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Americans are beginning to taste economic recovery for the first time since
terrorism and corporate fraud rattled our financial foundation more than two years ago. Signs of recovery are showing themselves everywhere as the U.S. economy continues to build on the notable progress it made in 2003. Gross Domestic Product, for example, increased 3.1 percent last year, after only increasing 2.2 percent in 2002. This turn-around was spurred by the economic policies passed last year by Congress, including the tax cuts for individuals and businesses of all sizes. Looking to build on that progress, we are now considering legislation to make some of those vital tax cuts permanent, effectively promoting sustained growth and job creation for many years to come.
As you also know, the national unemployment rate has dropped from 6.1
percent to 5.6 percent as 112,000 new jobs were created in January. While the recession that President Bush inherited is still fresh in all of our minds, I am doing everything possible help create jobs for Americans. Legislation passed by Congress this session should focus on establishing consistent job growth for all Americans by opening up new markets and creating business friendly incentives to expand the workforce.
Small businesses create most new jobs and are a significant contributor to our economy. With over 85,000 small businesses in Oklahoma that employ over one million Oklahomans, it is apparent that small business is a vital contributor to our economy. The single largest barrier for small business owners to create new jobs is the cost of providing employee health care. The historic Medicare legislation that the President signed last year included a provision establishing Health Savings Accounts. These tax free savings accounts can be used to pay for medical expenses and will allow more Americans to save for future healthcare needs. Helping employers afford quality health care for their workers and their families will improve the quality of life and remove a major obstacle in hiring additional workers. I will continue to support legislation that will help small businesses provide health care to their employees through Health Savings Accounts, Association Health Plans or other tax deductions for medical expenses.
An important component of a thriving economy is trade. American products and services are among the best in the world and should compete freely in the world market. While unfair foreign trade practices inhibit our ability to compete, the ability to pursue new, free markets with more consumers allows businesses—increasingly small businesses—to grow and expand, translating into more jobs for U.S. workers. I support policies that would increase our exports, especially those that effect Oklahoma like agriculture, energy technology and tires that would directly fuel job creation and income in our state.
I am optimistic about the possibilities we face for 2004 and beyond. My goals for Congress this session will be simple: Pass and implement common sense legislation that provides jobs for all hard working and willing Americans, keep the wages up and inflation low and control the Federal deficit.
As your Representative in Washington D.C., I will continue to work on common sense policies that work towards these ends. We must continue working to improve wages, increase business opportunities for all Oklahomans and decrease the unemployment rate. As I previously mentioned, I will look to make the tax cuts that are chiefly responsible for this economic recovery permanent so that America's children and grandchildren will enjoy an even better level of prosperity than we do today.
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