Bush Economy Continues to Roll On!

President Bush: "It's A Strong Economy"

Remarks By The President On The Economy
Caterpillar, Inc.
East Peoria, Illinois
January 30, 2007

President Bush: "We Don't Need More Government, We Need More Enterprise." "I'm going to go to New York City tomorrow to deliver a speech on the state of the economy, but I really want to spend a little time here in Peoria to see how things are going. … It's a strong economy. And the fundamental question is, what are we going to do to keep it strong? It's one thing to say today's economy is strong – I say it because inflation is down, interest rates are down, wages are on the increase, unemployment rate nationally is low, people are working and putting more money in their pocket. … As I said to Congress, we don't need more government, we need more enterprise. And so I want to spend a little time talking with you today, talking about the economy."

President Bush: "We Can Compete." "The good folks here show others that in the manufacturing world, we can compete. And that's really what America – what Americans wonder, can you compete in a global economy? And my answer is, darn right you can, with good policy. And in this company, you've shown how to compete. I want to spend some time explaining that to the American people why competition is important, and why America can compete with anybody, anytime, anywhere, and why it's in our interest to do so."

Ø "We're The Largest Exporter In The World." "Last year we exported a record $1.4 trillion worth of goods and services. Now, in order to export something, somebody has to make it. In other words, when I talk about numbers, behind the numbers is people who are providing the service and/or making the product. So the more one exports, the more likely it is people are going to be working."

Ø "Exports Account For About 11 Percent Of Our Economy." "One in six manufacturing jobs in the United States depends on manufacturing exports. We also benefit when people invest here. There are people who have good-paying jobs as a result of somebody saying, I want to invest in the United States. And so when I'm talking about opening markets, I'm making sure that not only is our markets open, but somebody else's market is opened. And we expect people to treat us just the way we treat them. All we ask for is be fair with the American people."

Ø "Our Market Is Open, And We Want Their Market Open." "We got – these free trade agreements really represent only a small fraction of the GDP. In other words, they're not necessarily with significant economies, and yet they account for 42 percent of American exports. One way to look at trade is this: We're 5 percent of the people in the world; that means 95 percent live outside of America, and shouldn't we try to put ourselves in a position where we can sell goods and services to those 95 percent? I think it makes sense to do so."

Ø "We're Going To Continue To Negotiate Free Trade Agreements." "And by that I mean we just want people to treat us fairly. I'm confident in our ability to sell American product and services overseas if the playing field is level."