The Secretary of the Treasury, John Snow spoke on the current economy of the United States as well as the future projections during the US Chamber Access 2006 program in Washington DC.
He says the economy is strong and moving forward in a positive way. When he started the economy was under performing and fragile, now with tax cuts that he'd like to see as permanent, the last 3 years have brought lowering of taxes that improves the economy, adds jobs, real wages, while increasing government income as well.
Growth is at 4% over the last 3 years, real wages are up, revenues are up (highest the government has ever had), GDP is up and there are 5.2 million jobs. The corporate tax receipts are up as are individual tax receipts.
His next quest is to get rid of the death tax. He says it's time to end the double taxes.
Sec. Snow believes that the national debt will come down and that the economy will meet and exceed the president's effort to cut the debt in half.
Looking ahead, how can we continue this 4% growth rate over the next 10 years? Sec. Snow says that increased job participation rate, capital investment, and innovation & technology are key to keeping the economy growing at this high rate.
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