[Weekly Compilation of Presidential Documents Volume 44, Number 35 (Monday, September 8, 2008)]
[Pages 1167-1168]
[Online from the Government Publishing Office, www.gpo.gov]

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The President's Radio Address

August 30, 2008

    Good morning. This weekend, millions of Americans will celebrate 
Labor Day. This holiday marks the traditional end of the summer season. 
It is also an opportunity to reflect on the contributions of hard-
working Americans all across our country--from teachers, farmers, and 
health care professionals, to firefighters, police officers, small-
business owners, and workers on the assembly line.
    The American workforce continues to be the marvel of the world, yet 
many working families have been weathering tough economic times. There 
are families across our country struggling to make ends meet. There is 
an understandable concern about the high price of gas and food, and many 
Americans are worried about the health of our housing and job markets.
    I share these concerns about our economy, yet there have been some 
recent signs that our economy is beginning to improve. While the housing 
market is continuing to experience difficulty, the decline in home sales 
has leveled off recently, and sales are rising in some parts of the 
country. Orders for some durable goods, such as business equipment, are 
rising. And earlier this week, we received a report that America's 
economy grew in the second quarter at an annual rate of 3.3 percent, 
surprising analysts who were predicting an economic recession.
    These welcome signs indicate that the economic stimulus package that 
I signed earlier this year is having its intended effect. The growth 
package will return more than $150 billion back to American families and 
businesses this year. Many Americans who received tax rebates are 
spending them. Businesses are taking advantage of tax incentives to 
purchase new equipment this year. And there are signs that the stimulus 
package will continue to have a beneficial impact on the economy in the 
second half of the year.
    Labor Day is also the traditional start of the election season. In 
the coming months, it will be tempting for some in Congress to try to 
score political points instead of getting work done for the American 
people. Our citizens deserve better. We still have time to accomplish 
important goals for our country. My administration remains hopeful that 
we can work with Democratic leaders in Congress on bipartisan measures 
to help Americans cope with this period of economic uncertainty.
    We need to work together on a comprehensive approach to our energy 
problems. I've called on Congress to permit us to tap vast, unused 
sources of oil and gas, expand domestic refining capacity, and encourage 
the development of alternative energy sources. Congress continues to 
stand in the way of this comprehensive approach. At a minimum, 
Democratic leaders in Congress should move forward on commonsense energy 
proposals that have bipartisan support, and it is not too late to do 
this. They should act responsibly by lifting the ban on offshore 
drilling, expanding access to oil shale, and implementing long-term tax 
credits to spur the development of alternative sources of energy like 
wind, solar, and nuclear power.
    We need to work together to open up markets for American goods. 
Exports account for a greater share of America's gross domestic product 
than at any time in our history. It is not too late for Congress to 
approve free trade agreements with strong allies like Colombia, Panama, 
and South Korea, so that we can create more opportunities for American 
farmers, ranchers, and entrepreneurs.

[[Page 1168]]

    We need to work together to keep your taxes low. At a time of 
economic challenge, the last thing American families need is a massive 
tax increase. It's not too late for Congress to make the tax relief we 
passed in 2001 and 2003 permanent.
    Despite our economic difficulties, there is every reason to be 
optimistic about America's future. Our workforce is dynamic and 
productive. Our economy is showing that it is resilient. And our Nation 
is the most industrious, creative, and prosperous on Earth.
    Laura and I wish you a safe and joyous Labor Day weekend. Thank you 
for listening.

Note: The address was recorded at 7:50 a.m. on August 29 in the Cabinet 
Room at the White House for broadcast at 10:06 a.m. on August 30. The 
transcript was made available by the Office of the Press Secretary on 
August 29 but was embargoed for release until the broadcast. The Office 
of the Press Secretary also released a Spanish language transcript of 
this address.