Bush: "The tax cuts I signed left $880 billion with our nation's workers"

President Bush Discusses America's Strong and Growing Economy
The Diplomatic Reception Room

9:32 A.M. EDT

http://www.whitehouse.gov/news/releases/2006/04/20060407-1.html



THE PRESIDENT: Good morning. This morning's economic report shows that America's growing economy added 211,000 jobs in the month of March. The American economy has now added jobs for 31 months in a row, created more than 5.1 million new jobs for American workers. The unemployment rate is now down to 4.7 percent -- that's below the average rate of the 1960s, 1970s, 1980s and 1990s.

These millions of new jobs are evidence of an economic resurgence that is strong, broad and benefiting all Americans. Real after-tax income has grown by more than 8 percent per person since I took office. That means, on average, Americans have an income that is $2,100 higher this year than it was in 2001, after adjusting for inflation.

More Americans own their homes than at any time in history. Minority home ownership has reached record levels. Consumer confidence is at its highest point in nearly 40 years, productivity is high, inflation is contained, manufacturing activity is growing and the small business sector is thriving.

The economy has expanded for 17 straight quarters. And last year the American economy grew at a healthy rate of 3.5 percent. That's the fastest rate of any major industrialized economy.

These gains are the result of the energy and the effort of American workers, small business owners and entrepreneurs. They are also the result of pro-growth economic policies. The tax cuts I signed left $880 billion with our nation's workers, small business owners and families. They've used that money to fuel our economic resurgence.

Not everyone in Washington agreed with the decision to let people keep more of their own money. On the day that Republicans in the House and Senate were finalizing the 2003 tax cuts, one Democratic leader said these cuts would "do nothing to create jobs." Facts have proven the critics wrong 5.1 million times over.

Tax relief has done exactly what it was designed to do -- it's created jobs and growth for the American people. Yet some are now proposing that we raise taxes, either by repealing the tax cuts or letting them expire. These are the same politicians that told us that letting Americans -- letting America's working families keep more of their own money would be irresponsible, reckless and shameful. They were wrong then, and they are wrong now. Our economy grows when the American people make the decisions about how to save spend and invest their money. To keep our economy creating jobs and opportunity, Congress needs to show its trust in the American people and make the tax relief permanent.

Congress also needs to restrain spending so we can stay on track to cut the deficit in half by 2009. And if necessary, I will enforce spending restraint through the exercise of the veto. The American people expect their leaders to address other key leaders that directly affect their family budgets and bottom line, especially health care and energy.

When the cost of energy and health care rise, families are squeezed and small businesses suffer. I proposed practical reforms that would make health care more available and affordable. I put forward an energy initiative that will make our dependence on Middle Eastern oil a thing of the past. I've also laid out a plan to make America more competitive by increasing our investment in scientific research, encouraging research and development in the private sector, and improving math and science education.

I urge the Congress to move forward on all these important priorities so we can keep America the economic leader of the world and allow more families and small businesses to realize the American Dream.

Thank you for your time.

END 9:36 A.M. EDT

More lies. The Department of Mendacity is being outted now, by the Dems.

grand total of $1.60 each month. Yippee!! I can buy an extra candy bar (as long as it isn't the super-sized one).

Federal Tax cuts during times of deficits aren't tax cuts at all - they are merely tax deferments.

and he's touting that as a good thing? What is the mean change in after tax income per worker (not person) per year? What are the quartile breaks? I'll bet the after tax income gains for the second and third quartiles are puny compared to those that the top quartile has amassed, and the bottom quartile may not have any positive growth.

Most American own the mortgage on their homes and the level of equity has probably not been so low since the age of modern mortgage financing.

Some economist bloggers are probably putting together the rebuttal already.

