For Immediate Release
Office of the Press Secretary
July 7, 2006

Fact Sheet: A Day in Chicago: President Bush Highlights Economic Growth and Innovation

      Press Conference by the President
      In Focus: Jobs & Economy

Today, In Chicago, President Bush Highlighted America's Growing Economy And Discussed The American Competitiveness Agenda With Visits To Local Landmarks And Discussions With Community Leaders. The President's visit included time with Mayor Richard M. Daley and pillars of Chicago's business community, a press conference at the Museum of Science and Industry followed by a tour of the Museum's Leonardo da Vinci exhibit, and a tour of Cabot Microelectronics Corporation's global headquarters and research and development center where the President spoke about his American Competitiveness Initiative.

This Morning, President Bush Held A Press Conference To Discuss Some Of The Top Priorities On His Agenda. The President answered questions from local and national reporters and discussed topics including the economy, War on Terror, North Korea, and comprehensive immigration reform.

America's Economy – And Illinois' Economy – Are Strong And Growing Stronger

This Morning, The President Highlighted Today's Job Numbers At A Breakfast With Chicago-Area Business Executives At Lou Mitchell's Restaurant, A West Loop Neighborhood Institution.

• The American Economy Created 121,000 Jobs In June, And It Has Created More Than 5.4 Million Jobs Since August Of 2003. We have now added jobs for 34 straight months – and the unemployment rate is 4.6 percent. In the first quarter of 2006, our economy grew at an impressive annual rate of 5.6 percent – the fastest growth in two and a half years.
• Illinois' Unemployment Rate Has Fallen To 4.6 Percent, The Lowest Rate In Nearly Five And A Half Years. In the Chicago area, businesses have added more than 74,000 new jobs over the past two years. The unemployment rate in the Chicago area is 4.3 percent – the lowest in almost six years.

President Bush's American Competitiveness Initiative Will Keep America Competitive In The Global Economy

This Afternoon, President Bush Toured Cabot Microelectronics Corporation And Discussed The American Competitiveness Initiative (ACI). Located in the Chicago suburb of Aurora, Illinois, Cabot Microelectronics Corporation is a company of 650 employees that helps manufacturers of electronics systems build greater computing power into ever-smaller spaces. Cabot supplies sophisticated polishing materials used in the manufacture of advanced semiconductor chips and disks.

• President Bush Proposed The ACI To Help Innovative Companies Like Cabot Maintain America’s Competitive Edge. The ACI represents a series of policies to strengthen America’s position as the world leader in science and technology by increasing investments in research and development, improving the tax, legal, and regulatory environment for innovation, and ensuring America has a well-educated, highly skilled, competitive workforce.
• The United States Is The Global Leader In Innovation. America leads the world in research and development spending with over $300 billion – as much as all other G-8 nations combined.
• The American Competitiveness Initiative Will Boost Federal Funding For Research In Promising Areas Such As Nanotechnology, Supercomputing, And Alternative Energy Sources. It will also encourage bolder private sector investment in technology and ensure that our economy has workers highly skilled in math and science.
• President Bush Urges The Senate To Join The House In Fully Funding The Basic Research Component Of ACI. The President thanks the House for fully funding the basic research component of ACI, and urges the Senate to do the same. He hopes Congress will act swiftly to pass the remaining elements of the Initiative, including proposals to strengthen K-12 math and science education, to make permanent the R&D tax credit, and to fix our high-skilled immigration system as part of comprehensive immigration reform.

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