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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. According to US record, our economy has created more than 7.2 million jobs since August 2003. Payroll jobs increased 167,000 in December alone, and have increased by more than 600,000 jobs in the past four months. The unemployment rate was 4.5 percent in December. This is well below the 5.1 percent average rate for 2005, and below the average of each of the past four decades.
Real Wages Rose 1.7 Percent During 2006. This rate of growth is substantially faster than the average rate of the 1990s, meaning an extra $1,030 last year for the typical family of four with two wage earners. Real After-Tax Personal Income Per Person Has Increased Over $2,800 – Or 9.6 Percent – During This Administration. The President reduced taxes for every American who pays income taxes, and calls on Congress to keep our economy growing by making this tax relief permanent. President Bush has proposed balancing the budget through pro-growth policies and spending restraint, enacting common-sense reforms to help prevent billions of taxpayer dollars from being spent on unnecessary earmarks, and reforming entitlement programs.
On making economy goal, the President believes the best way to expand opportunity for American workers and help impoverished nations is to encourage free and fair trade and he has asked Congress to extend his trade promotion authority to negotiate trade deals. In addition to his ongoing policies, the President's State of the Union Address included new initiatives to help make health care available and affordable for...