(Archived Content)
FROM THE OFFICE OF PUBLIC AFFAIRS
JS-1863
Thanks so much for having me here today. It's terrific to be in Springfield, and I'm delighted to have the opportunity to visit Loren Cook Company.
This is a thriving, growing business and I appreciate all you do to create good jobs for hundreds of Springfield's citizens.
Your company has a great philosophy about growth and what it means to be an industry leader. You say that leading the industry doesn't necessarily mean you're the biggest… it means that everyone else is following you. You are dedicated to product quality and customer service, and it's paying off. It looks like you're about to have the best month in your company's history; congratulations!
Companies like yours are a powerful reminder of what the American economy is made of: families, businesses more committed to innovation and quality than size, and workers that are dedicated to excellence.
As Loren Cook has risen to a leadership position in the ventilation industry, so many have benefited: your customers, your employees, and the Springfield community. Because your success has meant jobs for Missourians, quality products for your customers and opportunities for your many suppliers.
When you look at the American economy, it is really a collection of businesses that have much in common with Loren Cook. Some are larger, many are smaller… but those that do well are generally leading their communities by developing innovative methods or technology, or beating the competition when it comes to customer service.
This country has always encouraged entrepreneurship… and it became an early and lasting building block of this economy which is the strongest and most dynamic in the world.
Individually, each company – large or small – benefits its community by providing jobs. And in times like these, when we're recovering from a recession, every new job has the potential to change a family's life.
Nothing is more important here in Missouri than having enough jobs for all those who seek work. Really, nothing is more important to families all over the country.
We've come through hard times – here in Missouri and all over America . Our economy was in steep decline when the President took office, and September 11 th and the corporate scandals literally kicked us when we were down.
But the President's tax cuts served America with a helping of economic relief. Everyone who paid taxes got a tax cut; they got to keep more of their hard-earned money, and spend it how they saw fit. The President favored a tax cut because he wants people to have more of their money in their pockets. After all, it is your money – not the government's. Because of the President's tax legislation, owners of small businesses invested in equipment or increased pay for employees, or even hired new ones. Because of that legislation, workers had more money in their pockets so they could afford a payment on a new car or replace old household appliances with new ones. And the legislation reflected important American family values – the value of marriage, children and families. All benefited from the legislation.
The tax cuts made a difference – individually and collectively. They are a critical part of the reason why I am able to report that our national economy has found its footing. It is expanding and creating jobs.
Growth among companies like yours is strengthening our economy on both the local and national levels. Although the President wants even stronger job growth, the good news is that jobs have been added to the national payrolls for 11 months in a row.
Here in Missouri, job growth has seen a recent upswing, with nearly 28,000 jobs created in June. That was the best news possible for Missouri families.
The President and I want all job-seekers to be rewarded with paychecks, and we know that the reward cannot come soon enough for workers and their families. Even though lots of new jobs have been created in the last year, we're not satisfied. More needs to be done.
The underlying fundamentals of our economy are very strong. We've seen that tax cuts work and that job creation does follow economic growth. I'm optimistic.
Small businesses are hiring, and they are optimistic. Consumer confidence is high, too… and these are both good indicators that we will see continued economic growth and job creation.
Yesterday's reports on the economy were encouraging. They show that we're going the right way with strong manufacturing output, home sales continuing at near-record levels and very low inflation. Overall homeownership is at the highest level in the history of the country, as is minority homeownership. More Americans are working than ever before, and keeping what they earn more than ever before… all because of the President's tax cuts.
Keeping your taxes low is critical at a time like this, when we need more growth and continued job creation.
Here in Missouri , more than 2 million taxpayers will have lower income tax bills in 2004 thanks to the President's tax cuts. About 440,000 Missouri business taxpayers will be able to use their tax savings to invest in their employees' pay or benefits, the purchase of new equipment, or hiring of new staff.
Raising your taxes right now would be terrible news for our economy, and for every Missourian who seeks work. It would take us in the wrong direction, imperil the recovery and put the American economy at risk.
We need to keep the burden of taxes as light as we can on small businesses and individuals if we want to encourage the creativity and innovation that leads to job creation.
Because when individuals and small-business owners are able to keep more of their own money to spend or invest the way they see fit, good economic news follows.
We still have challenges, to be sure. The price of oil is causing an economic headwind, and it's critical that the Congress act to pass the President's energy plan which has been stalled in the Senate. The Senate needs to act, and act now.
We need to enact his energy policy because it will make us less dependent on foreign sources of energy and help to keep and create energy industry jobs here in America. We've also got to conserve better, we've got to work on renewable energy sources, and we've got to explore in environmentally friendly ways in places like ANWR in Alaska. The President's plan will lead to lower costs, and that's very important for our economy.
High health care costs are another challenge for individuals, families and employers. The recently enacted Medicare prescription drug bill contains an innovative new program to empower consumers to make better health care choices. HSAs, Health Savings Accounts, are really super-charged IRAs that put patients back in charge of their health care. You own it, you control it, you can leave it to your heirs.
The President also needs Congress to act and pass Association Health Plans, so small businesses and their employees can band together, across state lines, to purchase health insurance at a much more affordable rate.
More affordable health insurance would be a big help to America 's smallest companies… and they are the ones creating most of the new jobs, so their needs are a priority for the President.
I am concerned with the economic impact that baseless, abusive lawsuits have… again, especially on smaller businesses. The threat of these frivolous lawsuits is a disincentive for expansion and hiring. And while justice for victims must always remain as the ultimate goal of the system, we can and must make changes that make it harder for wealthy lawyers to make their own financial gain the primary outcome of personal injury suits.
There is work to be done in many areas to shore up our economy, and to spur increased job creation. But we are fortunate that our economy is the most open, flexible, adaptive and resilient in the world. As long as we continue on the path of freedom, making sure that individuals and entrepreneurs have an environment in which they can work and grow, our best days will remain ahead of us, all across this great country.
Thank you again for the work you do to keep our economy strong, and thank you for having me here today.
-30-