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Domenici Lauds Latest Signs of a Strong Economy
from the Office of Senator Pete V. Domenici
Friday, November 3, 2006
SANTA FE – U.S. Senator Pete Domenici today said that new indicators show that the American economy is strong—and getting even stronger. Domenici, a member and former chairman of the Senate Budget Committee, reported that October’s unemployment rate has fallen to just 4.4 percent, the lowest rate since May 2001. The American economy added 92,000 jobs in October, continuing a 38 month trend of adding jobs every month.
“Every month, it seems like we receive better and better news about our economy. This month contains some of the best news yet. Our American economy has added over 2 million jobs in the last year, and our unemployment rate is now just 4.4 percent. We’ve seen 38 straight months of job growth. That’s an incredible record, and the President deserves a lot of credit for leading us there,” Domenici said.
“New statistics also tell us that wages are up and the deficit has been cut in half. This is in part a direct result of the pro-growth policies we put in place, including tax cuts for every American. It is absolutely critical that we continue those tax cuts by making them permanent. To let them expire, as many Democrats wish to do, means a tax increase for every American and I think that would be bad for our economy,” he continued said.
Since August 2003, more than 6.8 million jobs have been created in America—more than every other industrialized nation combined. Payrolls have increased by 470,000 in the last three months alone.
In addition, real wages have grown by 2.4 percent over the past year, and by nearly 10 percent since President Bush took office.
In order to promote job growth, the President and Congress have cut taxes for everyone pays them, doubled the child tax credit, reduced the marriage penalty, and cut taxes on capital gains.
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