[Weekly Compilation of Presidential Documents Volume 42, Number 18 (Monday, May 8, 2006)]
[Pages 838-845]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Remarks to the American Council of Engineering Companies

May 3, 2006

    Thanks for the warm welcome. Thanks for inviting me. [Laughter] I 
was looking for something to do this morning. [Laughter] I'm really 
thrilled to be here. I thank you, Mr. Chairman, for letting me come by. 
I've got something to talk to you about, about the economy. What I'm 
really thrilled is, is that the American Council of Engineering 
Companies would allow a history major to come by to speak to you. 
[Laughter]
    I want to first say, I appreciate the good work you do for the 
country. I want you to know that I know how vital your contribution to 
America is. And it means a lot, and thanks a lot for doing what you're 
doing. I remember the work you did to help repair the Pentagon after 
September the 11th. I know full well the work that members of your group 
do to help construct schools and hospitals in some of the world's newest 
democracies, particularly Afghanistan and Iraq. And for those of you who 
encourage your employees to do that, or if you've done that yourself, 
thank you from the bottom of our Nation's collective hearts.
    I know that members have been down to help rebuild the communities 
along the gulf coast. And for those of you who have been down there or 
may live down there, you know what that storm did. I mean, you talk 
about wiping out a part of our country; it just flat did. And it makes a 
difference in people's lives when good-hearted citizens come down and 
lend their talents and expertise to help rebuild. I've been down there 
quite a bit; Laura, as a matter of fact, was down in New Orleans last 
night, and she's there this morning and heading over to Mississippi. And 
it's amazing what the collective compassion of America has done to help 
lift the spirits of our fellow citizens. And some of our Nation's 
engineers were down there helping.
    I also want to thank you for helping to build on this country's 
prosperity. Through your hard work, your vision, your ingenuity, you're 
helping this economy of ours. You know, I like to remind people that the 
Government's role is not to engineer the economy. The Government's role 
is to create an environment in which people can find work, risk capital, 
grow their companies, so that, collectively, we all benefit.
    I appreciate the entrepreneurial spirit represented here in this 
room. One of the most important jobs of Government is to make sure the 
entrepreneurial spirit remains strong. We want America to be 
entrepreneurial heaven, the place where people can come and realize 
their dreams.
    Laura sends her best. I'm a lucky man to have her as my wife. I 
believe the country is lucky to have her as the First Lady. She is a--
[applause]--she's pretty busy. She's busy telling me what to do and not 
what to say. [Laughter] It's an interesting life in the White House, as 
I'm sure you can imagine. There's nothing better, to have somebody by 
your side who you love, right here in the middle of Washington, DC. 
[Laughter] And Laura is that way. You know, people--my friends from 
Texas always ask me what it's like to be the President, living in the 
White House and everything, and it's pretty interesting. I've got a 45-
second commute. [Laughter] And the good news is, I commute to a house 
that's warm. And that's because of Laura.
    So she sends her very best to you. I wish she were here. But she's, 
as I said, down in New Orleans helping the people on the gulf coast get 
their lives back together. As you might remember, she's a librarian, and 
she's talking about her foundation to help rebuild the libraries down 
there in the gulf coast of our country. Anyway, she's doing just good. I 
know you didn't ask, but I'm telling you anyway. [Laughter]
    I want to thank--not only thank Ed, but I also want to thank the 
chairman-elect of the ACEC, Jeff Daggett. I want to thank Dave Raymond. 
I want to thank all the members for letting me come by.

[[Page 839]]

