Statement by President Bush on the Economy

WASHINGTON, Aug. 10 /PRNewswire/ -- The following is a statement by President Bush on the economy:

Fox Valley Metal-Tech
Green Bay, Wisconsin

11:29 A.M. CDT

THE PRESIDENT: John, thank you very much for your hospitality.

MR. WEST: You're welcome, Mr. President.

THE PRESIDENT: I understand that the small business sector of our economy is vital for economic growth. And that's why we cut taxes on people like -- on businesses like John's business. See, when you reduce the income taxes, you affect many small businesses. And when he's got more money in his treasury to invest, the workers become more productive.

The reason why this company is successful is, one, they've got a good product; but, more importantly, they've got a workforce that is skilled and capable and treated well.

The bonus appreciation -- accelerated depreciation schedules we passed for small businesses helped John buy new equipment. And when you buy new equipment, it helps the folks behind me become more productive; and the more productive you are, the better wages you make.

And so I'm here to herald small businesses in America, and to remind the American people that by cutting taxes on small businesses, it encourages small businesses to grow. John was telling me they hired five new people over the past three weeks, and he's looking for more workers -- workers that can do the job necessary to put out a good product.

I also want to make it clear that Congress needs to keep the taxes low on the working people. I'd much rather have these people spend their own money than the government. We've got ample money in Washington to do what we need to do. And, therefore, in my judgment, it's better that the folks behind me who are working hard have more money so they can save and invest and spend as they see fit.

So I'm here to herald the tax cuts as they affected the small businesses of America, but also as they affect the families of Wisconsin and America.

John, I want to thank you. I'm impressed by your operation. I particularly want to thank your workers for giving me a chance to come by and meet you. America is blessed by having a highly skilled workforce like we have, and that enables us to compete. This is a competitive company. It's a company that can't fill every order it gets because they're constrained by being able to find enough workers. It's one of the issues that faces America: Can we compete? And one way we compete is to make sure our education system educates people who've got the skills necessary to fill the jobs of the 21st century, just like they're being filled here at this company.

Thank you all very much.

END 11:31 A.M. CDT