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Remarks as Prepared
Address to Lexington Chamber of Commerce
Lexington,
Kentucky
May 8, 2003
Thank you, Bob [Babbage].It’s great to see you here in
Washington!
I’m delighted to be here this afternoon. It is always nice to spend
some time with old friends.
Senator McConnell and I have been home quite a bit these past few weeks.
There is nothing better than a Kentucky spring.
Lexington is the heart of Kentucky… representing the values that we
all care about… and it is the heart of business and manufacturing, as
well.
Much of the credit goes to the Lexington Chamber of Commerce… the
men and women in this room… whose leadership looks beyond quick fixes to
long-term solutions.You have built the infrastructure, trained the workforce,
and created the business-friendly climate that will benefit Kentuckian families
for years to come.
You visit Washington during a great moment in American history.
President George W. Bush has liberated the people of Iraq.Once again, the
values of democracy and freedom have triumphed over hate and tyranny.
The President understands, however, that our economic security is as
important as our national security. Even before the statues of Saddam fell, the
President began traveling across America to promote his jobs and economic
growth plan. He knows that working families need some help and that the economy
needs a jumpstart.
The President’s plan shares your vision: a strong economy fueled by
lower taxes, less burdensome government regulations, and the entrepreneurial
spirit.
He has outlined a straightforward plan to jump-start the economy. You
know the details of the President’s plan—but here are a few
highlights:
First, the President’s plan would put the tax cuts planned for
2004, 2006, and 2009 into effect immediately. As he said, “if tax relief
is good enough for Americans three years from now, it is good enough for them
today.”
That means an end to the “death tax” once and the marriage
penalty tax.
Second, his plan eliminates the double taxation on stock market
dividends. This will free up significant new capital for new business
development.
Third, his economic growth plan will strengthen incentives for small
businesses to expand and create jobs. That’s so important because small
businesses are the engine of job creation in this country.
And fourth, he has proposed Personal Reemployment Accounts to deliver
critical assistance to those who need the most help finding new jobs.
President George W. Bush’s has a clear vision to jumpstart the
economy. It’s based on a proven strategy—the same growth strategy
that made the recession that began in 2000 the shallowest in recent
history.
It’s based on the classic economic principle that if you let people
keep more of their own money, they will spend it, save it or invest it. This
will stimulate demand, grow businesses and create new jobs.
At the Department, we’re hard at work implementing the
President’s vision.
When most people think of the Labor Department, they think of
unemployment numbers or enforcement of labor laws. But we do far more than
that. The Department:
- Oversees every private pension and 401(k) plan in America.
- Funds a $12 billion public workforce training system.
- Administers the nation’s unemployment insurance system.
- Ensures the safety and health and wages of all working
Americans.
Basically, if it has anything to do with work, the Department of
Labor—with its over $70 billion annual budget and 17,500 employees—is
involved.
Let me share with you some of the top initiatives that the Department is
working on.
First, our team is bringing the Department’s culture and
regulatory policies into line with today’s workplace realities.
We’re modernizing the nation’s labor laws, beginning with the
white-collar exemptions under the Fair Labor Standards Act. This is the core
set of regulations that determines who is eligible for overtime. They
haven’t been updated in nearly 30 years.
Second, the Department is changing the culture of our regulatory
agencies. We want to help businesses gain a better understanding of our laws so
we can increase compliance.
We call this program “compliance assistance.” And we’re
not doing it to protect employers. We’re doing it to better protect
workers. Most employees want to do the right thing.But our regulations are so
complicated that often they don’t know how to comply.
Third, the Department is pushing for Association Health
Plans.They’re a great way to help employers provide accessible and
affordable health care to hard-working employees.
AHP’s, as we call them, will allow smaller employers to pool their
buying power and spread their risk—putting the on an equal footing with
large employers and unions.
AHP’s will also introduce more competition into the health care
marketplace, as well as offer significant reductions in premiums for both
employers and employees.
Fourth, this Administration is a strong advocate for
accountability and transparency.
As you know, thousands of workers lost their retirement savings after
the collapse of Enron and Global Crossing. In response, the Labor Department is
working with President Bush to advance tough retirement security and corporate
governance measures.
In the same vein, the Department has proposed new transparency standards
for labor unions. By law, unions have to disclose their finances to their
members every year. However, the form they use has been largely unchanged since
1959. And the current reporting requirements are so vague that they are
virtually useless.
We believe that union members have a right to accurate, timely, and
accessible information on the money they pay to their unions. The purpose of
this reform is to empower individual union members.
And our fifth priority at the Department is to require more
competition for the grants we administer.
Under the Older Americans Act, for example, we found that the Department
had given out roughly $400 million a year—for each of the past 25
years—to the same 10 organizations.
In the past, these grantees looked at our taxpayer funds and heard the
word, “entitlement.” Today, we’re teaching them a new word:
“competition.”
Finally, let me say a few words about America’s workforce
investment system. Everywhere I go, employers tell me they are having a hard
time finding workers with the right skill sets.
A pro-active, demand driven strategy is the best way to meet critical
workforce needs. That will require a significant cultural change in the public
workforce development system.We are committed to transforming the nation’s
One-Stop Career Centers into a cohesive network that responds quickly and
effectively to changing economic conditions. The bottom line is that employers
will now have a direct connection to local workforce development programs…
and that means better trained, better educated employees.
On all these issues, you can trust President George W. Bush and his
Administration to make the tough decisions and do what is best for
America’s future. The President showed his resolve with his leadership in
the Iraq War. And he is equally determined to get our economy moving again and
to create new jobs.
So I hope you will join me in supporting the President’s jobs and
growth package. It’s key to revitalizing our economy and to ensuring the
economic security of our nation. That’s not only good for your businesses,
but for your families and for our country.
Thank you for inviting me for being here today. And God bless
America.
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