[Weekly Compilation of Presidential Documents Volume 41, Number 20 (Monday, May 23, 2005)]
[Pages 807-808]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
The President's Radio Address

May 14, 2005

    Good morning. I'm pleased to report that we see new signs that the 
progrowth policies we have pursued during the past 4 years are having a 
positive effect on our economy. We added 274,000 new jobs in April, and 
we have added nearly 3\1/2\ million jobs over the past 2 years. 
Unemployment is down to 5.2 percent, below the average rate of the 
1970s, 1980s, and 1990s. We have seen steady job gains during each of 
the past 23 months, and today, more Americans are working than at any 
time in our history.
    There are other good reasons for optimism. The economy grew at a 
solid rate of 3.6 percent over the past four quarters, and economists 
expect strong growth for the rest of 2005. Manufacturing activity is 
enjoying its longest period of growth in 16 years. Inflation and 
mortgage rates remain low, and we have more homeowners in America than 
ever before.
    These positive signs are a tribute to the effort and enterprise of 
America's workers and entrepreneurs, but we have more to do. So next 
week, I will focus on three priorities that will strengthen the long-
term economic security of our Nation.
    On Monday, I will travel to West Point, Virginia, to highlight the 
benefits of biodiesel, an alternative fuel that will help our country 
achieve greater energy independence. We'll also discuss our need for a 
comprehensive national energy strategy that reduces our dependence on 
foreign oil. This strategy will encourage more efficient technologies, 
make the most of our existing resources, help global energy consumers 
like China and India reduce their own use of hydrocarbons, encourage 
conservation, and develop promising new sources of energy such as 
hydrogen, ethanol, and biodiesel.
    I applaud the House for passing an energy bill that is largely 
consistent with these goals. Now the Senate must act. Congress needs to 
get a good energy bill to my desk by the August recess so I can sign it 
into law.
    On Tuesday, I will welcome our newest United States Trade 
Representative, former Congressman Rob Portman. Ambassador Portman 
understands that expanding trade is vital for American workers and 
consumers. He will make sure we vigorously enforce the trade laws on the 
books while also working to continue opening foreign markets to American 
crops and products. The Central America Free Trade Agreement would help 
us achieve these goals. This agreement would help the new democracies in 
our hemisphere deliver better jobs and higher labor standards to their 
workers, and it would create a more level playing field for American 
goods and services. Congress needs to pass this important legislation.
    Finally, on Thursday, I will travel to Milwaukee, Wisconsin, to 
discuss with young people the importance of acting now to strengthen 
Social Security. The Social Security safety net has a hole in it for 
younger workers. For the sake of our children and grandchildren, we need 
to make Social Security permanently solvent. And we need to make the 
system a better deal for younger workers by allowing them to put some of 
their payroll taxes, if they so choose, into a voluntary personal 
retirement account. Because this money will be saved and invested, 
workers will have the opportunity to earn a higher rate of return on 
their money than anything the current Social Security system can now 
give them.
    The American economy is the envy of the world. For the sake of our 
Nation's hardworking families, we must work together to achieve long-
term economic security so that we can continue to spread prosperity and 
hope throughout America and the world.
    Thank you for listening.

Note: The address was recorded at 7:50 a.m. on May 13 in the Cabinet 
Room at the White House

[[Page 808]]

for broadcast at 10:06 a.m. on May 14. The transcript was made available 
by the Office of the Press Secretary on May 13 but was embargoed for 
release until the broadcast. The Office of the Press Secretary also 
released a Spanish language transcript of this address.