May 05, 2006

Crapo Reports More Good Economic News

Consumer spending, construction, and employment continues to rise

Washington, DC â??Jobs, production and spending reports across the nation reveal signs of a bolstering economy, according to Idaho Senator Mike Crapo, who commented on the news that hourly pay for workers was up along with retail sales, productivity, construction spending and overall gross domestic product. â??Not only are Americans now able to find jobs, but they are able to find good jobs,â?? Crapo said. â??More of us are able to save for education, invest in business, and build a nest egg for retirement. It is imperative that Congress approve the tax reconciliation measure to extend the 2003 tax cuts to sustain this positive and sweeping growth. The jobs being created now are paying more and providing higher wages opportunities for Americans.â?? According to the Bureau of Labor Statistics report, nearly 3/4ths of the jobs created in the last three years have been in industries that pay above average wages. Additionally, wages and benefits to workers have increased by nearly 20 percent between 2001 and 2005. Since 2003, more than 5 million jobs have been created making 31 consecutive months of job growth. Also, more than two-thirds of Americans now own their own homesâ??more than any other time in history, one of the leading economic indicators. As a result of the tax relief Congress passed in 2003, revenues received by the Internal Revenue Service (IRS) are actually at their highest level because Americans have more money in their pockets to invest, spend or save.