FROM THE OFFICE OF PUBLIC AFFAIRS

October 11, 2004
JS-2008

The Honorable John W. Snow
Prepared Remarks: Mansfield-Richland
Chamber of Commerce
Mansfield, OH
October 11, 2004
** Updated Version **

Good morning; it's great to be home in Ohio!

I'm proud to have grown up northwest of here in Toledo, and to have gone to a great little college a few miles from here in Gambier, Ohio.  It's always great to come back to the Buckeye state.

Thanks so much for having me here at the Mansfield-Richland Chamber. The people in this room today are the heart of Ohio's economy, and I value the work that you are doing.  

I know that it hasn't been easy. As a manufacturing state, Ohio has recently felt the pain of an economy that has been hit hard from a number of quarters. 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 Ohio 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.

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 and what can government do to help?

The short answer to that question: the jobs will come from the people in this room today and others like you all across the country.

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 and shouldn't choose what jobs are created; entrepreneurs and innovators will do that. Government's responsibility is to make sure they have the freedom to do so and often the best thing government can do to help is simply get out the way.

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.

Free and fair trade is an important element in this. Ninety-seven percent of all identified exporters are small businesses like yours. Free trade helps you, and it helps to create more higher-paying jobs for American workers by opening new markets for American products and services, bringing lower prices and more choices to American consumers, and attracting foreign companies to invest and hire in the United States. America is economically stronger when we participate fully in the worldwide economy. When 95% of the potential customers for American products live outside the U.S., America must reject policies that embrace economic isolationism. Here in Ohio thousands of workers' jobs depend on trade agreements that enable Ohio-made products to compete in markets around the world. Since the enactment of NAFTA in 1994, Ohio's exports to Mexico have tripled, and last year exports totaled more than two billion dollars. Since the end of 2000, Ohio's exports increased more than any state in the country. Exports are clearly vital to our Nation's economic strength. At the same time, it is critically important that our trade partners play by the rules. America's markets are the most open anywhere and trade has to be a two-way street. That is why we are pressing the Chinese and others to open their markets and live up to their commitments to the WTO. That is one reason why we are pressing the Chinese so hard to stop pegging their currency and allow it to move freely like other currencies. Currency is a critical factor in global trade and we have pressed the Chinese hard on this point and they have heard us. The Chinese are now committed to moving to a flexible exchange rate and we are going to continue to monitor their progress closely.

The President appreciates that small businesses create two-thirds of new private sector jobs in America. He knows that you 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.

That's why the President's tax cuts allowed small-business owners like you to keep more of your business income, and encouraged you to invest in the growth of their companies. For example, nearly 860,000 business taxpayers here in Ohio will save money on their 2004 taxes.

Similarly, the tax cuts have allowed individuals to keep more of their income. More than 4.4 million Ohio taxpayers will have lower income tax bills in 2004 thanks to the tax relief.  

Letting people keep more of their own money, and spend it how they see fit, has helped put our nation on the right track. Nationwide, over 1.9 million jobs have been created since last August - 13 straight months of job growth. More people than ever before own their own homes, and new homes are being purchased every day at near record rates. People are finding new, good jobs. They have more money in their pockets and can better afford things from cars to appliances to shoes for their children. National income and national wealth have never been higher. 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: 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 by allowing you to pool your purchasing power to buy your policies anywhere in the U.S., putting you on a better footing with bigger businesses - that's only fair.

The President believes in small businesses, and the spirit of enterprise it represents. He wants you to have a level playing field. That's why he 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 Ohio and across America. But if we continue on the path of freedom and making sure individuals, entrepreneurs and family businesses 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.