Fact Sheet: President Bush Outlines Six Point Plan for the Economy
A Full agenda for the Creation of Jobs in America
Today's Presidential Action
- President Bush visited Kansas City, Missouri today to outline a six point plan to ensure a full economic recovery and create jobs in America. America's economy is recovering and our Nation is enjoying accelerated economic growth. But job creation is lagging even as output accelerates because employers remain cautious about adding new workers.
- President Bush has provided bold and active leadership to end the recession and help people find work. America's economy experienced the unprecedented triple shock of a recession, economic disruption due to September 11 and the War on Terrorism, and corporate accounting scandals. President Bush acted promptly to help America's workers by providing tax relief to put more money in families' pockets and encourage businesses to grow and invest. Tax relief brought substantial savings to families and helped fight back the effects of the recession. Without it, as many as 1.5 million additional Americans could have been out of a job. The President also proposed a major new initiative to help unemployed workers receive assistance that best meets their needs and get the necessary training to find new jobs.
- The steps we have already taken are already producing results, but new actions are needed to reinforce economic growth - and translate that growth into jobs for America's workers. President Bush has proposed six specific steps to build employer confidence and create momentum to hire new workers.
The President's Six Point Plan for the Economy
- Making Health Care Costs More Affordable and Predictable. Health insurance costs for employers have been rising by 10 percent per year since 2000, causing businesses to hire fewer workers and too many families to go without insurance. President Bush proposes to allow small businesses to pool together to purchase health coverage for workers at lower rates; expand medical savings accounts to give workers more control over their health care insurance and costs; and reduce frivolous and excessive lawsuits against doctors and hospitals that drive up insurance costs for workers and businesses.
- Reducing the Lawsuit Burden on Our Economy. President Bush has proposed, and the House has approved, measures that would allow more class action and mass tort lawsuits to be moved into Federal court - so that trial lawyers have a harder time shopping for a favorable court. The President's reforms would also ensure that, in a class action lawsuit, most of the benefits of a settlement will actually go to the people who were injured. These reforms will help businesses focus on creating jobs, rather than fighting junk lawsuits.
- Ensuring an Affordable, Reliable Energy Supply. Businesses depend on affordable and reliable energy supplies. Energy shortages, price spikes, and blackouts disrupt the economy and discourage businesses from planning with confidence and adding new workers. President Bush has proposed a comprehensive national energy plan to upgrade the Nation's electrical grid, promote energy efficiency, increase domestic energy production, and provide enhanced conservation efforts, all while protecting the environment. It's time for Congress to finish its work and pass legislation based on the President's energy plan.
- Streamlining Regulations and Reporting Requirements. Government has a responsibility to ensure that its regulatory actions are reasonable and affordable. Too often, government regulations and compliance burdens discourage, rather than promote, job creation. The President will continue to work to simplify and streamline regulations, along with ensuring that well-intentioned compliance requirements do not have the unintended effect of killing jobs. The Administration also recently streamlined tax reporting requirements for small businesses, helping 2.6 million small businesses save 61 million hours of unproductive work.
- Opening New Markets for American Products. American workers can compete with anyone in the world when given a chance. Unfortunately, foreign taxes and tariffs drive up the costs of American products in too many countries, making our products more expensive and less competitive than those produced elsewhere. For example, in Chile, some kinds of American-made heavy machinery (such as motor graders) produced by American workers cost $11,200 more than those produced in the European Union or Canada solely because of tariffs. President Bush recently signed into law new free trade agreements with Chile and Singapore that will enable U.S. manufacturers to compete on a level playing field - and he will continue to work to open new markets to American products.
- Enabling Families and Businesses to Plan for the Future with Confidence. To make important spending, saving, and investment decisions, America's families and businesses need to be able to plan for the future. Right now, some key elements of the tax relief passed by Congress and signed into law by President Bush - such as the increase in the child tax credit, the elimination of the death tax, and the new incentives for small business investment - will expire in a few years. For example, a married couple with two children and an annual income of $40,000 would face a $922 tax increase (112% increase) in 2005 if these and similar provisions in the Jobs and Growth Act are not made permanent. President Bush urges Congress to make these vital tax reductions permanent so America's families and businesses can make decisions for their financial futures.
- These specific steps will help us build on our economic recovery and move on to the next stage of economic progress - the sustained expansion of employment. The President looks forward to working with the Congress to pass a full agenda for the creation of jobs in America.
George W. Bush, Fact Sheet: President Bush Outlines Six Point Plan for the Economy Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/281789