Bush Touts Tax Cuts, Predicts Growth After Job Loss Report
Enviado: 2/8/2003 16:36Bush Touts Tax Cuts, Predicts Growth After Job Loss Report
Aug. 2 (Bloomberg) -- President George W. Bush said his administration is ``preparing the way for vigorous growth and more jobs,'' defending his tax cuts against Democratic criticism as the U.S. economy continued to shed employees.
Bush said this year's $330 billion tax cut will benefit small business owners. Parents this week will begin receiving checks for as much as $400 per child, which ``will help American families move the economy forward,'' he said in his weekly radio address before heading today for a month on his Texas ranch and campaign stops in at least six states.
The Labor Department's report yesterday of 44,000 jobs lost in July marked the sixth straight monthly decline. The economy has lost jobs in 25 of the 31 months Bush has been president.
``Many Americans who want to work are still having trouble finding a job,'' Bush said today. ``My administration is acting to promote faster growth to encourage the creation of new jobs.''
Democrats vying to challenge Bush for the presidency next year, such as Senators John Kerry of Massachusetts and John Edwards of North Carolina, say the three tax cuts Bush has pushed through Congress are deepening federal budget deficits and benefit primarily the wealthy without creating jobs and lifting the economy.
The July job losses ``paint a bleak picture,'' and the president is trying to ``sugarcoat the economic situation,'' Democratic National Committee Chairman Terry McAuliffe said in a statement yesterday.
Economic Results
Bush contends that the economy would have been in worse shape without the three tax cuts totaling $1.7 trillion that he has signed into law.
``We are starting to see results from our actions,'' Bush said. ``My administration's economists believe that if we had not passed tax relief, our unemployment rate would have been nearly one percentage point higher, and as many as 1.5 million Americans would not have the jobs they have today.''
Bush is basing the claim on a July Treasury Department report.
The U.S. Treasury started sending $14 billion in checks worth as much as $400 per child to 25 million families. The rebates reflect an increase to $1,000 from $600 in the annual maximum child tax credit.
The jobless rate fell to 6.2 percent from a nine-year high of 6.4 percent, in part as discouraged job-seekers stopped looking for work, the Labor Department said.
Pocketbook Concern
McAuliffe said the economy would be the prime issue in next year's presidential campaign. ``I feel very confident that when people go to vote, they're going to vote on their pocketbooks,'' McAuliffe said on MSNBC.
``America's economy has challenges,'' Bush said today. ``I will not be satisfied until every American looking for work can find a job.''
The president in his address also urged Congress to pass energy legislation and restrictions on damage awards in lawsuits to supplement tax cuts as economic stimulus. ``We need legal reform to stop the frivolous lawsuits that are a drag on our economy,'' Bush said.
Payrolls declined after a revised 72,000 drop in June, more than twice the number originally reported, the Labor Department said. About 1.03 million jobs have been lost since the recession ended in November 2001.
Other government economic reports yesterday showed mixed results. Consumer spending, which accounts for 70 percent of the economy, rose in June for a fourth consecutive month.
``I have confidence in our economic future, because I have confidence in the people whose effort and creativity make this economy run -- the workers and the entrepreneurs of America,'' Bush said.
Last Updated: August 2, 2003 10:06 EDT
Aug. 2 (Bloomberg) -- President George W. Bush said his administration is ``preparing the way for vigorous growth and more jobs,'' defending his tax cuts against Democratic criticism as the U.S. economy continued to shed employees.
Bush said this year's $330 billion tax cut will benefit small business owners. Parents this week will begin receiving checks for as much as $400 per child, which ``will help American families move the economy forward,'' he said in his weekly radio address before heading today for a month on his Texas ranch and campaign stops in at least six states.
The Labor Department's report yesterday of 44,000 jobs lost in July marked the sixth straight monthly decline. The economy has lost jobs in 25 of the 31 months Bush has been president.
``Many Americans who want to work are still having trouble finding a job,'' Bush said today. ``My administration is acting to promote faster growth to encourage the creation of new jobs.''
Democrats vying to challenge Bush for the presidency next year, such as Senators John Kerry of Massachusetts and John Edwards of North Carolina, say the three tax cuts Bush has pushed through Congress are deepening federal budget deficits and benefit primarily the wealthy without creating jobs and lifting the economy.
The July job losses ``paint a bleak picture,'' and the president is trying to ``sugarcoat the economic situation,'' Democratic National Committee Chairman Terry McAuliffe said in a statement yesterday.
Economic Results
Bush contends that the economy would have been in worse shape without the three tax cuts totaling $1.7 trillion that he has signed into law.
``We are starting to see results from our actions,'' Bush said. ``My administration's economists believe that if we had not passed tax relief, our unemployment rate would have been nearly one percentage point higher, and as many as 1.5 million Americans would not have the jobs they have today.''
Bush is basing the claim on a July Treasury Department report.
The U.S. Treasury started sending $14 billion in checks worth as much as $400 per child to 25 million families. The rebates reflect an increase to $1,000 from $600 in the annual maximum child tax credit.
The jobless rate fell to 6.2 percent from a nine-year high of 6.4 percent, in part as discouraged job-seekers stopped looking for work, the Labor Department said.
Pocketbook Concern
McAuliffe said the economy would be the prime issue in next year's presidential campaign. ``I feel very confident that when people go to vote, they're going to vote on their pocketbooks,'' McAuliffe said on MSNBC.
``America's economy has challenges,'' Bush said today. ``I will not be satisfied until every American looking for work can find a job.''
The president in his address also urged Congress to pass energy legislation and restrictions on damage awards in lawsuits to supplement tax cuts as economic stimulus. ``We need legal reform to stop the frivolous lawsuits that are a drag on our economy,'' Bush said.
Payrolls declined after a revised 72,000 drop in June, more than twice the number originally reported, the Labor Department said. About 1.03 million jobs have been lost since the recession ended in November 2001.
Other government economic reports yesterday showed mixed results. Consumer spending, which accounts for 70 percent of the economy, rose in June for a fourth consecutive month.
``I have confidence in our economic future, because I have confidence in the people whose effort and creativity make this economy run -- the workers and the entrepreneurs of America,'' Bush said.
Last Updated: August 2, 2003 10:06 EDT