FROM THE OFFICE OF PUBLIC AFFAIRS

September 22, 2004
JS-1939

The Honorable John W. Snow
Prepared Remarks: Roundtable at Groff Tractor
Equipment, Inc. Mechanicsburg, PA
September 22, 2004

Good morning, it's great to be here in Mechanicsburg at Groff Tractor and Equipment, Inc. I appreciate the chance to see this terrific facility and want to thank Ken Groff for having us here today.

Like all of you, Ken is on the front lines of our country's economic recovery and growth, and I value the work that each of you are doing.  

I know that it hasn't been easy. As a manufacturing state, Pennsylvania has recently felt the pain of an economy that was in decline. The citizens of this area have lost jobs. Getting them back to work is a top priority for President Bush, and for me.

We understand that bad economic times hit Pennsylvania hard. And the effort to get your economy on solid footing, to a place where you can expand, grow and create more jobs, is a continuing priority; as the President has often said we will not be satisfied until everyone looking for work can find a job.

This state gained 6,400 new jobs in August, and has created 57,600 so far this year. That's good news, but we want it to be even better.

Some things we know for certain. Like the fact that new jobs cannot come soon enough for the people who have lost theirs. The question is: where will those jobs come from?

The short answer to that question: the jobs will come from the people in this room today. From employers like Ken.

That's why the President's goal is to make sure that the work you do, on the front lines of job creation and economic growth, isn'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.

An important, ongoing truth of the American economy is this: the government won't choose what jobs are created; entrepreneurs and innovators will. Government's responsibility is to make sure they have the freedom to do so.

That's why entrepreneurs and small-business owners are at the heart of President George W. Bush's economic policies. The President understands that creating an environment in which you can flourish is the essential ingredient in any recipe for economic growth.

Small businesses create two-thirds of new private sector jobs in America. They employ more than half of all workers, and account for more than half of the output of our economy. As the President often says, what's good for small business is good for America. Because when small business is growing, the American economy is growing.

The President's tax cuts allowed small-business owners to keep more of their business income, and encouraged you to invest in the growth of their companies. For example, nearly 910,000 business taxpayers here in Pennsylvania will save money on their 2004 taxes.

Similarly, the tax cuts have allowed individuals to keep more of their income. More than 4.6 million Pennsylvania taxpayers will have lower income tax bills in 2004 thanks to the tax relief.   

The results of letting people keep more of their own money, and spend it how they see fit, have helped put our nation on the right track. Nationwide, 1.7 million jobs have been created over the past year – 12 straight months of job growth. More people than ever before own their own homes, and new homes are being purchased every day. People are finding new jobs or getting a raise at work. They have more money in their pockets and can better afford things from cars to appliances to shoes for their children.  That said, we are not satisfied.

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.

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 Pennsylvania: freedom.

Freedom from excessive taxation. Freedom from abusive, frivolous lawsuits and of course freedom from terrorist assaults.

As I said before, small firms like yours also respond to fairness. That's why the President wants to bring fairness to the purchase of health insurance and has worked so hard to bring the perspective of small business to government regulations.

When freedom, fairness and American entrepreneurs are combined, the end product is jobs and growth.

We have plenty of work to do – in Pennsylvania and across America. But if we continue on the path of freedom and making sure individuals and entrepreneurs have an open and fair environment in which they can work and grow, our best economic days will remain ahead of us and I am optimistic about our future.

Thank you so much for having me here today; I look forward to our discussion.