April 28, 2006
JS-4216

Treasury Secretary Visits Ohio to Discuss Economy, Visit Community College

CINCINNATI, OHIO – United States Treasury Secretary John Snow is in Cincinnati, Ohio today to talk with area business leaders about the local, state and national economies. He will also visit Mazak Corporation to discuss the machine-tool manufacturers' partnership with a local community college, and he will meet with students and administrators at Cincinnati State College.

"There is a lot of good economic news to discuss this week," Snow said. "With today's report showing economic growth at a strong 4.8 percent, the American economy is clearly on the right path. Looking at the two past quarters combined shows that even with the effects of Katrina, the U.S. economy is amazingly resilient. Going forward, we expect continued solid growth returning to trend.

"There have also been recent signs of continuing strength in the housing market and consumer confidence is at the highest it's been in nearly four years," Snow said. "The economy has created 5.1 million new jobs since the President's tax cuts were enacted, and the most important thing right now is to stay on this excellent economic path and allow the economy to create more growth, more jobs and higher pay for workers. The extension of the President's lower tax rates on income and investment is absolutely necessary if we are to continue to grow, economically.

"There are some headwinds out there that are making it more difficult for American families to fully appreciate all the benefits of the economy," Snow went on. "Gasoline prices are one area where Americans could use some help. The President has presented a four-part plan that includes making sure consumers and taxpayers are treated fairly at the pump, promoting greater fuel efficiency, boosting our oil and gasoline supplies, and investing aggressively in alternatives to gasoline. And from a specific tax perspective the President has asked that Congress take action by removing about $2 billion from the budget that would otherwise provide tax breaks and write offs for energy companies, which of course are currently experiencing large cash flows as a result of the record oil prices.  
 
"In other words, the President appreciates that high gas prices act like a hidden tax on hardworking Americans, and his plan seeks to ease the pain to the extent it is possible. But the good news is that our strong economy can handle some headwinds at this point. We really are firing on all cylinders," Snow said.

Secretary Snow will meet with representatives of Gateway Community and Technical College (GCTC) and Mazak Corporation to learn about their workforce training partnership. The Secretary will talk with employees who have completed or are in the process of completing the training program at GCTC before touring the facility.

"As Treasury Secretary, I'm dedicated to sustaining the strength of the U.S. economy for future generations" Snow said. "Making Americans more competitive in a global economy through increased education and worker training is a critical component of that ongoing effort."
 
At Cincinnati State Technical and Community College, Snow will meet with college administrators, visit with students in a classroom setting and participate in a roundtable lunch with college staff, trustees and students. "Community colleges are playing a critical role in American competitiveness because while the outstanding American workforce drives our economy, workers will always need to adapt their skills to compete in what's becoming more and more a global economy," Snow said. He cited a recent Department of Labor study that showed 90 percent of the fastest growing jobs in our economy require education beyond high school. "Clearly training and education so that Americans can adapt and make themselves more marketable in the workforce are essential, but we also know that it is meaningless unless it is for jobs that actually exist. That means the priority must be on-the-job-training programs that are flexible and work with local employers and community leaders to meet the demands of both the local workplace and global economy. That's precisely what Community Colleges offer, in an efficient and low-cost way.

"The President is a strong proponent of community colleges. In his State of the Union Address he talked about the American Competitiveness Initiative and mentioned the need to increase our support for America's fine community colleges, so they can train workers for industries that are creating the most new jobs."

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