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Strengthening the Economy: Jobs and Economic Growth

Tax Relief Helps Economic Growth

Administration Actions Are Helping to Fuel Economic Recovery
  • The American economy grew at a rapid pace of 7.2 percent during the third quarter of this year - the best since 1984. The growth rate accelerated from a 3.3 percent rate in the second quarter.
  • The President's Jobs and Growth tax relief package helped fuel the surge in the economy in the third quarter. It brought economic activity to a higher level, which increases incomes and living standards for American workers.
  • The President's policies will continue to provide s ubstantial stimulus over the coming year. While most private forecasters predict the economy will not continue to grow as fast as it did in the third quarter, they expect it to be above the historical average.
  • Job creation has yet to take hold. But there are signs that the labor market is starting to improve, such as the recent decline in new claims for unemployment insurance and the recent increases in temporary employment.57,000 new jobs were created in September, the first gain in non-farm payroll employment since January.
  • Other promising signs for the economy include:
    • The value of U.S. stock markets has increased $2 trillion since the beginning of this year.
    • Disposable personal income is up 5.8 percent at an annual rate in 2003.
    • The U.S. homeownership rate was 68.4% in the third quarter-its highest level ever.
    • Productivity growth remains strong, which has bolstered business profits.
    • Orders of manufacturing goods have been increasing since earlier this year.
    • Shipments of durable goods have increased since this summer after a period of decline and stagnation. Orders have been above shipments since early 2003, suggesting future strengthening.
    • Consumer confidence has also increased. Measures of consumer sentiment are well above the levels seen just before the Iraq war.
  • America's economy experienced the unprecedented triple shock of a recession, economic disruption due to September 11 and the War on Terrorism, and corporate accounting scandals. President Bush acted promptly to help America's workers by providing tax relief to put more money in families' pockets and encourage businesses to grow and invest. Tax relief brought substantial savings to families and helped fight back the effects of the recession. Without the President's tax cuts, as many as 1.5 million additional Americans could have lost their jobs.
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Speeches and News Releases
November 2, 2007
Fact Sheet: October 2007 Marks Record 50th Consecutive Month of Job Growth
October 30, 2007
President Bush Urges Congress to Pass Appropriations Bills
President George W. Bush addresses his remarks, Tuesday, October 30, 2007, on the North Portico steps of the White House after meeting with the House Republican Conference. Standing with the President are members of the House Republican leadership from left, Rep. Eric Cantor of Virginia., House Minority Whip Roy Blunt of Missouri, House Minority Leader John Boehner of Ohio and Rep. Adam Putnam of Florida. White House photo by Joyce N. Boghosian
October 26, 2007
The Budget Breakdown: 110th Congress Reaches Milestone of Failure
October 15, 2007
President Bush Discusses The Budget
President George W. Bush gestures to make a point during his remarks to an audience at the John Q. Hammons Convention Center in Rogers, Ark., Monday, Oct. 15, 2007, urging Congress to be fiscally responsible with the taxpayer’s money. White House photo by Eric Draper
More News »
Press Briefings
  Briefing Excerpts 11/03/2003
  Briefing Excerpts 10/31/2003
  Briefing Excerpts 10/31/2003
  Briefing Excerpts 10/30/2003
  Briefing Excerpts 9/26/2003
  Briefing Excerpts 9/9/2003
  Briefing Excerpts 9/2/2003
  Briefing Excerpts 9/1/2003
  Briefing Excerpts 8/28/2003
  Briefing Excerpts 8/12/2003
  Briefing Excerpts 5/20/2003
  Briefing Excerpts 5/19/2003
  Briefing Excerpts 5/16/2003
  Briefing Excerpts 5/15/2003
  Briefing Excerpts 5/14/2003
  Briefing Excerpts 5/8/2003
  Briefing Excerpts 5/6/2003
  Briefing Excerpts 4/30/2003
More Excerpts »
  The Jobs and Growth Act of 2003
  Fact Sheet: Building Momentum for New Job Creation
  Fact Sheet: Building Momentum for New Job Creation
  Fact Sheet: President Bush Taking Action to Strengthen America's Economy
  Economists & Industry Respond
  Dept. of Commerce
  Dept. of Labor
  Dept. of Treasury