    Let me start by telling you, look, I understand there's a lot of, 
kind of, different opinions about our economy. And you'll hear a lot of 
different opinions, particularly as the political season approaches. Let 
me just give you some facts so you can draw your own conclusions, so the 
American people can draw their own conclusions about whether this 
economy is strong or not.
    In the first quarter of this year, America's economy grew at an 
impressive rate of 4.8 percent. The strong start follows a strong 2005 
when our economy--American economy grew at 3.5 percent. Now, let me put 
that in perspective for you. Our economy's growth in 2005 was faster 
than Japan, more than twice as fast as France, and more than three times 
as fast as Germany.
    The American economy is the fastest growing of any major 
industrialized nation in the world. Productivity has been growing at the 
highest rate in decades. An economy that is productive is one that will 
help increase the standard of living for our American people, and we are 
a productive nation.
    We've added jobs for 31 months in a row. We've added more than--
[applause]--and that's totaled 5.1 million new jobs for the American 
people, and that's good news. The national unemployment rate has fallen 
to 4.7 percent. That is lower than the average of any decade since the 
1950s. The job market for college graduates is the best it's been in 5 
years. The American people are going to work in record numbers, and 
that's important. Construction spending is at an alltime high. Business 
confidence is strong, and business investment is growing. Business 
investment is an indication of confidence in the future. People invest 
because they think the future is going to be brighter. And when people 
invest, it helps this country remain productive, and it helps people 
find work.
    Small businesses are flourishing. I know many of you all are small-
business owners, and I applaud you for having the courage to start your 
own business and manage your own business. But small businesses are 
flourishing in America, and that's important. Most new jobs in America 
are created by small businesses, and when the small-business sector is 
strong, it means people are going to find work. The number of Hispanic-
owned businesses is growing at three times the national rate, and that's 
a positive development.
    One of the things I try to do is promote an ownership society. We 
want people owning their own business. There's something that encourages 
somebody to think about the future of the country when they own their 
own company. The number of African American-owned businesses is growing 
at four times the national rate. Real after-tax income has grown by 
almost 9 percent per person since I took office.
    Homeownership recently reached record levels. That's important. I 
mean, I love the idea, when somebody opens a door to where they live, 
says, ``Welcome to my house; welcome to my piece of property.'' It is 
good for our society to encourage ownership.
    Consumer confidence is at its highest point in nearly 4 years. 
Household wealth is at an alltime high. These are the facts which say to 
me, this economy is powerful, productive, and prosperous. And we intend 
to keep it that way.
    One of the most important explanations for this strong economy is 
low taxes. When I came to Washington, taxes were too high, and this 
economy of ours was headed into a recession. Not only did we have a 
recession, there was a stock market correction, corporate scandals, an 
attack on the United States of America. This country went to war to 
defend ourselves; we had natural disasters. It's amazing the statistics 
I just read are as strong as they are, given what we've been through. 
But I believe a lot of the reasons why the statistics are strong is 
because we let people keep more of their own money under the theory that 
if you have more of your own money in your pocket to save, invest, or 
spend, this economy will do just fine.
    Part of creating a wealth in which--an environment in which the 
entrepreneurial spirit is strong is to let people have more of their 
money, is to unleash the great creative talent of the American people. 
And that's what we did. I worked with Congress to cut the taxes on 
everybody who pays taxes. It wasn't one of these tax cuts where, you 
seem okay, you get a tax cut, and you're not and you don't. My attitude 
was, the only fair way to treat people is if you pay taxes, you get tax 
relief.

[[Page 840]]

    So we reduced taxes for every American who pays taxes, and that's 
more than 110 million people in all. And I want to remind you about the 
tax relief. First of all, we doubled the child tax credit. We thought it 
made sense to help people who've got children. Secondly, we put--we 
reduced the marriage penalty. We did not think it made sense to penalize 
marriage. We cut the taxes on capital gains and dividends to encourage 
business investment.
    I understand, with more investment, this economy of ours will grow. 
That's what you want to encourage; you want to encourage people to 
invest. And it's important for people who watch the economy and try to 
figure out why we make decisions we make to understand that the more 
investment there is in the private sector, the more likely it is someone 
will be able to find work. And so we created incentives in the Tax Code 
for our small businesses to purchase equipment. We rewarded family 
businesses and farmers and ranchers by putting the death tax on the way 
to extinction.
    The cumulative effect of these tax cuts left $880 billion in the 
hands of American workers and businesses. And they have used that money 
to fuel our economic resurgence. It's the American people, people such 
as yourself, that used your own money to help make this economy as 
strong as it is.
    There's a business owner today named Gregg Ten Eyck. You know old 
Gregg. I just named him. Where are you? There he is, right there. 
[Laughter] I hope you're okay with--is that your son? Your son? Yes. Is 
it okay to mention the old man's name in public? [Laughter] Good, 
because I just did. Gregg is--runs an engineering company in Denver, 
Colorado. He brought his family--thank you all for being here. He files 
as a subchapter S corporation. Most of you know what that means. For 
those of you who don't, it means that he pays taxes on business income 
at individual income tax rates.
    See, most small businesses are subchapter S corporations or limited 
partnerships, and therefore, the business pays tax at an individual 
income tax rate. And so by cutting individual income taxes--rates across 
the board, we cut taxes on small businesses like Gregg. And there's a 
reason why you would want to do that. If most new jobs are created by 
small businesses in the United States and a primary objective is to help 
people find work, it then makes sense to leave more money in Gregg's 
hands so he can spend it to expand his business.
    He also took advantage of the new investment opportunities to 
purchase computers and software that help make him more competitive. Not 
only did it make him more competitive but somebody had to make the 
computers that he purchased. There's an effect throughout the economy 
when Government provides incentives for people to invest. And the 
fundamental question facing our country is, who do you want making 
decisions with his own money? Do you want Gregg making the decisions, or 
do you want somebody in the halls of Congress? This administration 
thinks the money is better left in Gregg's hands.
    The most important connection for the American people to what I just 
said about encouraging investment and reducing taxes is this: Gregg's 
added--Gregg's business added employees for the past 5 years in a row. 
And this year he plans to add a few more. Stories like Gregg's prove the 
tax cuts are doing what we want them to do, and that's to get this 
economy growing so people can find work. That's what we want.
     The problem is that these tax cuts are scheduled to expire in the 
next few years. So when Congress passed them, they didn't make them a 
permanent part of the Tax Code. They said, we'll give you some tax 
relief for a while, but the tax relief is scheduled to go away. And, of 
course, if that were to happen, it means your taxes are going to go up. 
The prospect of higher taxes, the notion that there's uncertainty in the 
Tax Code makes it difficult for small-business owners and company execs 
to plan. How can you plan if you're uncertain about what the future is 
going to be when it comes to the Tax Code?
    Obviously, if you think a big tax crease is incoming--a big tax 
increase is coming, it will make you less likely to invest. Investment 
leads to a more productive society; investment leads to job. The lack of 
investment will make us less competitive and make it more likely there 
won't be new jobs created.

