Inverness Freedom Walk

Washington, D.C., Sep 15 -

Many allege that our economy is off track, even though over the last few years, America has enjoyed a period of unprecedented economic growth, embracing new industries and proving that opportunity abounds now more than ever before.  It is almost a “Rodney Dangerfield economy” that gets no respect.  All too often, people overlook the many positive economic signs, such as the record low unemployment rate, which currently stands at a healthy 4.7 percent, well below the 5.1 percent long-run rate.  Remember, this low rate comes despite the fact that there are so many illegal immigrants working in this country.  And recently, the Bureau of Economic Analysis estimated that real gross domestic product (GDP) grew at a 2.9 percent rate in the second quarter of 2006; this is the 19th consecutive quarter of economic growth.  Tax receipts are surging to record highs, despite the doomsday scenarios painted by opponents of tax relief.  And most importantly, America continues to be the largest economic power in the world.

The good news does not stop there.  Americans are starting to see a decline in the price of gasoline, and many economic analysts predict this price decline will continue for some time.  Although this development is encouraging, it should not distract the American people from the pressing need to explore alternative sources of energy.  Congress has passed several pieces of legislation to encourage research in this promising field and I fully expect the energy industry to make some exciting advances in the coming years.    

As a Member of Congress (who came from humble beginnings), I recognize the extraordinary charge I have in ensuring that economic growth continues and that American workers can enjoy the ride.  I will continue to support legislation that achieves this end, such as H.R. 5970, the Estate Tax and Extension of Tax Relief Act of 2006, which would reduce the estate tax, extend a number of popular tax breaks, and increase the minimum wage from the current level of $5.15, to $7.25 over the next three years.  By giving money back to the American people, we can unleash the productive power of the individual, which always has and always will be the engine for economic growth.  I am sure that as a Floridian, you took advantage of the state and local sales tax deduction from your federal income taxes – something that I am proud of achieving in 2005 and am fighting to extend for 2006. 

While challenges do lie ahead, we must remember that the United States is still the land of opportunity that so many of our ancestors sought.  We see this today in the sheer number of people who seek entrance to our great country.  Rest assured that I will continue to keep your concerns in mind as Congress works to enhance the economic prospects for all Americans.