Republican Economic Policies Are Working

Wednesday’s announcement by the U.S. Department of Treasury that the deficit has dropped to $248 billion is further evidence that Congress’ actions, providing significant tax relief and promoting economic growth, have been working.

Since I joined my colleagues in passing a robust tax relief package in 2003, taxpayers have been able to keep more of their hard-earned dollars and have been able to reinvest that money in their businesses, their family budgets, and the market-leading to a booming economy and an environment that encourages ingenuity.  The fact that the deficit has been cut in half since 2004 means an even better future for American families.

And while the deficit is decreasing, economic growth is continuing with more than 6.6 million new jobs in three years; an unemployment rate of 4.6 percent, which is also below the average of each of the past four decades; and economic growth at a rate of 4.1 percent annually, which is faster than any other industrialized country.  Additionally, gas prices have dropped nearly 75 cents nationwide since early August and the Dow Jones Industrial Average closed at a record high on four days over the past two weeks, breaking records on three of those days.  These are results that speak themselves.