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 Home > News & Policies > August 2007

For Immediate Release
Office of the Press Secretary
August 3, 2007

Fact Sheet: Job Creation Continues - More Than 8.3 Million Jobs Created Since August 2003
July 2007 Marks 47th Consecutive Month Of Job Growth

     Fact sheet In Focus: Economy

Today, The Bureau Of Labor Statistics Released New Jobs Figures – 92,000 Jobs Created In July.  Since August 2003, more than 8.3 million jobs have been created, with more than 1.8 million jobs created over the twelve months ending in July.  Our economy has now added jobs for 47 straight months, and the unemployment rate remains low at 4.6 percent. 

The President's Pro-Growth Policies Are Helping Keep Our Economy Strong, Flexible, And Dynamic

  • Real GDP Grew At A Strong 3.4 Percent In The Second Quarter Of 2007. The economy has now experienced nearly six years of uninterrupted growth, averaging 2.7 percent a year since 2001.
  • Real After-Tax Per Capita Personal Income Has Risen By 11.4 Percent – An Average Of Over $3,400 Per Person – Since President Bush Took Office.
  • Real Wages Rose 1.3 Percent Over The 12 Months Ending In June.  This is faster than the average rate during the 1990s, and it means an extra $782 in the past year for a family with two average wage earners.
  • Since The First Quarter Of 2001, Productivity Growth Has Averaged 2.8 Percent Per Year.  This is well above the average productivity growth in the 1990s, 1980s, and 1970s.

We Must Restrain Government Spending And Keep Taxes Low To Continue Economic Growth

Since The President's Tax Relief Was Implemented, Record Levels Of Tax Revenue Have Helped Us Toward Our Goal Of Balancing The Budget By 2012.  Receipts have increased nearly 37 percent in the last three years, and the deficit is on track to decline by $205 billion in the same time period.  The President's FY 2008 Budget lays out a plan to continue this deficit reduction while keeping taxes low, leading to a surplus in 2012 of $33 billion.

Democrats In Congress Passed A Budget Resolution That Calls For $205 Billion In Additional Domestic Spending Over The Next Five Years – And Will Lead To The Largest Tax Increase In American History.  If Congressional Democrats allow the tax relief we passed to expire:

  • Those with children would see their taxes raised by $500 per child;
  • The average family of four making $60,000 a year would see a tax increase of more than $1,800 a year;
  • Around 26 million small business owners would suffer a tax increase of more than $4,000 a year; and
  • 5 million low-income Americans who currently do not pay income taxes would be forced to once again pay income taxes. 
  • In Addition, The Democratic Majority Has No Plan To Deal With The Unchecked Growth In Entitlement Spending That Is Our Nation's Biggest Budget Challenge.  The President's sensible reforms would slow the growth of entitlement programs by $92 billion over five years, but Congressional leaders have chosen to ignore this critical issue in their budget resolution.

The President Will Veto Appropriations Bills That Would Return Our Nation To The Tax-And-Spend Policies Of The Past.  The President proposed a responsible level of discretionary spending in his FY 2008 Budget, and he will veto annual spending bills that exceed this level. 

  • The President Has Also Proposed Reforms To Make The Earmark Process More Transparent And Cut The Number And Cost Of Earmarks By At Least Half.

President Bush Has Called On Congress To Pass The 12 Basic Spending Bills Needed To Keep The Federal Government Running.  President Bush submitted his budget to Congress nearly six months ago, but Congress has not yet sent him one spending bill to sign, including the Defense Department appropriations bill to fund our troops.  Congress must get its work done and pass these bills before the September 30th deadline.

Congressional Leaders Must Also Stand By Their Commitment To Pass Pending Free Trade Agreements With Peru, Colombia, Panama, And South Korea.  These free trade agreements will create better-paying jobs for American workers and farmers and provide new opportunities for entrepreneurs.

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