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Skriven 2006-05-10 23:33:16 av Whitehouse Press (1:3634/12.0)
Ärende: Press Release (0605108) for Wed, 2006 May 10
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Setting the Record Straight: The New York Times Continues to Ignore
America's Economic Progress
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For Immediate Release
May 10, 2006

Setting the Record Straight: The New York Times Continues to Ignore
America's Economic Progress


˙˙˙˙˙ In Focus: Jobs _ ˙˙˙˙˙ Setting the Record Straight

The New York Times Says "Fixed Costs, Like Housing, Health Care And
Gasoline" Are "Rapidly Outpacing" Paychecks And Benefits. (Editorial,
"Barely Staying Afloat," The New York Times, 5/10/06)

But Average Hourly Earnings Have Risen 3.8 Percent Over The Past 12 Months,
Their Largest Increase In Nearly Five Years. Hourly compensation rose at a
5.7 percent rate in the first quarter. Personal income rose 0.5 percent in
March.

Real After-Tax Income Has Risen By 13.8 Percent Since January 2001. Real
after-tax income has risen by $2,398 (8.2 percent) per person since January
2001.

Securities Prices Show The Market Believes That Inflation Is Expected To
Remain In Check.

More Than 5.2 Million Jobs Have Been Created Since August 2003, And 138,000
Jobs Were Created In April. The unemployment rate is 4.7 percent.

Yesterday, The Dow Jones Industrial Closed Within 83 Points Of An All-Time
Record High. The Dow is up 8.6 percent this year and closed yesterday at a
six-year high.

GDP Grew At A Strong 4.8 Percent Annual Rate In The First Quarter. This
follows our economic growth of 3.5 percent in 2005 - the fastest rate of
any major industrialized nation.

At $52 Trillion, Household Total Net Worth (Assets Minus Liabilities) Is At
An All-Time High And Has Increased 8 Percent Over The Past Year And 33
Percent Over The Past Three Years. The growth is due to both real estate
and other financial investments (i.e. it's not just a result of rising
housing prices). Household financial net worth (which excludes housing and
other tangible assets) is also at an all-time high.

The Conference Board Index Of Consumer Confidence Increased In April To Its
Highest Level In Almost Four Years.

Productivity Increased At A Strong Annual Rate Of 3.2 Percent In The First
Quarter.

Real Consumer Spending (Which Adjusts For The Price Of Gasoline) Grew At A
5.5 Percent Annual Rate In The First Quarter And 3.4 Percent Over The Past
Four Quarters.

The President's Tax Relief Has Helped Spur America's Economic Momentum

The President Worked With Congress To Reduce Income Taxes For Every
American Who Pays Income Taxes. The Administration and Congress doubled the
child tax credit, reduced the marriage penalty, cut taxes on capital gains
and dividends, created incentives for small businesses to purchase new
equipment and hire new workers, and put the death tax on the path to
extinction. Altogether, this tax relief left $880 billion in the hands of
American workers and businesses.

The Wall Street Journal: President Bush's Tax Relief Is Responsible For
Economic Growth. "Critics continue to complain that President Bush's tax
policies have only benefited the super-wealthy, but that would come as news
to the five million Americans who were jobless before the 2003 tax cuts,
and thus had no income, but now have a weekly paycheck." (Editorial, "Help
[Very Much] Wanted," The Wall Street Journal, 4/10/06)

Yesterday, Congressional Leaders Agreed To A Tax Relief Extension Package
That Will Help Millions Of Middle Class Families. "Republican congressional
leaders agreed Tuesday on a $70 billion measure to extend tax breaks for
investors and prevent 15 million middle-income families from being hit by
the alternative minimum tax, which was intended to affect only the
wealthy." (Jim Drinkard, "$70B Measure Would Extend Tax Breaks," USA Today,
5/10/06)

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