May 25, 2006
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Statement of Treasury Secretary John W. Snow on First Quarter GDP Growth

Today's upward revision of GDP growth in the first quarter to 5.3 percent further demonstrates the strength of the American economy.  As we approach the third anniversary of the President's signing of the Jobs and Growth Act - it is abundantly clear that tax relief has bolstered the economy and ignited job creation. In the past twelve quarters real GDP growth has averaged 4 percent.  Meanwhile, more than 5.2 million workers have been added to U.S. payrolls.  At 4.7 percent, the unemployment rate is lower than the average of the 1960s, 1970s, 1980s and 1990s.

The recent extension of low tax rates on capital gains and dividends, increased expensing for small businesses, and protection for taxpayers from the reach of the Alternative Minimum Tax will keep us on the right path.

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