Remarks to the National Association of Home Builders in Columbus, Ohio

Weekly Compilation of Presidential Documents, Oct 11, 2004

Audience members. Boo-o-o!

The President. That's what he said. [Laughter] Think about this, Senator Kerry's approach to foreign policy would give foreign governments veto power over our national security decisions. I have a different view. When our country is in danger, the President's job is not to take an international poll. The President's job is to defend America. I'll continue to work every day with our friends and allies for the sake of freedom and peace. But our national security decisions will be made in the Oval Office, not in foreign capitals. We have hard work ahead to do our duty.

But by being steadfast and resolved, we will prevail. And as we defend our great country, we will continue strengthening our Nation here at home.

To grow this economy and unleash the spirit of enterprise, to overcome the obstacles I described earlier, we passed the largest tax relief in a generation. And that tax relief has made a big difference for a lot of you all. See, many homebuilders are small businesses. Many homebuilders are--represent the great entrepreneurial spirit of America. Among the members of the National Association of Home Builders, 63 percent of you are either Subchapter S or sole proprietorships, which means you pay your taxes at the individual income-tax rate. Just like a lot of other small businesses in America do.

And so when we passed tax relief by cutting rates on everybody who pay taxes, we helped our small businesses; we helped our homebuilders. We helped you with resources to build or grow and expand and hire more workers. By cutting taxes on dividends and capital gains, we encouraged savings and investment, which is crucial to your industry." Tax relief left more money in the hands of American workers so they could save, spend, invest, and help drive this economy forward.

The economic recovery plan of ours is working. The results are clear for all to see. Over the past year, America has added 1.7 million jobs. We've added 107,000 manufacturing jobs since January. The national unemployment rate is down to 5.4 percent, nearly a full point below the rate in the summer of 2003 and below the average of the 1970s, 1980s, and 1990s.

Inflation is low. Mortgage and interest rates are near historic lows. Our economy is growing at rates as fast as any in nearly 20 years, spreading opportunity and prosperity across this country. And the homebuilders of America have helped lead the recovery in America.

The tax relief has helped many be able to put money down to buy a home. As well, my administration has worked to expand homeownership in other ways. Last December, I signed the American Dream Down Payment Act, which will help thousands of low-income families afford the downpayment and closing costs on their first home. We want people in every corner of America owning a home.

We've doubled funding for education and counseling services to help first-time homebuyers navigate the lending process, understand the fine print, and avoid predatory lenders. Homeownership rates are an alltime high in America, nearly 70 percent. I love that statistic. [Laughter] Think about that. More and more people own a home in America. More and more people have a chance to realize the great dream of our country. Minority homeownership is at record levels as well. In 2002, I set a clear goal, 5.5 million new minority homeowners by the end of the decade. And in just 2 years, more than 1.6 million minorities have become homeowners. America is a stronger country every single time a family moves into a house of their own.