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To: POLITICAL EDITORS
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Extract
Press Conference by President Bush
WASHINGTON, Aug. 9 /PRNewswire-USNewswire/ -- The following is a transcript of a press conference by President Bush:
James S. Brady Briefing Room10:33 A.M. EDTTHE PRESIDENT: Good morning, thank you. When I came into office in 2001, our nation was headed into a recession. So we cut the taxes across the board. And hardworking Americans have used this tax relief to produce strong and lasting economic growth.Since we began cutting taxes in 2001, our economy has expanded by more than $1.9 trillion. Since the tax cuts took full effect in 2003, our economy has added more than 8.3 million new jobs, and almost four years of uninterrupted growth. Inflation is low, unemployment is low, real after-tax income has grown by an average of more than $3,400 per person since I took office. The American economy is the envy of the world, and we need to keep it that way.Our economy is growing in large part because America has the most ambitious, educated and innovative people in the world -- men and women who take risks, try out new ideas, and have the skills and courage to turn their dreams into new technologies and new businesses. To stay competitive in the global economy, we must continue to lead the world in human talent and creativity.So in my 2006 State of the Union address, I announced the American Competitiveness Initiative, and I called on Republicans and Democrats in Congress to join me in this effort, to encourage innovation throughout our economy. As part of this initiative, I asked Congress to expand America's investment in basic research, so we can support our nation's most creative minds as they explore new frontiers in nano-technology or supercomputing or alternative energy sources. I asked Congress to strengthen math and science education, so our children have the skills they need to compete for the jobs of the future. I asked Congress to make permanent the research and development tax credit, so we can encourage bolder private-sector initiatives in technology.Today I'm going to sign into ...See the full content of this document
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