May 26, 2005
JS-2474

Statement of Treasury Secretary John W. Snow on First Quarter GDP Growth

Today's announcement that real GDP grew at a 3.5 percent annual rate in the first quarter shows that the foundation of America's economy continues to be sound and strong. Payroll jobs are up by 3.5 million, the homeownership rate is at a record high, and, at 5.2%, the unemployment rate is below the average of each of the past three decades. Furthermore, today's GDP report revised wages and salaries for the end of last year much higher, showing added strength in income for U.S. workers. America's economy has been moving in the right direction and Americans are seeing results because of President Bush's commitment to reducing their tax burden.

President Bush is committed to keeping the economy on the path of healthy growth by making the tax cuts permanent, reducing the burden of frivolous lawsuits, passing a national energy policy, and strengthening Social Security.