For Immediate Release
Office of the Press Secretary
May 14, 2005
President's Radio Address
Audio
THE PRESIDENT: Good morning. I'm pleased to report that we see
new signs that the pro-growth policies we have pursued during the past
four years are having a positive effect on our economy. We added
274,000 new jobs in April -- and we have added nearly 3.5 million jobs
over the past two years. Unemployment is down to 5.2 percent, below
the average rate of the 1970s, 1980s, and 1990s. We have seen steady
job gains during each of the past 23 months, and today more Americans
are working than at any time in our history.
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There are other good reasons for optimism. The economy grew at a
solid rate of 3.6 percent over the past four quarters, and economists
expect strong growth for the rest of 2005. Manufacturing activity is
enjoying its longest period of growth in 16 years. Inflation and
mortgage rates remain low -- and we have more homeowners in America
than ever before.
These positive signs are a tribute to the effort and enterprise of
America's workers and entrepreneurs. But we have more to do. So next
week, I will focus on three priorities that will strengthen the
long-term economic security of our nation.
On Monday, I will travel to West Point, Virginia, to highlight the
benefits of biodiesel, an alternative fuel that will help our country
achieve greater energy independence. We'll also discuss our need for a
comprehensive national energy strategy that reduces our dependence on
foreign oil. This strategy will encourage more efficient technologies,
make the most of our existing resources, help global energy consumers
like China and India reduce their own use of hydrocarbons, encourage
conservation, and develop promising new sources of energy such as
hydrogen, ethanol and biodiesel.
I applaud the House for passing an energy bill that is largely
consistent with these goals. Now the Senate must act. Congress needs
to get a good energy bill to my desk by the August recess so I can sign
it into law.
On Tuesday I will welcome our newest United States Trade
Representative, former Congressman Rob Portman. Ambassador Portman
understands that expanding trade is vital for American workers and
consumers. He will make sure we vigorously enforce the trade laws on
the books, while also working to continue opening foreign markets to
American crops and products. The Central America Free Trade Agreement
would help us achieve these goals. This agreement would help the new
democracies in our hemisphere deliver better jobs and higher labor
standards to their workers, and it would create a more level playing
field for American goods and services. Congress needs to pass this
important legislation.
Finally, on Thursday, I will travel to Milwaukee, Wisconsin, to
discuss with young people the importance of acting now to strengthen
Social Security. The Social Security safety net has a hole in it for
younger workers. For the sake of our children and grandchildren, we
need to make Social Security permanently solvent. And we need to make
the system a better deal for younger workers, by allowing them to put
some of their payroll taxes, if they so choose, into a voluntary
personal retirement account. Because this money will be saved and
invested, workers will have the opportunity to earn a higher rate of
return on their money than anything the current Social Security system
can now give them.
The American economy is the envy of the world. For the sake of our
nation's hardworking families, we must work together to achieve
long-term economic security, so that we can continue to spread
prosperity and hope throughout America and the world.
Thank you for listening.
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