For Immediate Release
Office of the Press Secretary
May 4, 2007
Fact Sheet: Job Creation Continues - More Than 7.8 Million Jobs Created Since August 2003
In Focus: Jobs & Economy
April 2007 Marks 44th Consecutive Month Of Job Growth
Today, The Bureau Of Labor Statistics Released New Jobs Figures – 88,000 Jobs Created In April. Since August 2003, more than 7.8 million jobs have been created, with more than 1.8 million jobs created over the twelve months ending in April. Our economy has now added jobs for 44 straight months, and the unemployment rate remains low at 4.5 percent.
The American People Are Using The President's Tax Relief To Produce Strong And Lasting Economic Growth
- Real After-Tax Personal Income Increased At A Strong 4.5 Percent Annual Rate In The First Quarter. Per capita, real after-tax income has risen by 10.4 percent – more than $3,000 – since President Bush took office.
- Real Wages Rose 1.3 Percent Over The 12 Months Ending In March. This is faster than the average rate of the late 1990s economy, and it means an extra $765 in the past year for the typical family with two wage earners.
- The Economy Has Now Experienced Over Five Years Of Uninterrupted Growth, Averaging 3.0 Percent A Year Since 2001.
- Since The First Quarter Of 2001, Productivity Growth Has Averaged 2.8 Percent. This is well above average productivity growth in the 1990s, 1980s, and 1970s.
- Consumer Spending Increased At A Solid 3.8 Percent Annual Rate In The First Quarter.
Allowing Tax Relief To Expire Would Result In The Largest Tax Increase In Our Nation's History
As A Result Of The President's Tax Cuts, Every Taxpayer Who Paid Taxes Will Get Tax Relief This Year. In addition to cutting taxes on everyone who pays income taxes, the Administration has doubled the child tax credit, reduced the marriage penalty, cut taxes on dividends and capital gains, and put the Federal death tax on the road to extinction. As a result, in 2007:
- 113 million taxpayers will receive an average tax cut of $2,216.
- 45 million families with children will receive an average tax cut of $2,864.
- 27 million small business owners will receive an average tax cut of $4,711.
- Over 5 million individuals and families will see their income tax liability completely eliminated.
Strong Economic Growth Has Helped Produce Record Levels Of Tax Revenue, Which Is Helping Us Toward Our Goal Of A Balanced Budget. Receipts have increased nearly 35 percent since the tax relief was fully implemented in 2003, and the deficit has declined by $165 billion in the last two years.
- Record Tax Revenues Generated By Our Growing Economy Helped Us Reach The President's Goal Of Cutting The Deficit In Half Three Years Ahead Of Schedule.
- Spending Restraint And Keeping Taxes Low Will Help Us Reach The President's Goal Of Balancing The Federal Budget By 2012.
Unless We Act To Make Tax Relief Permanent, Americans Will Face A Massive Tax Hike. The President's tax relief is set to expire at the end of 2010. If this happens, hard-working Americans will get stuck with the bill:
- If you have children, your taxes would go up by $500 for each child;
- If you are in a family of four making $60,000 a year, your taxes would go up by more than $1,800; and
- More than five million low-income Americans who now pay no income taxes would once again have to pay.
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