Dreier Hails Economic News

January 31, 2007

WASHINGTON, DC - Congressman David Dreier (R-San Dimas, CA), House Rules Committee Ranking Republican, hailed the release of fourth-quarter Gross Domestic Product (GDP) data, demonstrating a growth rate of 3.5%. Yearly export growth of 10% contributed significantly to the strong growth in GDP.

“The 2006 numbers are in, and the numbers don’t lie - the economic state of our union is incredibly strong,” said Dreier.  “Growth in GDP of 3.5% is the latest evidence that the Republican pro-growth agenda of lowering taxes and expanding international trade has brought tremendous economic gains.  The fact that this strong growth was driven by a dramatic increase in U.S. exports clearly demonstrates that our prosperity is directly linked to our engagement with the worldwide marketplace.”

Added Dreier, “Nowhere are these benefits more evident than in the workforce.  Nearly 2 million new jobs were created last year, as unemployment has plummeted to 4.5%.  Weekly earnings grew by 4.8%.  And because rising wages are meaningless if the government just takes them away, we have cut taxes for all who pay them, leading to an increase of nearly 10% in after-tax personal income.”

“I am also pleased that California has shared in the prosperity that has resulted from these common sense policies,” Dreier continued.  “When Congressional Republicans cut taxes over three years ago, unemployment in California was a staggering 6.9%.  Today, it is 4.8%.  We have also added almost 900,000 new jobs since then.  We must continue to support American workers by implementing economic policies that unleash the power of entrepreneurs, create new opportunities for Californians and all Americans and reign in wasteful and unnecessary spending.”