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| Wages Rising, Unemployment Falling |
November 03, 2006 |
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| Wilson Says Growth Policies Are Working
Washington, DC –With unemployment at a five-year low and wages growing by 3.9 percent over the past year, Congresswoman Heather Wilson today said growth policies are working for American taxpayers and small businesses that create most new jobs. Wilson advocates building on these successful growth policies by making tax relief that has already been passed permanent.
Wilson said today’s announcement of lower unemployment and wage growth joins a long list of indicators of economic strength, particularly surging federal revenue, diminishing deficits, 37 straight months of job creation and even recent market record performances.
“This good news is made possible by lower taxes on the working families and small businesses that drive our economy,” Wilson said. “Government doesn`t create wealth, but it can create an atmosphere for entrepreneurs and small businesses to create jobs. We should continue to encourage innovation, investment and expansion.”
Through August, New Mexico had added 26,200 jobs over the last year, with an unemployment rate of 4.4 percent, then better than the national rate. Albuquerque`s unemployment of 4.0 percent was down from 4.8 percent 12 months earlier. New Mexico ranked 6th in job growth among the states, according to the New Mexico Department of Labor.
Maintaining steady growth, the U.S. economy has created jobs for 37 straight months. Unemployment is down to 4.6%, wages are rising, and energy prices are dropping again. Unemployment is lower than the average of the 1960s, 1970s, 1980s, and 1990s. Home ownership also remains near record highs.
In February 2004, we set a goal to cut the deficit in half by 2009, a goal achieved three years sooner because of the nation`s economic strength, according to an announcement last month by the Office of Management and Budget (OMB). Federal revenue surged by 12 percent in 2006 on top of a 14.5 percent increase in revenues in 2005.
The OMB recently announced that the federal deficit has been reduced to $248 billion, a $71 billion improvement over last year, mirrors an earlier report last month by the nonpartisan Congressional Budget Office (CBO) that the deficit has dropped to $250 billion, a dramatic improvement over the $355 billion projected by the CBO just nine months ago.
“Albuquerque is a great place to build a business,” Wilson said. “Small businesses are the engine of our economy, and growth policies make a difference for them.”
Wilson says that we will continue seeing people hired by keeping taxes low and regulations fair for the small businesses that create seven of every 10 new jobs in America. She regularly tours area businesses to meet with employees and small business owners to have firsthand information about the growth outlook in New Mexico.
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