October 28, 2005
JS-2992

Statement by Treasury Secretary John W. Snow
On Third Quarter GDP

"I was pleased by today's strong GDP number, which indicates that the American economy is continuing to perform very well.  In a quarter where the economy also had to absorb the shock of massive natural disasters, a 3.8% rate of growth is truly outstanding.
 
"For ten straight quarters, the American economy has grown at a healthy rate of 3.3 percent or more.  There can be no doubt that the American economy is an adaptive and resilient marvel, and one that has benefited greatly from good fiscal policies."
 
 "The strong and steady GDP growth we've been experiencing is the result of lower tax rates, sound monetary policy set by the Federal Reserve, and the economy's underlying fundamentals.  This growth bodes well for everything from job creation to Treasury receipts. There is little wonder why the American economy is the envy of the world."

###