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ECONOMIC UPDATE – “A RISING TIDE LIFTS ALL BOATS”

Washington, D.C., Oct 27 -

After hearing many
constituent concerns about our nation’s economy, I wanted to update you with
some recent developments.  While some
Americans remain pessimistic over the health of our economy, there is plenty of
reason to cheer.  By passing much-needed
tax cuts, the Republican-led Congress has created an environment conducive to
strong economic growth.  More consumers
have their own hard-earned dollars back in their pockets to spend as they see
fit, which in turn provides a significant boost to our economic activity. 

Additionally, for the first
time in history, the Dow Jones Industrial Average closed above 12,000.  A robust stock market benefits American
shareholders and workers alike, increasing retirement savings, empowering
employers to increase their hiring, and generating higher tax revenues.  These higher tax revenues, combined with
congressional efforts to restore the notion of fiscal responsibility to government
spending, have caused a significant drop in this year’s federal deficit.  In fact, the Department of the Treasury now
projects a $175 billion decrease from the Bush Administration’s estimate
earlier this year, to a level of $248 billion. 

Moreover, because of
Republican-led initiatives like passage of the Energy Policy Act, for the first
time in months, we are finally starting to see relief at the pump.  As the oil supply catches up with demand, gas
prices continue to fall. 

The nation is also enjoying a
flourishing workforce in the midst of this economic boom.  The national unemployment rate is a mere 4.6
percent and just 3.2 percent in Florida.  Further, Florida has experienced one of the seven
highest employment increases, adding 14,200 jobs in September alone. 

The Federal Reserve forecasts
our nation’s Gross Domestic Product to increase by nearly 3.5 percent in 2006,
a remarkable rate for the world’s largest economies.  As John F. Kennedy once said about the
importance of economic growth to the average citizen, “A rising tide lifts all
boats.”  A commitment to Republican
pro-growth low-tax policies will ensure that our economy continues to rise,
while lifting all Americans with it.