[[Page 841]]

And so there's uncertainty in the Tax Code, because the Congress made 
sure that the tax cuts would expire. At a time of high gasoline prices--
I know energy prices is on your mind, like a lot of other folks--at a 
time when there's growing competition in the world, the last thing the 
American people need is a tax hike. And so my message to the Congress is 
this: In order to keep this economy strong, Congress needs to make the 
tax relief permanent.
    By the way, there's a struggle here in Washington about who best can 
spend your money. [Laughter] Some are very anxious for the tax cuts to 
expire; some want to repeal the tax cuts now. Many of those are members 
of the loyal opposition here in Washington, DC, who've objected to tax 
relief all along the way. When Congress first cut taxes back in 2001, 
most of the Democrats in Congress voted against it. One leading Democrat 
said that tax cuts were a huge mistake. We have a philosophical 
difference here in Washington; nothing wrong with that. There's nothing 
wrong with having differences of opinion. Another predicted that the tax 
cuts would do nothing to create jobs. A year-and-a-half ago, a Democrat 
Senator informed us the economy may be on the brink of collapse. The 
Democrats' record of pessimism has been consistent; it's been 
consistently wrong.
    If the people have their way--who want this tax relief to expire--
the American people will be hit with $2.4 trillion in higher taxes over 
the next decade. That's 2.4 trillion that would be taken out of the 
pockets of firms like Gregg, taken out of the pockets of those who are 
raising their children. It would be handed over to Government; that's 
where the money would go. It would be taken out of the economy and given 
to people here in Washington, DC, to spend. A tax increase would be 
disastrous for business, disastrous for families, and disastrous for 
this economy.
    Congress has an opportunity to pass a progrowth measure that would 
keep key elements of the tax relief in place. The House and the Senate 
are close to completing a bill that would extend the tax cuts on 
dividends and capital gains for two more years, through 2010. The bill 
would also extend incentives for small businesses to purchase new 
equipment. All these provisions have been successful over the past few 
years. By improving access to capital, the tax cuts on capital gains 
have led to more investment, more growth, and more job creation.
    The tax cuts on the dividends has resulted in more dividend payments 
to investors and large savings for our seniors who rely on fixed 
incomes. The small-business expensing incentives have helped many 
businesses like yours expand and hire new workers. There is no reason 
for Congress to allow taxes on the job creators to go up. So the House 
and the Senate have got to resolve their differences and pass progrowth 
legislation, so I can sign it into law.
    Congress also needs to take action on the other side of the ledger 
as well. And by that, I mean we've got to restrain spending. See, what 
you'll hear in Washington is, we must balance a budget by raising your 
taxes. The problem is, that's not the way Washington works. What happens 
is, they'll raise your taxes and figure out new ways to spend your 
money. [Laughter] The best way to reduce our deficit is to keep 
progrowth economic policies in place so the economy expands, which will 
yield more tax revenues, and be wise about how we spend your money.
    It's difficult in Washington for people to set priorities when it 
comes to spending your money. I have set priorities, and our number-one 
priority is to make sure that the men and women in our uniform have what 
it takes to defend America and win the war on terror--[applause]--which 
means we must show discipline in other areas of the budget. You know 
what that means. You can't spend every--your money on everything you 
want to spend it on. You have to set priorities. And that's what 
Congress needs to do.
    We're actually making good progress on spending restraint. There are 
two types of spending: discretionary spending and mandatory spending. 
Mandatory spending, which I'll talk about a little bit later on, is 
relief programs that escalate based upon formula. Medicare and Social 
Security are the two programs that you're most familiar with.
    Discretionary spending is where the Congress can decide whether or 
not to increase or decrease a particular budget. Every year since I took 
office, we've slowed the growth

