(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."
Another entrepreneur with me today is Rich Lewis. Rich is the founder,
president, and CEO of a technology company called RTL-Networks. Rich's company
sells and maintains computer network hardware and infrastructure. His business
is growing, as well. Over the past four years, RTL-Networks has expanded from
one to 19 employees. Rich says, "We've been growing. I feel more secure now as
an entrepreneur and business owner, and I see continued growth."
A third entrepreneur with me today is Luke Schmieder. He's the chairman and
CEO and cofounder of Mesa Labs. His company sells kidney dialysis products,
electronic measuring instruments, and biological indicators, which means they
use technology to meet people's health care needs. His company got off to a
rough start, until Luke mortgaged his house to turn things around. In the past
six years the company has grown 34 percent. Luke says, "Revenues are up,
earnings are up. I say it's a good economy right now."
Our tax cuts have helped businesses like these create jobs and deliver
prosperity across Colorado and across the nation. Yet Democrats in Washington
have consistently opposed cutting taxes. They predicted that the tax cuts would
not create jobs, would not increase wages, and would cause the federal deficit
to explode. American workers and entrepreneurs have proved all those predictions
wrong.
But the Democrats are still determined to raise taxes. And if they gain
control of the Congress they can do so without lifting a finger. Under current
law, many of the tax cuts we passed have to be renewed by Congress or they will
expire. In other words, if Congress fails to act your taxes will automatically
go up. If Democrats take control of the House, the committee in charge of all
the tax legislation would be chaired by a Democrat who recently said he can't
think of one of our tax cuts he would extend. And if there's no legislation to
renew and extend the tax cuts, every tax rate will go back up to its old higher
level.
Think what that would mean for the small business owners like the ones with
me today. If the Democrats have their way, small business owners like Rich
Lewis, who pay business taxes at individual rates, will see their taxes go up.
Small business owners who want to expand and invest in new equipment will face a
tax hike, as well. And small business owners who hope to pass on their life's
work to their children and grandchildren will have to worry about their families
being hit by the return of the death tax.
The choice you make on Tuesday will have a direct impact on our economy, on
the small businesses that are creating jobs, and on the workers who depend on
them. The last thing American families and small businesses need now is a higher
tax bill, and that is what you'll get if the Democrats take control of the
Congress.
America needs leaders in Washington who understand that you know how to save,
spend, and invest your money better than the federal government. And we need
leaders who will work to make the tax relief we delivered permanent. And now the
decision is in your hands, and however you decide, I urge you to get out and
vote on Tuesday.
I appreciate you listening.
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