FROM THE OFFICE OF PUBLIC AFFAIRS

June 28, 2004
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The Honorable John W. Snow
Prepared Remarks
The Anchorage Chamber of Commerce
Anchorage, AK
June 28, 2004

Thank you so much for having me here today. It's so exciting to visit Alaska ; you live in a beautiful and fascinating land.

Coming to Alaska reminds me how vast the United States of America is, and how diverse and rich it is in everything from its geography, to its citizens, to their ideas and industry.

There is one thing, however, that is the same in every state that I visit in this great nation of ours. And that's the character and strength of America 's small-business owners – people like you.

Whether I'm in Anchorage or Tampa , Los Angeles or Pittsburgh , small employers are getting the job done, putting people to work, and making our economy run.

The President and I share a passion for small business – we know that it's what makes our economy so dynamic, innovative and productive. We also understand how important the entrepreneurial spirit is to this country… and that the fundamental building block of entrepreneurship is freedom.

We're also keenly aware of the challenges you face. I meet with business owners in nearly every town and city I visit as Treasury Secretary, and I always hear the same issues raised: health care, taxes, regulations and abusive lawsuits. These are all a drag on your business, and a disincentive for growth and job creation.

It's clear that only with great freedom can the entrepreneurial spirit thrive. That's why the President and I are so strongly in favor of tax cuts. We know we've got to lift the burden of taxes, regulations, health care costs and abusive lawsuits from your shoulders whenever possible – because what's good for you and your business is good for our economy.

We've seen it work with the President's tax cuts – when the burden was lightened, our economy began to soar.

And our economy is soaring – there's no doubt about that. GDP growth has been the strongest in 20 years. Homeownership is at an all-time high and household wealth is also at a record level.

The best news of all, however, has been job creation. Nationally, we've seen more than 1.4 million jobs created over the past nine months. Here in Alaska , your unemployment rate is still higher than any of us would like it to be, and I know that's hard on the people of this state. However, I also know that the people in this room are working harder than anyone to change that unemployment rate… to bring it way down.

Nationwide, there is much good news for American families. And while we can always do better – and we will do better – it's incredible to think how far we've come, economically, in just the past year. What a difference a year makes, and what a difference tax cuts make. Letting Americans keep more of their own money really works; it always does.

We were struggling for a while there... we had a number of blows to our economy.

President Bush's tax cuts, combined with sound monetary policy, made our swift economic recovery and strong current growth possible. The reduced tax burden on families and small businesses like yours meant that the load was lightened, and the natural resilience of our free-market economy was able to shine through.

I am confident that the growth will continue as long as the burden stays lighter. Here in Alaska , nearly 265,000 taxpayers will have lower income tax bills in 2004 and about 70,000 business taxpayers like you can use their tax savings to invest in new equipment, hire additional workers, and increase pay to those workers. That's good news for Alaska 's families for months to come.

We have your hard work to thank for the economic growth we are experiencing today. Please know how much you are appreciated by this Administration.

Last month, I had a discussion with my counterpart from the UK , Chancellor Gordon Brown, and a group of British and American business owners on the subject of entrepreneurship. We asked the entrepreneurs who had gathered: what makes entrepreneurship work, and what can government do to ensure it is welcomed and encouraged?

The conclusion we came to will not be a surprise to you: the best thing government can do for small business and entrepreneurship is to get out of the way!

We also agreed that the United States of America does a better job at staying out of the way than any other country… but we're not satisfied. The fight to keep small business free goes on every day, in Juneau , in every state capital, and in Washington , DC .

And we'll always need to hear from you, reminding us what works for small business and what doesn't. That's why I'm here today.

I know that the spirit of freedom and entrepreneurship is strong here in Anchorage . Government's job is to unleash that spirit.

Tax cuts can do that. And they have. The cuts allowed you to make the choice about what to do with the extra money you kept – whether it was purchasing new equipment, hiring new employees, giving them health insurance or raises. It was up to you, and you made the right choices… and our economy has grown as a result.

We also have to make sure that people have the opportunity to learn the skills that are required for 21 st century jobs. You understand that, and I know you work closely with local educators to make sure that relevant training is available.You know that everyone benefits from your relationship with with education community – you get the skilled employees you need, and workers find jobs. That's how it should work in every community, and I applaud your efforts.

Open markets are another key to job creation. You know that trade is a lifeblood, and that our shores are doorways to 95 percent of the world's markets… and that's good for your business. We don't want to shut those doors down.

A sound energy policy is another key to making sure you can do business. It also impacts our national security. Through greater access to reliable and dependable U.S. energy supplies like ANWR we will lessen our dependence on supplies from other, less secure, parts of the world.

America runs on energy and we need greater access to our own domestic supplies to assure adequate supplies of reliable low cost energy. That is good for our economy and it is important to our security. I know that you oppose efforts to declare ANWR a national monument, and that you support opening it to responsible exploration, development and production of its oil and gas resources.You know that opening up ANWR means good jobs for the people of this state, more reliable energy supplies and a more secure country.

All of these issues come back to a common principle: independence. When you have the freedom to be innovative and productive, the sky really is the limit.

Freedom from excessive taxation and regulation. Freedom from high health insurance costs. Freedom from the threat of abusive and frivolous lawsuits. Freedom from dependence on foreign energy supplies. Freedom to do business with other countries.

The President understands that the more freedom you have, as small-business owners and entrepreneurs, the better you will be. And he knows that what's good for you is good for America.

Thank you so much for having me here today, and thank you for all you do for Anchorage, for Alaska, and for this great country.

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