Republican Tax Relief Spurs Explosive Economy and Job Growth

Oct 30, 2003
Press Release
GDP surged at highest rate since 1984 (7.2%), national payrolls increased by 57,000
Today, Congressman Joe Wilson (R-S.C.) applauded the news of significant economic growth. According to details released today, the Gross Domestic Product (GDP) grew by a 7.2% annual rate from July to September, the fastest growth since 1984. Also, 57,000 jobs were created in September, the first increase in eight months. “Today is the Democratic Party’s worst nightmare, proof positive that Republican policies of lower taxes results in economic growth and job creation,” said Congressman Wilson. “We have not seen the economy grow this fast since President Ronald Reagan cut taxes in the early 1980’s.” “Amidst unfair criticism, President George W. Bush has proven his leadership by fighting to give tax relief and security to America’s families. As Democrats continue to push their failed tax and spend rhetoric, Republicans will continue to champion the successful policies of lower taxation, fiscal responsibility and a strong national defense.” Other promising signs for the economy include: - The value of U.S. stock markets has increased $2 trillion since the beginning of this year. - Disposable personal income is up 5.8 percent at an annual rate in 2003. - The U.S. homeownership rate was 68.4% in the third quarter—its highest levels ever. - Productivity growth remains strong, which has bolstered business profits. - Orders of manufacturing goods have been increasing since earlier this year. - Shipments of durable goods have increased since this summer after a period of decline and stagnation. Orders have been above shipments since early 2003, suggesting future strengthening. - Consumer confidence has also increased. Measures of consumer sentiment are well above the levels seen just before the Iraq war. ###