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Remarks Following a Meeting With Economic Advisers on the National Economy

July 27, 2007

I want to thank my economic advisers for joining me here in the Cabinet. Today we've had wide-ranging discussions about a lot of aspects of our economy. I appreciate the Secretary of Commerce, the Secretary of Treasury, and others for giving me their opinions about the events of today.

And what they're saying—one of the important pieces of data that I've been briefed on is the fact that our economy grew at 3.4 percent in the second quarter of this year. Inherent in that growth is a free-enterprise system that provides incentives for people to take risk and to grow their businesses. And it's an economy that is large and flexible and resilient.

One of the interesting aspects of this economic growth is that we have benefited from increased exports. In other words, U.S. farmers and small-business owners and manufacturers have found markets overseas for our products, products grown right here or built right here in the United States. And by selling those products overseas, it's contributed to the strong second quarter growth.

And when we are able to sell products overseas or goods and services overseas, it means that Americans are more likely to find a job here in America. The job growth has been strong, and that's what you'd expect when your economy is strong and resilient and flexible. People are working; the unemployment rate is down; wages are increasing.

And so I want the American people to take a good look at this economy of ours. The world is strong—the world economy is strong. I happen to believe one of the main reasons why is because we remain strong. And my pledge to the American people is, we will keep your taxes low to make sure the economy continues to remain strong, and we'll be wise about how we spend your money here in Washington, DC. I've submitted a budget that will be in balance by 2012, and I look forward to working with Congress to achieve that goal.

Anyway, thank you all for coming. I appreciate you briefing me.

NOTE: The President spoke at 9:46 a.m. in the Roosevelt Room at the White House. The Office of the Press Secretary also released a Spanish language transcript of these remarks.

George W. Bush, Remarks Following a Meeting With Economic Advisers on the National Economy Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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