REMARKS AS PREPARED FOR DELIVERY SANDY K. BARUAH ASSISTANT SECRETARY OF COMMERCE FOR ECONOMIC DEVELOPMENT - EDA INVESTMENT CHECK PRESENTATIONS - JAFFREY, NEW HAMPSHIRE

WEDNESDAY, AUGUST 22, 2007

AS PREPARED FOR DELIVERY

Introduced by Senator John Sununu

Thank you, Senator Sununu, for that kind introduction.

It’s a pleasure to be in Jaffrey today representing President George W. Bush, and I am pleased to be traveling today with Senator Sununu – who is a strong and independent voice in Washington for the people of New Hampshire.

Senator Sununu, I appreciate your hard work and leadership in helping to ensure a prosperous future for not only the citizens of New Hampshire, but for the nation as a whole. And I appreciate you taking the time to “show off” New Hampshire to me today.

As you know, economic development works best when it is a locally-driven process – local people coming together for the common good to take control of their economic destiny. That’s what we’re celebrating this morning.

As we celebrate the success of the Southwest New Hampshire region, it is important to understand what’s happening at the national level. After all, it is difficult for a region to grow without a strong national economy, and our national economy can’t be strong without growing regional economies.

Our national economy is strong. Thanks to the hard work and innovation of American workers and businesses, America has experienced 47 straight months of job growth, with 136,000 new American jobs created each month since the beginning of the year. The unemployment level remains at a low 4.6%, which many economists say is lower than the full employment level.

The economy has created about 2 million jobs over the past year. For those of you keeping score at home, that’s over 8 million new American jobs since August 2003, more jobs than all the other major industrialized countries – combined.

The American economy grew at 3.4% in the second quarter of 2007, providing for nearly 6 straight years of uninterrupted economic growth, showing that ours is a very resilient, diversified, and flexible economy.

And despite returning over $1 trillion to American taxpayers through the President’s tax relief, tax revenues were up 12% in 2006 and up 14% in 2005. These increasing tax revenues mean that this country beat President Bush’s 2004 pledge to cut the deficit in half by 2009 by 3 years, and the President’s tax relief enabled more than 5 million taxpayers to have their income tax liability completely eliminated.

There is strong evidence that low taxes are a key to economic growth – and that’s why the President wants to make these tax cuts permanent.

So, it is clear that our economy is strong, thanks in part to economic development efforts taking place in the Southwest New Hampshire region.

This project is about upgrading Jaffrey’s ability to support the growth of businesses that make the products and services the world is demanding. In doing so, Jaffrey can better tap into America’s success in competing in the worldwide marketplace, particularly through export growth.

U.S. exports have increased by 11% over 2006. And the trade deficit has narrowed nearly 8% or $30 billion compared to the same period in 2006.

Here in New Hampshire, exports in 2006 totaled nearly $3 billion. New Hampshire companies are selling their goods and services in 166 countries. And one-sixth of all New Hampshire manufacturing jobs are tied to exports.

Nationwide, exports are growing more than twice as fast as imports, which is a strong indication of America’s workers’ and business’ ability to successfully compete in the worldwide marketplace.

This is important, because the jobs associated with exports have higher wages than other jobs, which helps drive our national prosperity.

That’s why it is important to open worldwide markets to U.S. goods and services. A key tool to accomplish this is Free Trade Agreements – FTAs.

When President Bush took office, we had Free Trade Agreements with just 3 countries – Israel, Canada and Mexico. Today, we have free trade agreements with 16 countries with 4 more under consideration.

FTAs help our companies, farmers, manufacturers and workers sell American goods and services to new markets around the world.

The critical role exports play in New Hampshire’s economy highlights the importance of the Free Trade Agreements the President is pursuing with Columbia, Panama, Peru and South Korea.

These FTAs will provide U.S. companies, farmers, manufacturers and workers access to 75 million consumers in emerging markets across the globe.

FTAs work for New Hampshire. Since the implementation of NAFTA, New Hampshire exports to NAFTA countries are up 75%. Since the implementation of the U.S.- Chile FTA, New Hampshire exports to Chile are up 49%.

So, thanks to the hard work and innovation of American workers and businesses, and to the smart economic development initiatives like here in Southwest New Hampshire, American exports are on the rise, and the American economy is resilient, and our economic foundation is strong.

This is important not just for the nation, but for the Southwest New Hampshire region as well – because a growing national economy provides the folks in Southwest New Hampshire a better opportunity to realize economic growth right here at home. It takes both smart national policies and innovative local initiatives to ensure that the American dream reaches all parts of our great nation – and we are celebrating both here today.

Of course, a little help from the Federal government can’t hurt. And today, I have the distinct pleasure to announce a $2 million Economic Development Administration investment to the Town of Jaffrey.

So now, if I could please have Senator Sununu join me to formally present the check to Randy Heglin, Richard Lambert, and Frank Sterling of the Town of Jaffrey.

On behalf of President George Bush, it is my pleasure to present the Town of Jaffrey with this check for $2 million. Congratulations….

Accepting the check is Randy Heglin, Acting Town Manager of Jaffrey; Richard Lambert, Chair, Jaffrey Board of Selectmen; Frank Sterling, Jaffrey Selectman

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