Status of the Economy

STATUS OF THE ECONOMY -- (House of Representatives - February 28, 2006)

(Mr. CARTER asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)

Mr. CARTER. Mr. Speaker, my son Johnny and his new bride bought a house last fall. He is a baseball coach at our local high school. He has joined a record number of people, the largest in the history of the United States, who own their own home. The great American Dream, to own your own home.

The naysayers say the economy is struggling, but the facts do not prove out to be the truth. More people own their own home in America than at any time in the history of our Nation.

We are growing. We have an unemployment rate of 4.7 percent, and that is one of the lowest in history. Texas unemployment is at an all-time low in modern history. Our economy grew a solid 4.1 percent in the third quarter, the 10th straight quarter of GDP at a rate above 3 percent.

We are producing more. We are growing more. We are providing more jobs. We need to prevent the tax increases that many in this body wish to make. We need to make sure that we maintain a good tax structure and keep the tax cuts in position so that this growth will continue. It is good for the American Dream.

http://thomas.loc.gov