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 Home > News & Policies > February 2007

For Immediate Release
Office of the Press Secretary
February 2, 2007

Fact Sheet: Job Creation Continues - More Than 7.4 Million Jobs Created Since August 2003

     Fact sheet In Focus: Jobs & Economy

Today, The Government Released New Jobs Figures – 111,000 Jobs Created In January. Since August 2003, more than 7.4 million jobs have been created - more jobs than the European Union and Japan combined. Over half a million jobs (513,000) have been added in the past three months alone. Our economy has now added jobs for 41 straight months, and the unemployment rate remains low at 4.6 percent.

American Workers Are Finding Jobs And Taking Home More Pay

  • Real Wages Rose 1.7 Percent In The Past 12 Months. This means an extra $1,030 in the past 12 months for the typical family of four with two wage earners.
  • Real After-Tax Income Per Person Has Risen By 9.8 Percent – More Than $2,800 – Since The President Took Office.
  • The Economy Grew A Strong 3.5 Percent In The Fourth Quarter Of 2006. The economy grew 3.4 percent last year, up from 3.1 percent in 2005.
  • Since The First Quarter Of 2001, Productivity Had Strong Average Annual Growth Of 3.1 Percent. This is well ahead of the average productivity growth in the 1990s, 1980s, and 1970s.

The President's Agenda Will Help Keep Our Economy Flexible And Dynamic

America's Economic Leadership Depends On Sensible, Pro-Growth Tax Policies. To help bring our economy out of a recession and recover from September 11th, the Administration cut taxes on everyone who pays income taxes, doubled the child tax credit, reduced the marriage penalty, cut taxes on small businesses, and cut taxes on dividends and capital gains. The President asks Congress to help keep our economy growing by making his tax relief permanent.

We Must Spend Taxpayer Dollars Wisely To Keep The Economy Growing And Balance The Budget. On February 5, the President will submit a budget that will eliminate the deficit by 2012. To help set spending priorities, the President will work with Congress to cut the number and cost of all earmarks at least in half by the end of this session. He also believes Congress should enact a legislative line-item veto to help the legislative and executive branches work together to eliminate wasteful spending.

This Week, President Bush Delivered A Report On The State Of The U.S. Economy. America is the undisputed leader of today's global economy. The President discussed his agenda to keep our economy competitive and make it more flexible and dynamic by:

  • Removing Obstacles To Trade: The President has asked Congress to extend Trade Promotion Authority, which allows the Administration to negotiate trade deals, including the Doha Round. Breaking down barriers to trade and investment opens up new markets for American businesses, workers, and farmers, and results in lower prices, higher productivity, and better American jobs.
  • Reforming Our Health Care System: President Bush has proposed reforming the tax code with a standard deduction for health insurance to make private health insurance affordable for more Americans. He has also proposed Affordable Choices grants to give States the money and flexibility to ensure the poor and the hard-to-insure get the private health insurance they need.
  • Diversifying Our Energy Supply: The President has set the goal of reducing projected U.S. gasoline usage by 20 percent over the next 10 years to help diversify our energy supply and confront the challenge of climate change. To reach this goal, he has proposed setting a mandatory fuels standard to require 35 billion gallons of renewable and alternative fuels in 2017 and reforming and modernizing fuel standards for cars as we did with light trucks. The President has also proposed doubling the current capacity of the Strategic Petroleum Reserve to 1.5 billion barrels by 2027.

Strengthening Public Education: The government has a responsibility to ensure our education system is preparing American workers to compete in an economy that increasingly rewards skills and education. The President asks Congress to reauthorize the No Child Left Behind Act that is getting results for our children and our economy. In addition, the President's American Competitiveness Initiative seeks to improve math and science education in middle and high schools.

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