President George W. Bush signs H.R. 1308, the Working Families Tax Relief Act of 2004 at the South Suburban YMCA in Des Moines
Iowa, Monday, Oct. 4, 2004.
Over 1.9 Million Jobs Created
Since August 2003
13 Straight Months of Job Gains New Revisions Show Stronger Job Gains
The President's Economic Policies Continue
to Drive Steady Job Growth and Strengthen the Economy
Jobs Data Shows Steady Economic Growth
On October 8, 2004 , the government
released new jobs figures and the data continues to show steady gains.
September's employment data indicate that the President's
economic policies are creating jobs and continuing to move the economy
forward, but there is still more work to do.
The President will continue to push pro-growth policies that
are creating more jobs, and oppose tax increases that would add a burden
to working families and be a setback for our economy. This week,
the President signed important tax relief for America 's families, leaving
more than $50 billion next year in the hands of the people who earned it .
money that will keep our economy moving forward and result in even more
new jobs for American workers.
The economy has posted steady job gains for each of the last
thirteen months. 96,000 new jobs were created in September.
In addition, the Bureau of Labor Statistics (BLS)
today announced that they had underreported the
number of jobs created between April 2003 and March 2004 by
236,000 . This preliminary .benchmark
revision. is an annual adjustment done by BLS to ensure a
more accurate count of job creation.
As a result of today's announcements, the payroll survey indicates
that over 1.9 million jobs have been created
since August 2003.
The national unemployment rate held steady at 5.4% in
September . down 0.9 percentage point from a peak of 6.3% in
June 2003, and the lowest rate since October 2001. At 5.4%, the
unemployment rate is well below the average of the 1970s, 1980s, and
The household survey shows nearly 2.2 million jobs
created since August 2003.
Job creation was up in 47 of the 50 states in the last
year, and the unemployment rate was down in all regions and in 45 of the
Employment in construction and financial services is
currently at an all-time high.
Since the national peak in June 2003, unemployment rates
have fallen across all levels of education, races, and ages.
Background: President Bush's Actions are Moving Our Economy
Forward . Now is Not the Time to Turn Back
Job creation has improved considerably since the President's
Jobs and Growth bill took effect in May 2003.
Families have more money in their pockets to spend .
real after-tax income is up more than 10% since President Bush took
office. Since the President's 2001 and 2003 tax cuts, personal
consumption levels have risen substantially.
The national homeownership rate is at an all time high .
69.2 percent in the second quarter of 2004. Minority
homeownership set a new record of 51% in the second quarter and
is up 2.1 percentage points from a year ago.
Core inflation remains low.
Mortgage rates remain near historic lows,
making homebuying easier and more affordable.
The President opposes efforts to repeal parts of his tax
relief. Small businesses create seven out of ten jobs in our
economy, and raising taxes on upper income taxpayers will raise
taxes on more than 900,000 small business owners . This is not
the time to raise taxes on America 's job creators.
More to Do: The President's Plan to Create More Jobs,
Security, and Opportunity in a Growing Economy
While the President's tax cuts are creating jobs and continuing to
strengthen the economy, there is still more to do so that every American
who wants a job can find one. To create jobs, America must remain the best
place in the world to do business. The President's six-point plan:
Allows families to plan for the future by
making tax relief permanent.
Encourages investment and expansion by
restraining Federal spending and reducing regulation.
Makes our country less dependent on foreign sources of
energy through a comprehensive national energy policy.
Expands trade and levels the playing field to
sell American goods and services across the globe.
Protects small business owners and workers from
the explosion of frivolous lawsuits that threaten jobs across America
Lowers the cost of health care for small businesses and
working families through Association Health Plans, tax-free
Health Savings Accounts, tax credits for employer contributions to Health
Savings Accounts, and Medical Liability Reform.
To keep our economy growing, we must reform the tax code to
make it simpler, fairer, and more pro-growth . The President will
lead a bipartisan effort to reform and simplify the tax code.
To help workers find better, higher-paying jobs, the President has
proposed to double the number of people served by our principal
job training program and increase funding for community
To stand with workers in poor communities and those that have lost
manufacturing, textile, and other jobs, the President proposes the
creation of opportunity zones. To assist these communities in
helping themselves, we will provide tax relief, and other
incentives to attract new business, and improve housing, job training, and