More Jobs, Strong Economy

More Jobs, Strong Economy
By U.S. Representative John R. Carter

December 7, 2005

During the holiday season, filled with thankfulness and blessings, our pro-growth economic policies are giving American workers the greatest gift of all - jobs and a strong economy. In November alone, 215,000 new jobs were created for Americans, bringing the total to nearly 2 million new jobs over the past year. November marks the 30th consecutive month of payroll growth; demonstrating a steady and strong economy. This is good news for consumers who are seeing the benefits of increased jobs and lowering gas prices.

Since President Bush signed the Jobs & Growth Act in May of 2003, the economy has added nearly 4.5 million new jobs. Additionally, the current unemployment rate is far lower than the national average over the past 3 decades, at 5 percent. On every front the numbers continue to show that today's economic growth is stronger than past averages.

Further, consumer confidence continues to rise as evidenced through retail sales and home ownership. Holiday sales, according to the National Retail Federation, have already increased nearly 22 percent over last year as shoppers spent $27.8 billion during the post-Thanksgiving weekend. Additionally, new home sales jumped 13 percent in the month of October, marking the largest one-month percentage gain in over 12 years. As faith in the economy is renewed, consumers are spending more on products and investments.

In turn, businesses are hiring and investing to accommodate the robust consumer demand. The gross domestic product (GDP) has grown at a faster pace than was originally expected. For the third quarter, GDP grew at 4.3 percent, the fastest pace since early 2004. This growth rate outpaced both the U.S. Department of Commerce and Wall Street's initial predictions. Business investment remains strong as orders for capital goods are up more than ten percent versus last year.

To ensure continued growth and momentum, President Bush has called on Congress to prevent tax increases. As the economy has demonstrated, lower taxes stimulate growth. In Congress, we will soon be addressing tax legislation that extends provisions important to our continued growth and vitality as an economy. Cutting taxes for Americans makes good sense and limits the growth our government. I believe that the people of the 31st District know how to spend their money better than bureaucrats in Washington. I will keep you informed as we make progress on this issue in the coming weeks.

I am heartened that more Americans are working than ever before. By lightening the tax burden and leveling the playing field for American workers, the possibilities are endless. The American example of free enterprise, open markets, and lower taxes should be an inspiration to the world. As we celebrate Christmas and the coming New Year, let us be thankful for a new day of opportunity in America.

http://www.house.gov/apps/list/speech/tx31_carter/Dec7_economy.html