FROM THE OFFICE OF PUBLIC AFFAIRS
September 23, 2004
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The Honorable John W. Snow, Prepared Remarks: Philadelphia Rotary Club, Philadelphia, PA
Good afternoon; it's great to be here with you. I look forward to our conversation about our economy. As leaders of the business community, you are on the front lines of economic growth and job creation and I want to know what you think is working… and what needs improvement.
Many of you own your own small companies. It is small business that quietly carries this country through our toughest economic times, so I want to start off today by thanking you for your work.
Your efforts as Rotarians is also to be commended. You have benefited from living in a free, prosperous country and now you are sharing those gifts with the world; this is a noble cause, indeed.
The President appreciates what you do; that's why his goal is to make sure that you aren't over-burdened by unfair levels of taxation and regulation. We know that, as small-business owners and operators, you simply ask for two things from your government: fairness and freedom.
You seek the freedom to start up a new business venture, to run it and grow it, or to close the door and go fishing if that's what you want to do. You also want to be treated fairly, and you deserve nothing less.
In exchange for fairness and freedom, your unspoken promise to your country and our economy is: job creation and the fuel our economic engine runs on. This is why we've got to keep tax rates low on business owners like you, and on every American who pays taxes.
Tax cuts help our economy, and no one appreciates that more than you.
While I know that times have been tough here in
I was glad to see that
Our economy has come a long way. When he took office, President Bush inherited an economy in steep decline. The stock market bubble had been pierced. We were then shocked by terrorist attacks and wounded by reprehensible behavior by corporate CEOs that hurt employees, investors and investor confidence.
We are fortunate that our economy is the most open, flexible, adaptive and resilient in the world. Our powerful core elements – small-business owners and entrepreneurs, an outstanding workforce, and the simple fact that we operate as a free market – have enabled us to recover from those very difficult economic times.
Sound monetary policy from the Federal Reserve Board helped to stimulate our recovery as well. Lower interest rates encouraged investment, which is critical for economic recovery and growth.
Finally, President Bush's tax cuts gave our economy the oxygen it needed to right itself, and continue on a path of growth and job creation.
Today, we are growing. GDP growth has been very strong, and lots of good jobs are being created. We've seen 12 straight months of job growth, totaling 1.7 million jobs. Homeownership is at an all-time high
It is clear that we are on the right path, but there are people in
We must be vigilant about identifying and minimizing the barriers to economic growth and job creation.
That's why the President made your taxes lower, and it's why he wants to keep them lower by making the cuts permanent.
It's also why President Bush is so passionate about health-care reform that would bring fairness in the form of more options and lower costs, particularly to the small-business community through the creation of Association Health Plans. He understands that rising health-care costs are a drag on business, and can be a disincentive for hiring new employees.
The President is also dedicated to reducing the abusive lawsuits that plague the small-business and professional communities. While victims' rights must always come first, the system must be reformed to ensure that victims' compensation, not enrichment of lawyers, is the primary goal and outcome.
High energy prices are causing an economic headwind right now, and the Congress should pass the President's energy plan to address that issue. The President's plan would reduce energy prices and our dependence on foreign oil as well as create lots of good jobs for Americans.
Our economy has come a long way and the fundamentals are sound, but there is still plenty of work left to be done. How to help our economy right itself when it is in distress is a lesson in American history. We know from long experience that our economy responds best to the very thing that created it, and was written into world history here in
When freedom, fairness and American entrepreneurs are combined, the end product is jobs and growth.
We have plenty of work to do – in
Thank you so much for having me here today; I look forward to our discussion.
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