[Weekly Compilation of Presidential Documents Volume 40, Number 12 (Monday, March 22, 2004)]
[Pages 408-409]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
The President's Radio Address

March 13, 2004

    Good morning. This week, I met with entrepreneurs and workers in 
Ohio and New York and talked to them about how we are strengthening 
America's economy. Over the past 3 years, America's economy has faced a 
series of challenges, stock market decline, recession, terrorist 
attacks, corporate scandals, and the uncertainties of war. My 
administration confronted those challenges squarely and acted boldly. We 
reduced taxes on families and small businesses. We encouraged new 
investment, and we're seeing the results.
    America has the fastest growing major industrialized economy in the 
world. American productivity has grown faster over the last 2 years than 
at any time in more than 50 years. More manufacturers have been 
reporting rising activity than at any point in the last 20 years. 
Homeownership rates are the highest ever. Inflation is low, and interest 
rates and mortgage rates are near historic lows. The unemployment rate 
of 5.6 percent is below the average unemployment rate in the 1970s, the 
1980s, and the 1990s. And last month marked the sixth consecutive month 
of increased employment in America.
    Yet, some industries and some parts of the country are still lagging 
behind. In Ohio, where many manufacturers are now so productive, they 
can produce more goods without hiring new workers. In cities like 
Youngstown and Cleveland, many workers are concerned about their future, 
about their benefits, and about the opportunities their children will 
have.
    Some politicians in Washington see this new challenge, and they want 
to respond in old, ineffective ways. They want to increase Federal 
taxes, yet punishing families and small businesses is not a job-creation 
strategy. They want to build up trade walls and isolate America from the 
rest of the world, but economic isolationism would threaten the millions 
of good American jobs that depend on exports. These tired, old policies 
of tax and spend and economic isolationism are a recipe for economic 
disaster. There's a better way to help our workers and help our economy.
    First, we must pursue a confident policy of trade. Millions of 
American jobs depend on our goods being sold overseas, and foreign-owned 
companies employ millions of Americans here at home. We owe those 
workers our best efforts to make sure other nations open up their 
markets and keep them open. We want the entire world to ``Buy 
American,'' because the best products in the world carry the label, 
``Made in the USA.''
    Second, we must remain the best place in the world to do business, 
to start a company and hire workers. We need fewer mandates and 
unnecessary regulations on small businesses. We need legal reform in 
America to cut down on junk lawsuits. We need to help companies and 
their employees confront the rising costs of health care. We need to 
make sure the tax relief is made permanent to keep our economy on the 
path to growth and job creation.
    Third, we need to make sure American workers are prepared for the 
higher skilled jobs our economy is creating. I worked with Congress to 
pass the No Child Left Behind Act, which is bringing higher standards to 
every public school in America. We have a plan to help our high schools 
and community colleges train people in the skills they need. We're 
helping workers who have been displaced by the effects of trade by 
giving them assistance for job training and health care and relocation 
expenses.
    Again and again, economic pessimists have questioned the skills and 
creativity and energy of America's workers. The pessimists have always 
been wrong. America's workers and entrepreneurs will meet every 
challenge. With the right policies in Washington, we will maintain 
America's economic leadership; we will create more jobs; and we'll help 
our workers achieve a better life.
    Thank you for listening.

Note: The address was recorded at 10:35 a.m. on March 12 in the Cabinet 
Room at the White House for broadcast at 10:06 a.m. on March 13. The 
transcript was made available by the Office of the Press Secretary on 
March 12 but was embargoed for release until the broadcast. The Office 
of the Press Secretary also released a Spanish language transcript of 
this address.

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