John W. Snow on Fourth Quarter GDP

Statement of Treasury Secretary John W. Snow on Fourth Quarter GDP Growth

Today's announcement that fourth quarter real gross domestic product grew at a 3.8 percent rate rather than the 3.1 percent rate originally reported illustrates that America's economy has been moving in the right direction and Americans are seeing results. I was particularly pleased to see that business investment was revised up to a growth rate of 14 percent. Recent economic data for the first quarter, including the steep drop in new claims for unemployment insurance and robust growth in business spending on capital goods, show that this momentum is continuing into 2005.

President Bush is committed to keeping the economy on the path of healthy growth by making the tax cuts permanent, reducing the burden of frivolous lawsuits, and strengthening social security. The President's leadership on economic policy is clearly moving the economy in the right direction.

February 25, 2005 JS-2275