|
New jobs are being created, businesses are growing, and federal revenues are increasing at a rate that will enable us to balance the federal budget in the coming years--if we keep a lid on government spending. We are also making sure that Americans can keep more of their hard earned dollars. Since 2001, Congress has enacted tax relief that helps American families – including a reduction in marginal income tax rates, marriage tax penalty relief, alternative minimum tax relief, an increase in the child tax credit, and reduced rates on capital gains and dividends.
Lower taxes have allowed businesses to invest more and create more jobs. Our economy has created more than 5.4 million jobs since August 2003, almost 2 million of those in the past 12 months alone. Our current unemployment rate is 4.6 percent. The economy grew at a robust 5.6 percent in the first quarter of 2006 and 2.9 in the second quarter. Productivity is increasing, industrial production is growing, and homeownership is at a record high. In July, the Office of Management and Budget released its Mid-session Review, which reported that this year’s budget deficit is expected to be $296 billion, $127 billion less than projected just six months ago.
But while this economic news is encouraging, too many Americans are still struggling to keep up with the growing cost of living – particularly as it relates to health care and energy costs. Congress is not only committed to pro-growth tax relief and economic policies, but also in helping Americans cope with the high cost of living.
While more Americans are working now than ever before, American salaries are being stretched, particularly when it comes to health insurance. Lack of competition in the health insurance market has sent health insurance rates for small businesses skyrocketing, which means that growing numbers of small business owners can’t afford to provide health insurance for their employees. To help lower these costs, Congress has passed legislation to create small business health plans, to bring the benefits enjoyed by corporate America to small businesses. The legislation will allow small businesses to band together through association health plans to purchase health insurance for their employees at a lower cost. Unfortunately, to date, these plans are being blocked by obstructionists in the United States Senate.
Although gas prices have recently started to fall, another area Americans are feeling the pinch is when it comes to energy prices. The high cost of gasoline hits us at the pump and raises the prices of other consumer goods because of increased shipping costs. To help combat this problem, Congress has enacted legislation designed to reduce our nation’s dependence on foreign oil and expand the use of alternative forms of energy. I believe we must develop an energy plan that ensures Americans affordable heat and businesses and farms affordable prices in natural gas.
Sound economic policies have grown our economy and created jobs and opportunities for the American people, but there is still more work to be done. By taking steps to lower the cost of health insurance and address high energy costs, we can ensure that Americans are better able to enjoy the strong economy that has been growing over the past several years. |
|
