[Weekly Compilation of Presidential Documents Volume 41, Number 32 (Monday, August 15, 2005)]
[Pages 1262-1263]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
The President's Radio Address

August 6, 2005

    Good morning. As families across the country enjoy the summer, 
Americans can be optimistic about our economic future.
    In the past 4 years, our economy has been through a lot. We faced a 
stock market decline, a recession, corporate scandals, an attack on our 
homeland, and the demands of an ongoing war on terror. To grow the 
economy and help American families, we acted by passing the largest tax 
relief in a generation. And today, thanks to the tax relief and the 
efforts of America's workers and entrepreneurs, our economy is strong 
and growing stronger.
    This past week, we learned that America added over 200,000 new jobs 
in July. Since May of 2003, we've added nearly 4 million new jobs. The 
unemployment rate is down to 5 percent, below the average of the 1970s, 
1980s, and 1990s. And more Americans are working today than ever before 
in our Nation's history.
    Recent economic reports show that our economy is growing faster than 
any other major industrialized nation. Small businesses are flourishing. 
Workers are taking home more of what they earn. Real disposable personal 
income has grown by over 12 percent since the end of 2000. Inflation is 
low, and mortgage rates are low. And over the past year, the 
homeownership rate in America has reached record levels.
    The tax relief stimulated economic vitality and growth, and it has 
helped increase revenues to the Treasury. The increased revenues and our 
spending restraint have led to good progress in reducing the Federal 
deficit. Last month we learned that the deficit is now projected to be 
$94 billion less than previously expected. I set a goal of cutting the 
deficit in half by 2009, and we are ahead of pace to meet that goal.
    To continue creating jobs and to ensure that our prosperity reaches 
every corner of America, we're opening markets abroad for our goods and 
services. This past week, I was proud to sign the Central American-
Dominican Republic Free Trade Agreement. This historic agreement will 
level the playing field for America's workers and farmers and open up a 
market of 44 million customers for products made in the United States.
    To keep our economy growing, we also need affordable, reliable 
supplies of energy. Next week in New Mexico, I'll sign a bipartisan 
energy bill that encourages conservation, expands domestic production in 
environmentally sensitive ways, diversifies our energy supply, 
modernizes our electricity grid, and makes America less dependent on 
foreign sources of energy. And next Wednesday in Illinois, I'll sign a 
highway bill that will improve the safety of our roads, strengthen our 
transportation infrastructure, and create good jobs.
    Our economy is strong, yet I will not be satisfied until every 
American who wants to work can find a job. So this coming Tuesday, I 
will meet with my economic team in Texas to discuss our agenda to keep 
the economy moving forward. As Congress considers appropriations bills 
this fall, we will work with the House and the Senate to ensure that 
taxpayer dollars are spent wisely or not at all.
    We need to make the tax relief permanent, end the death tax forever, 
and make our Tax Code simpler, fairer, and more progrowth. We'll 
continue working on Social Security reform. Social Security is sound for 
today's seniors, but there's a hole in the safety net for our younger 
workers, so I'll work with the Congress to strengthen Social Security 
for our children and grandchildren. I'll continue to press for legal 
reform to protect small businesses, doctors, and hospitals from junk 
lawsuits. And we will work to make health care more affordable and 
accessible for all Americans.
    The American economy is the envy of the world, and we will keep it 
that way. We will continue to unleash the entrepreneurial spirit of 
America so more of our citizens can realize the American Dream.

[[Page 1263]]

    Thank you for listening.

Note: The address was recorded at 8:25 a.m. on August 5 at the Bush 
Ranch in Crawford, TX, for broadcast at 10:06 a.m. on August 6. The 
transcript was made available by the Office of the Press Secretary on 
August 5 but was embargoed for release until the broadcast. The Office 
of the Press Secretary also released a Spanish language transcript of 
this address.