(Archived Content)
FROM THE OFFICE OF PUBLIC AFFAIRS
JS-1884
Good morning and thank you so much for having me here today. I look forward to our talk but would like to take a moment to note a couple of facts and put in perspective how the economy is performing today.
Our economy was in steep decline when the President took office. Then we were hit with the bursting of the stock market bubble, with the devastating shock of September 11th, and the revelations of corporate wrongdoing going back to the 1990s. Those events literally kicked us when we were down. These massive body blows hurt job creation and the economic well being of the American family.
Today things are better.
Since last summer, the American economy has grown at the fastest rate of any major industrialized nation. From 2000 to 2003, productivity grew at the fastest three-year rate in decades, raising the standard of living for all Americans. The stock market regained more than $4 trillion in equity since its low in mid-2002. In 2003 the Dow Jones Industrial Average rose 25 percent and the NASDAQ rose 50 percent. An index of manufacturing activity signaled expansion in August 2004 for the 15th consecutive month. Real after-tax incomes are up nearly 10 percent since December 2000. Homeownership reached an all-time high and mortgage rates reached their lowest level in decades. During the Bush Administration, we have experienced one of the lowest core inflation rates (averaging two percent per year) in the past 40 years. Interest rates reached their lowest levels in decades during the Bush Administration.
While its clear things are improving nicely, and the economy is on solid footing, we are not at all satisfied and there is still more work to be done. We are fortunate that our economy is the most open, flexible, adaptive and resilient in the world – and it's critical we keep it that way.
Today I look forward to discussing the Bush Administration's efforts to control health care costs, reduce frivolous lawsuits and ensure that America has reliable and affordable sources of energy. We must continue to push forward on a pro-growth economic agenda that meets the needs of the American people. Thank you again for the work you do to keep our economy strong, and thank you for having me here today. I look forward to our talk.