REMARKS AS PREPARED FOR DELIVERY - SANDY K. BARUAH, ASSISTANT SECRETARY OF COMMERCE FOR ECONOMIC DEVELOPMENT - CHECK PRESENTATION TO THE TOWN OF SANTA CLAUS, INDIANA

FRIDAY, MAY 5, 2006

AS PREPARED FOR DELIVERY

Thank you for that kind introduction and thanks to the Indiana 15 Regional Planning Commission , Spencer County Commissioners and Town Council President Ron Smith. Mr. Smith, it’s an honor to be in your charming town today on behalf of President Bush and Commerce Secretary Carlos Gutierrez.

Congressman Sodrel, thank you for the invitation to be here today. The Department of Commerce considers you an important partner, and we have been pleased to work with you on this grant.

Mike Sodrel is an important and effective voice for you in Washington. Congressman, you speak out for common sense and you are a man who says what he means and means what he says – and I appreciate that.

We are here today to celebrate local folks working together to take control of their economic future. It’s important work – but it’s not always easy.

For economic development to be successful, several things must come together:

• You need a solid plan that builds on your strengths.

• You need a collaborative approach that involves all elements of the region.

• You need a close, active partnership with the private sector.

• And you need to work hard and make tough decisions. There will always be more will than wallet and it’s important to prioritize.

Of course, the Federal Government can help – and today I’m pleased to formally announce with the Congressman that the Department of Commerce’s Economic Development Administration will invest $2 million in Santa Claus and Spencer County to help upgrade the local water system to support Holiday World and a new industrial park.

The other important role for the Federal government is to work to ensure a strong and growing national economy – and we have.

Here’s what we achieved under President Bush’s watch:

• 17 straight quarters of economic growth: 3.5% last year and 4.8% last quarter.

• Home ownership at 70% - a record level.

• Consumer confidence at an all-time high.

• 13% increase in real inflation adjusted wages since 2001.

• Unemployment stands at 4.7% - what economists consider to be full employment.

• Just this morning, the Department of Labor announced another 138,000 new jobs had been created last month – bringing the two year job total to over 5 million.

Our economy is really humming along and that’s good news here in Southern Indiana - because you can tap into this growing economy.

It is my pleasure to join Congressman Sodrel to formally present this investment award to Santa Claus – which will help create 300 jobs in this area. This investment has been on our list – and Mike Sodrel made sure we checked it twice – so if I could have the Congressman, Ron Smith, Dan Rininger and William Spaett join me for the formal presentation of the check.

On behalf of President George W. Bush and Secretary Carlos M. Gutierrez, congratulations to the Town of Santa Claus on this important Economic Development Administration investment.

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