[[Page 842]]

of discretionary spending that's not related to the military or homeland 
security. The last two budgets have actually had cuts in this kind of 
spending. We've reduced the spending.
    What we've asked Congress to look at is, we said, look, why don't 
you analyze whether or not a program is working? See, every program 
sounds great, they all have got good titles, but sometimes they don't 
deliver results. And when they don't deliver results, we shouldn't spend 
taxpayers' money on it. In 2007 budget, we've identified 141 programs 
that are performing poorly or not fulfilling essential priorities. We've 
asked Congress to get rid of them. If they're not working, eliminate 
them.
    With a disciplined approach to spending, we're on our way to cutting 
the deficit in half by 2009, and that's a positive goal. Congress is 
considering a piece of legislation that will test its commitment to 
spending restraint. I've requested a bill that would provide emergency 
funds for the war on terror and hurricane relief. Unfortunately, there 
are some here in Washington trying to load that bill up with unnecessary 
spending. This bill is for emergency spending, and it should be limited 
to emergency measures.
    And so I've told the Congress--I'd like to reiterate it here for 
you--that anything above $92.2 billion for this emergency spending bill, 
plus the funding to prepare for a pandemic flu emergency, will be 
vetoed. The Congress needs to hear me loud and clear: If they spend more 
than 92.2 plus pandemic flu emergency funds, I will veto the bill. It's 
important for there to be fiscal discipline in Washington, DC, if we 
want to keep this economy strong.
    There are other ways to make sure we're wise about how we spend your 
money. I'm going to work with Congress to reduce the number of what's 
called earmarks for special projects. [Applause] Sounds like you know 
what an earmark is. [Laughter] Earmarks are often an award of Federal 
funds to projects without a proper hearing. In other words, people just 
kind of slide them in there in these bills. And as a result, I don't 
think the taxpayer gets the best result for their money. It's not--I 
don't think you can prioritize if you have a system of people just 
slipping spending in bills without proper hearing.
    I appreciate the Senate work on sensible earmark reform. Today the 
House of Representatives is taking up a measure that includes earmark 
reform. And I encourage both bodies of Congress to get the job done, to 
have meaningful, real earmark reform. I look forward to signing such a 
bill if it comes to my desk.
    Congress also can pass the line-item veto. By the way, earmark 
reform may not require--it's really a matter of Congress having the will 
to do what's right; same with the line-item veto. A line-item veto would 
allow me to eliminate wasteful spending items without having to veto the 
entire bill. And this will be a useful way to help bring fiscal 
discipline to Washington, DC. The Congress needs to pass a line-item 
veto quickly. I look forward to working with members of both political 
parties to achieve budgetary reform so we can do the job you expect us 
to do.
    The biggest problem we've got, however, is--for our budgetary 
health--is the entitlement spending programs like Social Security and 
Medicare. If we're wise about keeping progrowth policies in place and 
fiscal restraint, we can get this deficit down. We're on a trajectory to 
do so by--cut it in half by 2009. But there's a large problem looming 
out there, and it's because baby boomers like me and you--[laughter]--
well, some of you--are getting ready to retire. We're getting to that 
age where the Government has made us a promise. And there's a lot of us. 
There's a lot of baby boomers. There's a baby boomer bulge--in more ways 
than one. [Laughter] And we're living longer than anybody thought when 
they first designed these programs.
    And I don't know about you, but I like to get exercise, I'm wise 
about the choices I make in terms of drinking and all that. And as a 
result--and medicine has improved--we're living longer lives. So you've 
got a lot of people getting ready to retire who are going to live longer 
lives, and we've been promised greater benefits than the previous 
generation. People running for office say, ``Vote for me; I promise to 
increase your benefits in these entitlement programs.'' And