And the $880 billion left to 'taxpayers', weren't they all in the top 2% of income earners? I see no evidence of 5.1 million new jobs anywhere.

my $300 check!

note - the above are not accurate numbers - just pulled out of the air to illustrate that the tax cut went to the rich and Corporate (most rich have a small business tax dodge on their tax return - for example - under Bush's definition - Cheney is a small businessman as is Bush)

How can Commander KooKoo Bananas be so out of touch with reality? Those jobs that were created don't pay living wages! How many Americans are putting Groceries on the Credit Card, hoping to be able to get caught up...someday? His tax policy has done NOTHING but line the pockets of his Fat Cat buddies...

Boy and man, everything was taken care of by good ol' boy or rich old man connections. He never had to do anything but show up and sometimes not even that.

the books with regards to the Medicare expansion, he cooks the books with regards to global warming, he lies left and right about so many issues, and now we're supposed to believe that Bush *doesn't* cook the books on economic numbers?

I don't believe this unemployment rate. It's surreal and cannot be correct.

Asshole. Why does it cost me $100 more a month to put gas in my car? Why has my heating bill doubled? Why is my insurance up 50%? Why are the my clients mortgaged to the hilt? Asshole. Why are there 3 times as many homes on the market? Why are there half as many buyers? Why have foreclosures tripled? Why have bankruptcies skyrocketed? Even if you include the measly, stinkin' $300 tax rebate you gave me, I am tens of thousands in the hole because of your ignorant policies. Your claimed 3.5% growth last year was due in large part to one...single...quarter that showed 4% growth. Which means the rest of the year stunk. You lying, weasel of a man. You still have a record of net job LOSS, you piece of human garbage. You don't stand a chance of cutting the deficit in half by 2009, no matter how much you fudge the numbers. You keep threatening to veto spending bills, but you have not done it once in 5 years. Rising energy and health care costs have more than eaten up any savings, real or imagined, that your policies have benefited us. Your 'energy initiative' does absolutely NOTHING to make us more energy independant, you manipulative, corrupt bastard. And your dream of making all science 'faith-based' will place American children LAST when it comes to competing for high-tech jobs. You have bankrupted our nation, alienated the rest of the world, killed 100,000 living, breathing human beings, and left messes in our country and all over the world for someone else to clean up. You are to be reviled. History will not be kind to you, you wicked, useless loser.

...Junior's already informed us that he doesn't care about how history remembers him, because he'll be dead, and he won;t know about it anyway.

I see that statement as just one more lie. When Bill Clinton opened his Presidential Library, Karl Rove showed up with Bush. He supposedly stopped every ten feet and asked "How much did this cost? How much did that cost?"

My guess is that the George W. Bush Presidential Library will document Bush's presidency through Rove's eyes. I feel sorry for the poor bastards who take a tour and believe what they see.

It's only important if you know how many jobs were also lost during the same time period.

For example, I just checked the Social Security death index and learned that 2,262,033 people with social security numbers died in 2005, or roughly 188,500 people per month. Presumably some of these folks were still working at the time of their deaths.

Does the 211,000 refer to net jobs?

Yep, because they got into bait-and-switch 0-down finance schemes. Watch what happens when the rate changes kick in.

...the whole world of real estate mystifies me. It really does. BUT...I've read enough about the types of loans that the "record number of homeowners" used to BUY those homes, and I'm glad I'm not ONE of them.

I belong to the local Chamber of Commerce, and one of the "ambassadors" is a realtor. I asked her about all of the Wal-Mart jobs that have flooded the economy, and the median home price in this area ($750,000...and depending on the area, that can be a SMALL "fixer-upper" in a BAD neighborhood). I asked "HOW are these people DOING it?"

She looked at me with utter contempt and huffed "I guess they're getting one of those Wal-Mart jobs."

She has a web site and it features her "spotlight properties," which crow about the price and the number of days it took to sell them. Frigging CONDOS with "guest parking"...NO garage...for $400-500 thousand.

She's a really nasty person. I look at her and I see a pirate. Really. I can visualize the eye patch and the parrot on her shoulder and her muttering "HARRRRRRRRRRRRRRRRRRRRRRRRRRRR..." in low tones.

:evilgrin: