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President
Bush’s Agenda for Economic Growth &
Job Creation
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President Bush has asked the Senate to pass a responsible economic stimulus package. The President told the Senate, "The American people expect progress. And I do, too." Vice President Cheney followed-up on the President's call in a speech to the U.S. Chamber of Commerce and urged Congress to pass the right kind of stimulus plan to help America's economy to recover.
Retail sales figures for October showed a strong 7.1% increase, primarily due to car sales. However, non-motor vehicle retail sales remained relatively low, and cars sold in October came from existing inventory -- not from new, job-creating production.
To help spur economic growth, America needs Congress to pass the right economic stimulus plan now. The President's approach will increase consumer and business confidence through effective tax relief that helps to restore the rate of job creation and revives business investment.
The President's Plan for Economic Growth & Worker Relief
The President proposed a Back to Work Relief Package on October 4 to provide help to those workers hardest hit by the economic impact of the attacks. This package would:
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extend unemployment benefits by 13 weeks for Americans who lost their jobs as a direct result of the terrorist attacks;
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make $11 billion available to states to help low-income workers obtain health insurance;
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provide $3 billion in special National Emergency Grants to help displaced workers maintain health coverage, supplement their income and receive job training;
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encourage affected workers to take advantage of more than $6 billion in existing federal job search, training and placement programs.
The President's approach will get Americans back to work because it emphasizes job creation. Studies suggest that the President's approach will create 300,000 more jobs.
Tax relief is efficient and can arrive more quickly than federal spending. And, the President's proposals to aid displaced workers work through proven programs - getting relief to those in need much more quickly.
President Bush supports practical steps to help restore the economic confidence of our country for consumers and businesses and to help workers who lost jobs as a result of the economic fallout from September 11. The President has outlined an economic growth and job creation agenda that focuses on:
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Tax Relief for Low and Moderate Income Workers: Reduces taxes for low- and moderate-income households beyond relief already approved by Congress, ensuring that the most vulnerable workers will have more money in their pockets.
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Accelerating Marginal Tax Rate Reductions: Gives consumers more to spend and invest, and gives businesses and entrepreneurs more resources to help them retain or create more jobs.
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Partial Expensing: Encourages businesses to invest in new equipment and resources by allowing them to partially expense capital expenditures, allowing them to make purchases they might not otherwise have been able to afford.
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Eliminating the Corporate AMT: Promotes new investment by businesses by eliminating the corporate alternative minimum tax, which imposes job-killing higher taxes on corporations and small businesses.
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