[Weekly Compilation of Presidential Documents Volume 40, Number 26 (Monday, June 28, 2004)]
[Pages 1123-1124]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
The President's Radio Address

June 19, 2004

    Good morning. This week, we received more good news showing that our 
economy is gaining momentum. The Department of Labor reported State-by-
State job gains for the month of May. In every region of our Nation and 
across many growing industries, more Americans are finding work. The 
State of Arizona added 8,400 new jobs in May. New Jersey gained 9,500 
new jobs. Pennsylvania added 10,700 new jobs. And North Carolina picked 
up 13,400 new jobs.
    The unemployment rate has fallen in 46 out of the 50 States over the 
last year. And many of the new jobs are being created in industries that 
pay above average wages, such as construction and education and 
manufacturing.
    Time and again, our economy has defied the gloomy predictions of 
pessimists. Because of the hard work of so many Americans and because of 
the good policies in Washington, DC, our economy is strong, and it is 
getting stronger. America has added more than 1.4 million new jobs since 
last August. Our economy has grown at the fastest pace in almost two 
decades, and the recession was one of the shortest and shallowest in 
modern American history.
    Americans are earning more, and because of tax relief, they're 
keeping more of what they earn. Real after-tax incomes have increased by 
11 percent since the start of 2001. Those are important gains for our 
entire economy because they go to the taxpayers and not to the 
Government. And we have seen that the taxpayers know best how to drive 
our economy forward. Moms and dads have used their child tax credit 
checks and other tax relief to boost demand throughout our economy. The 
homeownership rate is at an alltime high, and because of greater demand, 
businesses are making more purchases of equipment. Business investment 
is up more than 9 percent in the last year. And we know that when 
businesses invest, that makes it more likely someone will find a job.
    Tax relief is working. But there's more to do to keep our economy 
growing. My pro-growth, pro-jobs economic agenda starts with making tax 
relief permanent so the families and businesses can plan for the future 
with confidence. The House has voted to make much of my tax relief 
permanent. And now the Senate needs to act, so that we do not raise 
taxes on the American people.
    We must maintain our policy of open trade, because we know that on a 
level playing field, America's workers can compete with anyone in the 
world. We must make sure our children are learning and our workers are 
ready for their first day on the job. So I proposed reforms to improve 
our schools and worker training programs.
    We must have a national energy plan that promotes conservation, 
exploration, and investment in infrastructure, which will reduce

[[Page 1124]]

our dependence on foreign sources of energy. I proposed such a plan 3 
years ago. Now it's time for the Congress to act.
    Our Nation has a healthy, vibrant, and growing economy. Our Nation 
is ready to face the economic challenges that lie ahead. We have 
millions of confident entrepreneurs who work hard and take risks and 
create opportunities for others. We have a culture of innovation where 
people are encouraged to come up with new solutions to old problems. We 
have a great workforce. With these strengths, there is no limit to how 
much we can accomplish, and I am certain that our best days are yet to 
come.
    Thank you for listening.

Note: The address was recorded at 10:30 a.m. on June 18 in Bronson Hall 
at Fort Lewis, WA, for broadcast at 10:06 a.m. on June 19. The 
transcript was made available by the Office of the Press Secretary on 
June 18 but was embargoed for release until the broadcast. The Office of 
the Press Secretary also released a Spanish language transcript of this 
address.