FROM THE OFFICE OF PUBLIC AFFAIRS

Thank you; it’s great to be here in Florida.

This is a state that is leading the way, economically, serving as an example to follow for other states.

Generally speaking, you are out-performing the nation overall… in spite of the fact that a major industry in this state – tourism – was so deeply impacted by the terrorist attacks on our country in September of 2001.

That’s one of the reasons why it is so impressive that your unemployment rate was down to 4.7 in December – that’s the lowest since July of 2001 and well below the national rate.

It is also impressive that your total personal income is on the rise.

And even your international sector, which was hard hit by the woes of its key overseas trading partners, is showing some life. Total international merchandise trade rose by more than three percent in the third quarter of last year.

You’re doing well, and your business community deserves credit for this economic growth. Florida’s entrepreneurs are showing what the American free market can do when its potential is unleashed.

Unleashing our economic potential was the driving idea behind President Bush’s tax cuts… and it sure looks like the idea came to fruition here in Florida.

More than 5 million of Florida’s taxpayers had lower income tax bills in 2003 under the President’s growth package. More than 1.2 million Florida businesses had the opportunity to use their tax savings to invest in new equipment, hire additional workers, and increase pay to their employees.

The tax cuts worked nationally as well. Economic indicators are positive, across the board.

Homeownership is up, unemployment rates are heading down, and GDP growth has been extremely strong.

This administration came to office when those indicators were not nearly as positive.

The President inherited an economy that was in decline… one that was then battered by terrorist attacks and revelations of corporate corruption dating back to the 1990s.

The President and his administration took these challenges seriously and we have made serious progress in changing the economic direction of this country.

As you’ve seen here in Florida, the President’s tax cuts have worked. They provided the stimulus that was necessary to turn the economic ship around… and they are now encouraging and allowing for the economic growth that is continuing into the future.

• Economic growth in the second half of 2003 was the fastest since 1984;
• New home construction was the highest in almost 20 years;
• Homeownership levels are at historic highs;
• Manufacturing activity is increasing;
• Inflation and interest rates are low; 
• Over a quarter million jobs were created in the last five months of 2003;
• Unemployment claims – both initial claims and continuing claims – are falling, indicating improvement in the labor market;
• And last Monday, the Dow closed at a 31-month-high. This translates into more than three trillion dollars of growth in value in the markets.

These economic indicators all point to the same conclusion: We are on a path to sustained economic growth.

However, there is more to do.   We are not, by any means, satisfied.

There are still Americans who want to find work and cannot… and this Administration will not rest until that most critical need is met and until every American looking for work can find a job.

We can encourage the creation of jobs by sticking to the President’s six-point plan for growth.

That includes making health care more affordable and costs more predictable by passing Association Health Plan legislation that would allow small businesses to pool together to purchase health coverage for workers at lower rates.

We also need to promote and expand the advantages of using health savings accounts … how they can give workers more control over their health insurance and costs.

And we’ve got to reduce frivolous and excessive lawsuits against doctors and hospitals. Baseless lawsuits, driven by lottery-minded attorneys, drive up health insurance costs for workers and businesses.

The need to reduce the lawsuit burden on our economy stretches beyond the area of health care. That’s why President Bush has proposed, and the House has approved, measures that would allow more class action and mass tort lawsuits to be moved into Federal court -- so that trial lawyers will have a harder time shopping for a favorable court.

These steps are the second key part of the President’s pro-jobs, pro-growth plan.

Ensuring an affordable, reliable energy supply is a third part.

We must enact comprehensive national energy legislation to upgrade the Nation's electrical grid, promote energy efficiency, increase domestic energy production, and provide enhanced conservation efforts, all while protecting the environment.

Again, we need Congressional action: we are asking that Congress pass legislation based on the President's energy plan.

Streamlining regulations and reporting requirements are another critical reform element that benefit small businesses, who represent the majority of new job creation: three out of every four net new jobs come from the small-business sector! So we need to give them a break wherever we can so they’re free to do what they do best: create those jobs.

Opening new markets for American products is another necessary step toward job creation. That’s why President Bush recently signed into law new free trade agreements with Chile and Singapore that will enable U.S. companies to compete on a level playing field in these markets for the first time -- and he will continue to work to open new markets for American products and services.

Finally, we’ve got to enable families and businesses to plan for the future with confidence.

That means making the President’s tax relief permanent.

Rate reductions, the increase in the child tax credit and the new incentives for small-business investment – these will all expire in a few years. The accelerated rate reductions that took effect in 2003 will expire at the end of this year. Expiration dates are not acceptable – we want permanent relief.

The ability of American families and businesses to make financial decisions with confidence determines the future of our economy. And without permanent relief, incentives upon which they can count, we risk losing the momentum of the recovery and growth that we have experienced in recent months.

The tax relief is the key stimulus for increased capital formation, entrepreneurship and investment that cause true economic growth.

Budgets work better when the economy is growing… because a growing economy means more jobs. That means more tax revenue… which leads to all-important deficit reduction.

Again, I want to congratulate the hard-working families and businesses of Florida on great economic progress. With the help of your members of Congress, we hope to continue to bring relief from Washington, DC, so you can continue to do what you do best: work hard, grow the economy and create jobs.

Thank you.