[[Page 843]]

sure enough, they won and did what they said they were going to do.
    But the problem is, is that there are fewer payers per beneficiary 
into the system than ever before. In other words, there is a heavy 
burden on a young generation of Americans coming up to pay the promises 
that Congress has made. And I really, really think that Congress has got 
to address this issue with me.
    I tried last year, I took it on, Social Security in particular, and 
went around the country saying, ``Folks, we got a problem''--on the 
theory that when the people said we got a problem, Congress would 
respond. Well, I got half of it right. [Laughter] People said, ``We got 
a problem.'' And it's so political up here that it's difficult at this 
stage of the game to get people to come together, to come with a 
bipartisan solution. Look, we don't have to cut programs. It's like 
making sure you slow your car down to the speed limit. You don't have to 
put it in reverse. There are commonsense ways to keep the promises to 
the generation that is fixing to retire but make sure that future 
generations will have a sound Social Security and Medicare system.
    So I just want to assure you this issue is on my mind a lot. I like 
to remind people that the job of a President is to confront problems, no 
matter how difficult they may look, and not pass them on to future 
Presidents. I also believe--[applause]. So we're in the process of 
working with Democrats and Republicans to come together to forge a 
bipartisan solution so that we can say we did our duty, that we came and 
we made the system work better. It's a really important issue.
    And so when you hear people talking about the budget, the current 
account deficit is important; it's really important. But these unfunded 
liabilities will serve to be a major drag on our economy if we don't do 
it now. Now is the time to do it. The longer we wait, the more difficult 
it's going to be for people to come together. So you'll see me working 
with Democrats and Republicans, hopefully, to come up with a solution 
that will address this problem.
    One of the interesting challenges we face is whether or not this 
Nation will lose its confidence or not. We live in a global economy, as 
you well know. And some people in the country really wonder whether it's 
worth the competition, whether it makes sense to try to compete with 
these new and growing economies like China and India. I, first of all, 
know it's important for us to compete and to be confident. If we want to 
remain the economic leader of the world, which I happen to believe is 
good for our people, we shouldn't fear the competition. We ought to 
welcome it. And we ought to develop a strategy so that we can remain the 
leader. And here's some ideas.
    Obviously, we've got to do something about energy. A global economy 
means that when demand for energy goes up in India and China, which it 
is, it causes our gasoline prices to go up. When the price of crude goes 
up, because of international demand increase is greater than the supply, 
your gasoline prices go up. And so it's--and my attitude about this is 
to make sure you're not being mistreated at the pump, you're being 
treated fairly, but also recognize now is the time to spur strong 
research and development into using other ways to power our cars, such 
as hydrogen or ethanol or batteries that can give the first 40 miles on 
electricity, as opposed to gasoline. Now is the time.
    And so I look forward to working with Congress to press ahead hard 
on research and development. And we're close to some amazing 
breakthroughs. Cellulosic ethanol may be on the verge of becoming 
commercially viable. We're close to these new battery technologies that 
will enable people to drive the first 40 miles in a city not using 
gasoline. Ethanol is on the move. We must, as a nation, in order to stay 
competitive, diversify away from crude oil. I know it sounds weird for a 
Texan to say--[laughter]--but I'm telling you, it is essential for our 
economic security and national security to do so.
    We've got a challenge when it comes to making sure our health care 
is available and affordable. There is a debate here in Washington. There 
are some who say, ``Let's let the Government run it, set the price, set 
the supply.'' I'm strongly against that. I believe we've got to empower 
the doctor-patient relationship. And we put out a lot of good ideas, two 
that I think will interest you. One is to make sure the small businesses 
can pool risk across jurisdictional boundaries so they can

