP 
grew at an annual rate of six-tenths of a percent in the first quarter. 
This rate of growth is not nearly as high as we would like. And after a 
record 52 months of uninterrupted job growth, April was the fourth month 
in a row in which our economy lost

[[Page 635]]

jobs, although the unemployment rate dropped to 5 percent.
    My administration has been clear and candid on the state of the 
economy. We saw the economic slowdown coming. We were upfront about 
these concerns with the American people, and we've been taking decisive 
action.
    In February, I signed an economic growth package to put more than 
$150 billion back into the hands of millions of American families, 
workers, and businesses. This week, the main piece of that package began 
being implemented, as nearly 7.7 million Americans received their tax 
rebates electronically. Next week, the Treasury Department will begin 
mailing checks to millions more across the country. And by this summer, 
it expects to have sent rebates to more than 130 million American 
households. These rebates will deliver up to $600 per person, $1,200 per 
couple, and $300 per child.
    This package will help American families increase their purchasing 
power and help offset the high prices that we're seeing at the gas pump 
and the grocery store. It will also provide tax incentives for American 
businesses to invest in their companies, which will help create jobs. 
Most economic experts predict that the stimulus will have a positive 
effect on the economy in this quarter and even a greater impact in the 
next. And Americans should have confidence in the long-term outlook for 
our economy.
    While getting more money back in the hands of Americans is a good 
start, there are several additional steps that Congress needs to take to 
ease the burdens of an uncertain economy. Americans are concerned about 
energy prices. To increase our domestic energy supply, Congress needs to 
allow environmentally safe energy exploration in northern Alaska, expand 
America's refining capacity, and clear away obstacles to the use of 
clean, safe nuclear power.
    Americans are concerned about rising food prices. Yet, despite this 
growing pressure on Americans' pocketbooks, Congress is considering a 
massive farm bill. Instead, they should pass a fiscally responsible 
bill.
    Americans are concerned about making their mortgage payments and 
keeping their homes. Yet Congress has failed to pass legislation I have 
repeatedly requested to modernize the Federal Housing Administration 
that will help more families stay in their homes, reform Fannie Mae and 
Freddie Mac to ensure they focus on their housing mission, and allow 
State housing agencies to issue tax-free bonds to refinance subprime 
loans.
    Americans are concerned about their tax bills. With all the other 
pressures on their finances, American families should not have to worry 
about the Federal Government taking a bigger bite out of their 
paychecks. So Congress should eliminate this uncertainty and make the 
tax relief we passed permanent.
    America is now facing a tough economic period, but our long-term 
outlook remains strong. This week, we saw evidence that our economy is 
continuing to grow in the face of challenges. This should come as no 
surprise. No temporary setbacks can hold back the most powerful force in 
our economy: the ingenuity of the American people. Because of your hard 
work and dedication, I am confident that we will weather this rough 
period and emerge stronger than ever.
    Thank you for listening.

Note: The address was recorded at 8:55 a.m. on May 2 in the Cabinet Room 
at the White House for broadcast at 10:06 a.m. on May 3. The transcript 
was made available by the Office of the Press Secretary on May 2, but 
was embargoed for release until the broadcast. The Office of the Press 
Secretary also released a Spanish language transcript of this address.

[[Page 636]]