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Committee on Ways and Means

 For Immediate Release
Contact: Press Office 202-225-8933
October 31, 2002

Republicans Are Creating Jobs for American Families
Third Quarter GDP Figures Confirm Economic Recovery

WASHINGTON - This morning the Department of Commerce released new data showing that the economic recovery is hitting its stride.

The Commerce Department announced this morning that the U.S. economy expanded at an annualized rate of 3.1 percent. Major contributors to this growth include personal spending and business investment. The economy has now expanded for four consecutive quarters.

“Since the beginning of 2002, the economy has grown at an overall rate of 3.1 percent,” said Ways and Means Chairman Bill Thomas (R-CA). “Revitalized investment, aided by the accelerated depreciation provision in the Republican stimulus initiatives, has lifted the growth rate of the economy to the second fastest rate since it began to falter in mid-2000.”

“Perhaps the most important aspect of today’s data is the strong consumer spending that powered this growth rate increase, which shows Americans are confident in our economy and believe we are heading in the right direction.

“Business investment also played a crucial role as it’s robust growth of 6.5 percent helps to sustain economic growth. It is this type of increase that has allowed the economy to grow at its long-term potential rate and will also help improve the standards of living today and for the future.

“In the first quarter of 2002 - right before the Republican economic policy became law - business investment declined for the sixth quarter straight. Again, the present boom in business investment can be attributed to the 30 percent accelerated depreciation in the GOP economic policy that lowers the cost of buying new equipment. Companies have taken advantage of this Republican stimulus policy, and the economy has reaped its positive results.

“Although we have seen a positive rate of growth, I still believe that we need to create more and better jobs for all Americans. Extending unemployment benefits has helped millions of workers who have lost their jobs, but only a robust economy will get those folks back to work. Republicans always have and always will fight for economic policy that creates good jobs for middle class Americans,” Thomas added.

During this, the 107^{th Congress, three major Republican economic policies became law and helped end the recession: 1) The Economic Growth and Tax Relief Reconciliation Act of 2001, 2) The Job Creation and Worker Assistance Act of 2002, and 3) The Trade Act of 2002. Combined, these bills pumped nearly $400 billion of stimulus into the private sector economy and made a real difference in the nation’s recovery.}