(Nov. 6,2006)
THE PRESIDENT: Good morning. I'm speaking to you today from the Mile High Coffee Shop in Englewood, Colorado. Mile High Coffee was founded by Brian Verbeck who is the city's entrepreneur of the year. I'm here to have a cup of his famous coffee, and have breakfast with a group of local entrepreneurs to discuss our strong and growing economy.
Yesterday, we received more good news about our economy. The national unemployment rate has dropped to 4.4 percent. It's the lowest rate in more than five years. Over the past three months, America has added 470,000 new jobs, for a total of more than 6.8 million new jobs since August of 2003. Real wages rose 2.4 percent over the past year, which means an extra $1,327 for the typical family of four with two wage earners. Americans are finding jobs, and they're taking home more pay.
The main reason for our growing economy is that we cut taxes and left more money in the hands of families and workers and small business owners. Entrepreneurs like the ones I'm having breakfast with this morning have put that money to good use. They expanded their businesses and they're creating jobs in their communities.
One of the entrepreneurs with me today is Duke Hanson, the cofounder of a company called Crocs. Crocs produces a hugely popular line of lightweight shoes, and over the past three years, they've expanded dramatically. Three years ago, Crocs had just 11 employees. Today, Crocs provides jobs for hundreds of Americans, and his shoes are sold all over the world. Duke calls this, "rocket ship growth." Here's what he says: "We're bringing a lot of money in. We're employing people and providing a product that millions of people love."
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