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| Economic Reports Paint a Bright Picture |
January 31, 2007 |
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Press Release: Wilson Focuses on Job Potential on West Side
Press Release: Wilson Urges Preservation of Highway Funds for New Mexico
Wilson Attributes Growth to Policies Helping Workers & Small Businesses
Washington, DC – Congresswoman Heather Wilson today said growth policies are working for American taxpayers and small businesses that drive the economy, and advocated making tax relief that has already been passed permanent to build on the nation`s success.
In December, New Mexico had an unemployment rate (seasonally adjusted) of 3.8 percent, better than the national rate and the best since the statistic began being tracked in 1978, according to the New Mexico Department of Labor. The state has added 18,300 jobs over the last year, and ranks 12th highest for job growth among the states, reaching an 11-year peak last summer.
"Steady growth is made possible by lower taxes on families and small businesses that drive our economy," Wilson said. "Small business is the engine of economic growth and we need to keep tax policies in place that encourage job creation."
Wilson focused on low unemployment and wage growth - key measurements that impact family budgets. The national unemployment rate of just 4.5 percent in December is better than the average of each of the past four decades. Real wages rose 1.7 percent in 2006, faster than the average of the 1990s.
Those measuring sticks join a long list of indicators of economic strength, including the creation of 7.2 million jobs since August 2003 (600,000 jobs in the past four months), 40 straight months of job creation, last year`s surge in federal revenue and diminishing deficits, high home ownership rates and even market record performances in recent months.
"Government doesn`t create wealth, but it can create the conditions for small businesses to create jobs," she continued.
In February 2004, the Congress set a national goal to cut the deficit in half by 2009. We achieved it three years early. According to the Office of Management and Budget, federal revenue surged by 12 percent in 2006 on top of a 14.5 percent increase in revenues in 2005.
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