FROM THE OFFICE OF PUBLIC AFFAIRS

[TEXT AS PREPARED]

Thank you all for coming out to the President's Economic Forum today. I want to be clear up front: this session on the economic recovery is not about official Washington coming to preach. That's not why any of us came here. This is a chance for us to listen, to have an open discussion about our economy, and for Washington to get a dose of common sense from you. We want to know what's been working and what hasn't, beyond the numbers. We want to hear it from the people who really make things happen in our economy - people who get out there, make decisions, and work every day - that's why all of us are here.

The past eighteen months have seen some tough times for the American economy. We've suffered through a bursting stock market bubble, terrorist attacks on our financial and political capitals, and revelations of corporate fraud. Some people have lost jobs, others have watched their retirement accounts disappear. It's no wonder that Americans are concerned about economic security.

President Bush had economic security at the forefront his agenda, before any of these shocks hit. From the beginning of his Administration, he has embraced economic freedom and individual accountability as the foundation for continuing prosperity. His economic plan creates jobs, improves education and expands opportunities to save and invest.

Our job in Washington is to protect and expand Americans' ability to create a better life for ourselves, our children, and our nation. And we will not be satisfied until every American who wants a job, has a job.

That's what we've been working on, and we have some accomplishments to show for it. First, the President's historic tax relief program last summer reduced taxes for the average family of four by $1,040 a year. Then in March of this year, he signed the Job Creation Act to stimulate investment in our economy, a second major accomplishment. By the end of 2002, these two tax relief programs will have let Americans create nearly one million new jobs with resources that would otherwise have gone to Washington. Our estimates now show that without that tax relief, the recession would have been deeper and the recovery slower.

Our third victory for the economy has been new standards for corporate accountability. These ensure that people saving for their future can get accurate information for sound investment decisions. We are holding corporations accountable for telling the truth to investors and employees, so Americans can save for college tuitions and comfortable retirements with greater confidence.

Another major accomplishment for our nation's prosperity is winning Trade Promotion Authority, which the President will use to open international markets to US exports, creating jobs here at home. Nearly one in 11 working Americans - 12 million people - already works at a job that depends on exports. A stable, blossoming world economy, founded on freer trade, will expand exports further while reducing costs for consumers, and will enhance our long-term prosperity.

Today, key economic indicators such as inflation, real wages, productivity, interest rates, business profits, and the housing sector are all strong because of the resilience and determination of the American people. To a lot of folks out there, it doesn't feel like a recovery yet. But the economists who study the numbers all say the recovery is underway. After last year's recession, our country pulled together to do what we've always done - confront our problems, solve them, and move forward.

There's more to be done. Since the attacks of September 11, the President has been asking Congress to enact terrorism risk insurance. There are construction projects stalling out there because the owners cannot get insurance protection against the risk of another attack. Some have said that the lack of terrorism risk insurance is costing us a full percentage point in economic growth - that's thousands of jobs. We also need to enact the President's energy plan to secure our economy against possible energy price shocks. And we need President Bush's Homeland Security plan, because the physical security of our nation is essential to prosperity.

We'll also work with Congress to restrain wasteful government spending, because overspending in Washington burdens our economy. And the President has called on Congress to protect individuals' control over their 401(k) holdings.

I think we're moving in the right direction. But we're not where we want to be - not yet. All Americans deserve the greatest possible opportunity to live the life we dream of: pursuing our chosen professions, owning a home, raising our children to be happy and successful, engaging in our communities, and attaining financial independence. Working together, we can make that a reality.