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Washington, D.C. - With the end of the year fast approaching, we can all count a stronger economy among our many blessings this holiday season. Two thousand and five will always be remembered as the year of the unprecedented natural disasters that devastated our nation’s Gulf State region. But despite this national tragedy, our nation has shown resilience and a dedication to rebuild what was lost. As a result, our economy has persevered through a tremendously difficult time.
In fact, in recent years, our economy has withstood a series of major setbacks. From the recession and ‘bubble burst” of the late 1990s, to devastating terrorist attacks, to two years of natural disasters, to funding the war, our economy has certainly taken some significant hits. But as this year draws to a close, our nation’s economy is strong – and growing stronger.
The Department of Labor’s Bureau of Labor Statistics recently issued its monthly report for the month of November. The numbers were positive. In November alone, 215,000 new jobs were created. In the past 12 months, the economy has created nearly 2 million jobs, and over 4.4 million jobs have been created since May of 2003. What is more, the unemployment rate is at 5.0 percent, which is lower than the average of the 1970s, 1980s, and 1990s.
This means more Americans are working than ever before in our nation’s history, and America’s small business owners are operating in an environment of lower taxes and less government interference, which is further fueling their growth.
What is the reason for such a strong and vibrant economy, despite such major setbacks? The answer is simple: Tax relief. President Bush’s tax cuts have made our economy more robust, created more jobs and left more money in the pockets of people here in Ohio and across the nation, regardless of their income level.
This widespread economic growth has had a profound positive impact on our nation. Let me give you some examples. We are currently enjoying the highest homeownership rates in our nation’s history, with recent reports reflecting a 13 percent increase in new home sales in just the month of October. And there is more good news in time for the holiday season. A surge in consumer spending shows that retail sales (excluding motor vehicles) increased nearly 22 percent over the last year, with shoppers spending $27.8 billion over the post-Thanksgiving weekend this year! In addition, the Consumer Price Index dropped by the largest amount in 56 years.
I will continue to support policies and initiatives that create and maintain high-paying, high quality American jobs and lead to economic prosperity. I recently supported the Tax Relief Extension Reconciliation Act of 2005, which will further spur our nation’s ongoing economic growth.
These common sense solutions are working for all Americans, and the experts forecast that the economy will continue to grow at a robust rate. So as we reflect on the past year, we should take a moment to think about this great nation where year after year, the most productive, efficient workers in the world have once again led the way in growth, employment, and productivity.
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