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ECONOMIC UPDATE – “A RISING TIDE LIFTS ALL BOATS”



Tax Relief Helps Economy

 

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. 

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© 2005 Congresswoman Ginny Brown-Waite. All Rights Reserved.