The White House
President George W. Bush
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For Immediate Release
January 31, 2007

Fact Sheet: The State of the Economy

      President Bush Delivers State of the Economy Report
      State of the Economy 2007
      In Focus: Jobs & Economy

"A future of hope and opportunity begins with a growing economy – and that is what we have. … This economy is on the move, and our job is to keep it that way, not with more government, but with more enterprise.."– President George W. Bush, State Of The Union Address, 1/23/07

Today In New York, President Bush Delivered A Report On The State Of America's Economy. The President highlighted our strong and dynamic economy, and discussed the challenges we face in keeping the economy growing. The U.S. economy is resilient and responsive, adding more than 7.2 million jobs since August 2003 despite numerous challenges including a recession, corporate scandals, the 9/11 attacks, and the worst natural disaster in American history.

American Workers Are Finding Jobs And Taking Home More Pay

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

America's Business Leaders Also Have Responsibilities. Shareholders should know what executive compensation packages look like, so the Securities and Exchange Commission has issued new rules to ensure that these packages are transparent. Government should not decide compensation for America's corporate executives, but the salaries and bonuses of CEOs should be based on their success at improving their companies and building value for their shareholders.

Making Tax Relief For All Americans Permanent

Through The End Of 2006, President Bush's Tax Relief Has Helped Spur Economic Growth By Keeping $1.1 Trillion In The Pockets Of American Taxpayers. The President reduced taxes for every American who pays income taxes, doubled the child tax credit, reduced the marriage penalty, created new incentives for small businesses to invest, and put the death tax on the road to extinction. The American people have used the tax relief to provide for their families, create jobs, and help make America's economy the envy of the industrialized world.

Balancing The Budget By 2012

Next Week, President Bush Will Propose A Budget That Will Reduce The Deficit Over The Next Five Years And Produce A Balanced Budget By 2012. The Budget will achieve balance while addressing the Nation's most critical needs, including supporting the Global War on Terror and sustaining the strength of our economy through permanent tax relief.

Extending Trade Promotion Authority

The President Is Committed To Opening Markets Around The World And Expanding Opportunities For America's Farmers, Ranchers, Workers, And Businesses. America is home to 5 percent of the world's population, meaning that 95 percent of our potential customers are abroad. President Bush believes America can compete economically with any nation as long as the rules are fair. By encouraging a system of free and fair trade, we can create better-paying jobs for American workers and farmers, provide new opportunities for entrepreneurs, and help lift entire nations out of poverty.

Reforming Our Health Care System

The President Seeks To Help More Americans Afford Basic Private Health Insurance By Reforming The Tax Code With A Standard Deduction For Health Insurance And Helping States Make Affordable Private Health Insurance Available To Their Citizens. The President's proposed standard deduction for health insurance will help make basic private health insurance more affordable for families and individuals – whether they have insurance through their jobs or purchase insurance on their own. For those who remain unable to afford coverage, the President's Affordable Choices Initiative will help eligible States assist the poor and sick in purchasing private health insurance.

Diversifying Our Energy Supply

The President's Twenty In Ten Energy Plan Sets The Goal Of Reducing U.S. Gasoline Usage By 20 Percent In 10 Years. This plan will help confront the challenge of climate change and increase our energy security by:

In Addition, The President Has Called For Doubling The Current Capacity Of The Strategic Petroleum Reserve To 1.5 Billion Barrels By 2027. Uninterrupted oil supply is critical to our energy security. Increasing oil reserves strengthens our ability to respond to supply disruptions and reduces our vulnerability to terrorist attacks on energy supplies and infrastructure.

Keeping America Competitive By Strengthening Education

The President's American Competitiveness Initiative (ACI) Will Help Keep America The Most Innovative And Competitive Economy In The World. The ACI will encourage more aggressive investment by businesses in research and development, increase Federal support for vital basic research, and improve math and science education for America's students as well as support the basic research that fuels innovation.

The No Child Left Behind Act Is Getting Results For Our Children And Our Economy – And The President Asks Congress To Reauthorize It This Year. Math and science skills are critical for success in college and the workplace. The President's proposals to strengthen and reauthorize NCLB include:

In February 2006, The President Signed Legislation Creating Grants To Encourage Students To Complete A Rigorous High School Course Of Study And To Major In Math, Science, Or Critical Foreign Languages. Academic Competitiveness Grants and National SMART Grants will provide $4.5 billion over the next five years to further reward Pell-eligible students who complete a rigorous high school curriculum or who pursue college majors in high demand.

Funding For Pell Grants Has Risen By Nearly 50 Percent Since President Bush Took Office. More students received aid last year than in any other year. From 2001 to 2006, student aid funding increased by 57 percent, and the number of students receiving aid increased by 24 percent.

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