[[Page 844]]

buy insurance at the same discounts--[applause]. And secondly, do 
something about these junk lawsuits that are running up the cost of 
medicine.
    Do you realize there are over 1,500 counties in America--about, they 
estimate--that do not have an ob-gyn? That is harmful for our health 
care system. It is--it's discouraging to the America people. A lot of it 
is because of these lawsuits. And the lawsuits not only make medicine 
less accessible but docs practice defensive medicine. If you think 
you're going to get sued, you prescribe more drugs than necessary or 
more procedures than necessary so that you can make your case in a court 
of law. And this is--these lawsuits harm medicine. It makes the cost of 
medicine difficult for you, and it makes it hard for you to afford it 
for your employees.
    When I came to Washington, I said, this isn't really a national 
issue; States ought to deal with it. Then I realized that the cost of 
defensive medicine and the cost of raising premiums costs our 
Government--you--about $28 billion a year because of Federal health 
programs such as Medicare, Medicaid, veterans' benefits. And so I've 
called upon Congress to get a bill to my desk that is rational, 
reasonable, and common sense, that does something about these junk 
lawsuits.
    Another initiative I think you'll be interested in is this: To stay 
competitive, we got to make sure our children have the skill sets 
necessary to fill the jobs of the 21st century. That skill set happens 
to be based upon math and science. I think you know what I'm talking 
about. And as well, in order to be a competitive nation--one that 
doesn't fear the future, but welcomes the competition, and says, look, 
we can compete; recognizes the importance of research and technology--
the research and development tax credit needs to be a permanent part of 
our Tax Code in order to make sure that people invest in the future, 
come up with new ideas.
    As well, I've committed the Government to double research in basic 
sciences over the next 10 years. The Government has got a vital role to 
play. People say to me, why should the Government invest in basic 
sciences, basic research--research for the basic sciences? And the 
answer is, is because it's amazing what happens, what research can 
bring, such as the Internet. The Internet came to be as a result of 
Government research monies spent at the DOD. There's unbelievable things 
that can happen when we unleash the creativity of the American people, 
and the Federal Government ought to be a rational part of that.
    But the other answer--the other real challenge we face is whether or 
not our kids can compete. And the American people have got to understand 
that if our children do not have the basics in math and science, they 
will then not have the skill sets necessary for the jobs of the 21st 
century. And in a global economy, those jobs will go somewhere else.
    And now's the time to get it correct. And we're making pretty good 
progress, in my judgment. First of all, as people who are results-
oriented people, I think you'll appreciate the approach we took in the 
No Child Left Behind Act which basically said, in return for spending 
Federal money, particularly for Title I students--the poor students, 
which I support, why don't you show us whether or not we're getting 
results? It's kind of an odd concept, isn't it--[laughter]--we spend, 
you measure. You notice I didn't say, the Federal Government will design 
the test. I don't believe in federalizing schools. I believe in local 
control of schools, but I do believe in accountability.
    And so therefore, we said to the States, in return for Federal 
participation, develop accountability systems so we know. There's all 
kinds of debates that take place in public education. One of them is, 
does the curriculum work that you're using? The best way to figure it 
out is to measure.
    The second part of this system is that when we find children falling 
behind early, there's extra money, supplemental service money we call 
it, to get tutoring so that the children are not left behind. In other 
words, we're tired of this business about socially promoting students. 
We want to make sure that people get promoted based upon knowledge. And 
our system is working.
    There's a--there's an achievement gap in America that's got to be 
closed for the future of this--to make sure this country's future is 
bright. And we're closing it. How do we know? Because we measure. And we 
need

[[Page 845]]

to apply the same rigor, by the way, that we apply to reading, to math 
and science. It turns out that we're doing fine in fourth grade math, 
and we're doing fine in eighth grade math, but when kids get into high 
school, when it comes to the rest of the world, we're falling down. And 
so therefore, it makes sense to measure in junior high and provide 
supplemental services for math, to make sure that our children have got 
the skill base necessary to become the engineers and scientists.
    AP works--Advanced Placement program works. If it's--if you're 
involved with your schools in your community, you know what I'm talking 
about. It's important to set high standards. The Government ought to 
help train 70,000 teachers to become Advanced Placement teachers to 
raise the standards for our children. We need 30,000--30,000 scientists 
and engineers to become adjunct professors, so to speak, in the 
classrooms to make sure that--[applause]. I can go on forever.
    Here's the deal, though. Here's what I'm trying to explain to you: 
We don't need to fear the future, because we're going to shape the 
future. We'll make sure our children are educated. We're going to make 
sure we do something about these junk lawsuits. We're going to make sure 
that we do something about energy. Why I wanted to talk to you today, 
though, is to make sure that you understand that in order for this 
country to be competitive, in order for us not to fear the future, we 
got to keep your taxes low.
    I appreciate you for what you do for our country. Thanks for letting 
me come by and share some thoughts with you. God bless you.

Note: The President spoke at 11:25 a.m. at the Grand Hyatt Hotel. In his 
remarks, he referred to Edward J. Mulcahy, chairman, and David A. 
Raymond, president, American Council of Engineering Companies.