[Weekly Compilation of Presidential Documents Volume 36, Number 32 (Monday, August 14, 2000)]
[Page 1808]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on Productivity Growth

August 8, 2000

    Today's announcement that productivity rose at a 5.3 percent annual 
rate last quarter is a remarkable confirmation of the continued strength 
and vitality of the U.S. economy. Over the past 3 years, productivity 
has grown 3.3 percent annually--more than twice the growth rate of the 
previous two decades. Rising productivity has been the key to the 
combination of strong growth, rising wages, and low core inflation 
underlying our record economic expansion. Today's news is further 
evidence that our commitment to fiscal discipline, opening markets, and 
investing in people has helped lead to an unprecedented era of business 
investment, innovation, and technological advance that is providing new 
opportunities for millions of Americans.
    This continuing productivity growth underscores the importance of 
maintaining the fiscal discipline that has been so crucial to this 
investment-led economic expansion. The majority in Congress continues to 
pursue a series of misguided tax breaks which, taken together, would 
bring America back to the era of deficits and knock us off the path of 
fiscal discipline that has led to this prosperity. Their approach is 
wrong for America. Let's work together to ensure that our strong economy 
will continue to grow.