NEW JOBS EVIDENCE OF ECONOMIC REVIVAL
Nearly 1 million new jobs created since March
By Dennis Hastert.
June 27, 2004
BATAVIA – New job figures released this month provide further evidence of a strong and growing American economy, and demonstrate what is possible when government allows taxpayers and businesses the flexibility to save and invest their hard-earned dollars.
In case you missed it, the Bureau of Labor Statistics announced 248,000 new jobs were created in May. That report follows news of 353,000 jobs created in March, and another 346,000 jobs created in April. In all, the American economy has added nearly 1 million jobs in the last three months alone.
This surge in job creation comes one year after President Bush signed a Jobs & Growth bill providing tax relief to all working Americans, and incentives for businesses to grow and add new jobs. The idea behind the legislation was simple: government can best spur the economy by getting out of the way, and allowing the American people and businesses to decide how to spend their dollars.
Indeed, the economy today is growing at its fastest rate since 1984. Beyond the recent new job numbers, consider:
• Productivity grew from 2000 to 2003 at the fastest 3-year rate in more than 50 years.
• Employment over the last year is up in 44 of the 50 states.
• New housing construction remains near a record high, while mortgage rates remain near record lows.
• Manufacturing jobs have been added for four straight months
• Retail sales other than motor vehicles increased by nearly 12 percent in the first quarter of 2004 – more than double the average rate of growth over the last decade.
From the attacks of September 11, 2001 to a string of corporate scandals that rocked investor confidence, our economy has faced significant challenges in recent years. We have responded in Congress by working with the President to reduce the tax burden on working Americans and to provide incentives for businesses to add new workers – and we are seeing the results.
We can now build on that strengthening economy by implementing policies that further encourage growth and job creation. First and foremost, we can make tax relief permanent, so that families and businesses can better plan for the future. We can reign in frivolous lawsuits, and make health care costs more affordable. And if the U.S. Senate does its part, we can get a long-term energy bill to the President that will reduce our nation's dangerous dependence on foreign oil and lower energy costs throughout the country.
Our nation has been tested time and again in recent years – by terrorists, by other nations, and by our own economy. But we have persevered, and today the economy is strong – and growing stronger. Now we must take the next step, and pass legislation that further addresses the needs of the nation, and continues to create good jobs for the American people.