February 3, 2006
JS-4005

The Honorable John W. Snow
Prepared Remarks to the Charlotte
Chamber of Commerce

Good morning, everyone; it's great to be with you here in Charlotte. Thanks to businesses like yours all over the country, the American economy is doing very well, and I want you to know that the President is dedicated to the policies that create a good environment for job creation and innovation.

From lower tax rates for individuals and investors to the creation of low-cost, high-savings health care options, President Bush has been working to remove the obstacles that can to hold back independent businesses like the ones this Chamber represents.

He knows that your ability to invest in your business – and then deduct that expense from your taxes – is critically important to your ability to grow and hire more workers.

And he knows that affording a health-care plan on a small-business budget is a struggle and a challenge that needs a light at the end of the tunnel. I hope that Health Savings Accounts (HSAs) are offering that light already. I know that employers both large and small are taking advantage of HSAs, and I think they are a break-through health-care product.

But I want to be clear when I say that the President doesn't feel sorry for small and medium-sized employers. No. He admires them. He knows where job creation and innovation comes from, and he wants to encourage as much of those things as possible.

I'm glad to see that the Charlotte economy is doing well, and I'm proud to report on the robust health of the national economy. In his State of the Union Address this week, the President told America about our healthy economy, which is performing far better than other major economies. But, as the President said and you well know, we live in a new world and are facing competition from new economic players like China, India, and other "emerging market" countries. In order for America to continue to be a dynamic engine of growth, President Bush is outlining action in three key areas: health, energy, and America's competitiveness.

He believes that the best way to break America's dependence on foreign sources of energy is through new technology. That's why he is proposing an Advanced Energy Initiative that would provide for a 22 percent increase in clean-energy research at the Department of Energy and would build on the energy legislation finally passed by the Congress last year that encourages and rewards energy conservation activity.

In his Tuesday night address, the President also talked about an ambitious strategy we are calling the American Competitiveness Initiative. It would significantly increase federal investment in critical research, ensure that the U.S. continues to lead the world in opportunity and innovation, and provide American children with a strong foundation in math and science.

With a focus on these and other good policies, we'll keep America competitive in the world and keep our economy strong as it has been for some time now, with excellent GDP growth, steady job creation and low unemployment.

I'm happy to be sharing the President's economic policy proposals with you today, but I'm also looking forward to hearing your thoughts, observations and questions about the economy. America's economy is the envy of the world, but we'll only maintain that status if we keep working on it, every day.

I'd be delighted to take your questions now.