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President Bush's on economy

[ 2006-12-18 10:22 ]

(Dec.16 ,2006)

Good morning. Christmas is fast approaching, and I know many of you are busy trying to finish up your holiday shopping. This week, we received good news about the economy that should brighten the season and keep us optimistic about the year ahead.

First, the Commerce Department released figures showing that sales for America's retailers were up in November and that the increase is much larger than expected. These figures are important because for many American businesses November and December are their highest sales months for the year. So the healthy increase in retail sales is a good sign for American employers and workers.

America's working families also received another bit of holiday cheer this week: We learned that real hourly wages rose by 2.3 percent over the past year. That may not sound like a lot, but for the typical family of four with both parents working, it means an extra $1,350 for this year. At the same time, our growing economy continues to create jobs and that has brought unemployment down to just 4.5 percent. These numbers give all Americans a reason to celebrate: More people are working than ever before, and paychecks are going further than they used to.

When you decide how to spend your paycheck, you have to set priorities and live within your means. Congress needs to do the same thing with the money you send to Washington. That was one of the clear messages American voters sent in the mid-term elections. And one of the best ways we can impose more discipline on federal spending is by addressing the problem of earmarks.