This Week's Good Economic News: Let's Keep It Going (Rep. Jerry Weller)

The news from the Treasury Department and Wall Street this week is two more clear indications that the tax cuts we passed in 2001 and 2003 are benefiting the American people.

Yesterday, the Treasury announced a one-day record amount of tax receipts -- more than $48.7 billion -- was collected on April 24.  And this week the Dow finished about 13,000 for the first time in its history.

These aren’t apparitions.  We’ve seen 43 straight months of job growth with 7.8 million new jobs created over that period.  There have been 18 straight months of unemployment at or below 5%.

Unemployment is down, and wages are up: weekly wage earnings grew 4.3% in the last year.  Disposable income is up almost 5% in 2006.

It is good we enjoy the positive economic news while it lasts.  The budget passed out of the House several weeks ago would sunset the tax cuts, and therefore essentially take money out of Americans’ pockets.  In my home state of Illinois, a family of four making about $60,000 a year would see their tax bill go up by more than $2,000.  That’s $2,000 they can’t invest, and can’t spend on local goods and services that create local jobs.  The resulting slowdown in economic activity is sure to make economic news like we’ve seen this week a thing of the past.