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Committee on Ways and Means

For Immediate Release
Contact: Press Office 202-225-8933
November 4, 2002

WASHINGTON - Today, Bill Thomas (R-CA), Chairman of the Ways and Means Committee recognized several key factors that show the economy is well on its way to recovery.

“The economy is improving after the mild recession we experienced last year,” said Thomas. “The economy is showing many positive signs that we are in a significantly better place than last year and well on our way to a full recovery. The Republican pro-growth tax policy and a well timed stimulus tax cut were major contributing factors to this rebound.”

Several encouraging factors being exhibited by the economy are:

• Low inflation, which allows the purchasing power of the U.S. dollar to stretch further;

• An impressive 3.1 percent average growth in real GDP thus far this year;

• A solid 7.1 percent annual rate rise in real disposable personal income through the first eight months of this year. This is a result of the Republican tax cut that allowed individuals to keep more of their hard-earned money;

• Interest rates are near the lowest in forty years, which boosts sales for American manufacturers;

• Record high levels of refinancing have decreased the thirty-year home mortgage rate to an all time low since this series began in 1971. This has allowed families to reduce their mortgage payments, consolidate debt, and finance home improvement;

• Low unemployment at 5.7 percent;

• Business investment in equipment and software has soared in the third quarter of 2002; and

• Productivity is up, which helps restore corporate profitability, contain inflation, allow real wages to rise, and improve standards of living.

Though pleased with the economy’s progress, Thomas expressed that the key to completely shutting the door on the mild recession is the creation of more jobs.

“Republicans worked hard to reinvigorate the economy. We must continue to strengthen the economy by creating even more new jobs for hard-working Americans,” said Thomas. “Everyone who wants a job deserves a job.”