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| Good News for New Mexico`s Economy |
July 31, 2002 |
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Dear Friends,
There was some more good news on the economy late last week. The number of newly jobless workers plunged unexpectedly in June and sales of new homes rose to an all time high.
The fundamentals of our economy are strong and Americans are the most productive, innovative people in the world. We are on track for sustained economic growth. But as long as there is one person who wants a job that can`t find a job, we still have work to do.
Government cannot create wealth. But it can create the conditions for people and business to flourish and create jobs.
Last week, the Senate and House came to agreement on a strong new law on corporate responsibility that requires real-time disclosure to investors, oversight of auditors, and increased penalites for corporate fraud. This measure helps restore confidence in the stock market so that investors can help create jobs.
We also passed "fast track" trade negotiating authority so that the President can remove barriers to American exports that put our companies at a disadvantage compared to their European and Canadian competition. When we are not unfairly taxed with tariffs in foreign countries, Americans can compete with anyone.
We need to continue with regulatory relief, particularly for small businesses so that the burden of red tape doesn`t stifle job growth.
We need to help keep taxes low and make last year`s tax relief permanent.
We made some real progress last week.
Wish you were here,
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