Economy is on the Right Track, Hatch Says

ECONOMY IS ON THE RIGHT TRACK, HATCH SAYS

New Numbers Show Unemployment Is Down, Growth Is

Citing low unemployment and high productivity growth, Sen. Orrin Hatch (R-Utah) lauded the American economy's excellent health and the policies that have helped shape it. His remarks follow this morning's release by the Bureau of Economic Analysis, which announced that the first-quarter Gross Domestic Product grew at a rate of 4.8 percent, the fastest since 2003, and was the 14th consecutive quarter of economic growth.

"The economy's on the right track, in large part because of policies that are friendly to taxpayers and consumers," Hatch said. "Despite budget challenges, like fighting terrorism and recovering from hurricanes, our economy has remained strong, and evidence shows we're poised for even more growth in the future."

Today's announcement comes on the heels of other welcome economic news. Earlier this month, the Bureau of Labor Statistics announced that the unemployment rate had fallen to 4.7 percent, its lowest rate in nearly five years. Initial jobless claims briefly dipped below 300,000 for the first time since the autumn of 2000, and the four-week moving-average is at 308,500, indicative of strong economic growth. Economic analysts estimate another 200,000 new jobs were created in April.

"I think there's the tendency to give the government too much blame when the economy's doing poorly, so let's give appropriate credit when it's doing well," Hatch said. "Our steady growth is partly due to the beneficial economic environment we have created for workers and investors. By taking millions of people off the tax rolls entirely, allowing people to keep more of their paychecks, and encouraging investment with lower taxes on savings, we have sowed the seeds for a strong economy."

Utah's economy is outperforming the national average, Hatch pointed out, citing the state's 3.4 percent unemployment rate and last year's 3.8 percent increase in wages.

"There's a reason Utah's state motto is industry," Hatch said. "These solid numbers demonstrate our industrious, skilled work force as well as a state Legislature that has created ideal conditions for economic growth."

But to stay on track, the nation needs to navigate the challenge of high oil prices, Hatch remarked. The Senate Republican Energy Working Group wants to expand two provisions Hatch authored in last year's CLEAR Act: increasing the nation's refining capacity and promoting alternative-fuel and hybrid-electric cars. Hatch believes these two items are crucial in addressing our nation's short- and long-term energy challenges.

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