THE WHITE HOUSE
Office of the Press Secretary
(Burgdorf Junction, Idaho)
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For Immediate Release
August 8, 2000
STATEMENT BY THE PRESIDENT
Today?s announcement that productivity rose at a 5.3 percent annual
rate last quarter is a remarkable confirmation of the continued strength
and vitality of the U.S. economy. Over the past three years, productivity
has grown 3.3 percent annually -- more than twice the growth rate of the
previous two decades. Rising productivity has been the key to the
combination of strong growth, rising wages, and low core inflation
underlying our record economic expansion. Today?s news is further evidence
that our commitment to fiscal discipline, opening markets, and investing in
people has helped lead to an unprecedented era of business investment,
innovation and technological advance that is providing new opportunities
for millions of Americans.
This continuing productivity growth underscores the importance of
maintaining the fiscal discipline that has been so crucial to this
investment-led economic expansion. The majority in Congress continues to
pursue a series of misguided tax breaks which, taken together, would bring
America back to the era of deficits and knock us off the path of fiscal
discipline that has led to this prosperity. Their approach is wrong for
America. Let?s work together to ensure that our strong economy will
continue to grow.
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