Hayworth Points to Tax Cuts as Reason for Economic Growth

Report shows economy grew 5.6% in first quarter of 2006 WASHINGTON The latest economic news shows that the American economy is alive and well, growing 5.6% in the first quarter of 2006 and beating expectations predicted by Wall Street financial analysts. Congressman J.D. Hayworth (R-Ariz.) says that the numbers simply show the economy grows when people pay less to the federal government and get to keep more of their own money. "Tax cuts work and the numbers prove it," said Rep. Hayworth. "We in Congress worked with President Bush to enact his tax cut initiative in 2003 and the economy responded by growing at a steady 4% per year. The more money Americans have in their pocket, the more they will invest it back into our economy." Wall Street economists had predicted a 5.5 percent rate for the beginning of 2006, and the strong economic data released by the Commerce Department today shows the economy expanded at more than triple the 1.7 percent pace recorded during the final three months of 2005. This is the strongest quarterly growth since mid-2003. "We need to keep this economic train on the right track by making these tax cuts permanent," continued Hayworth. "Since these tax cuts were enacted in 2003 the American economy has responded by creating 5.3 million jobs. A growing job market means that both consumers and businesses are spending more, while workers are keeping more of their hard-earned money."