WASHINGTON—U.S. Commerce Secretary Carlos M. Gutierrez today released the following statement on the personal income and spending reports which showed that personal income increased by 0.3 percent and personal spending grew by 0.3 percent in November: “The steady drumbeat of solid economic news is something to be grateful for this holiday season. Americans have seen their real disposable personal income climb over the past year which has given Americans greater faith in their personal finances. This has also served as a boost to consumers who are shopping and spending with confidence during the holiday season.
“President Bush’s efforts to strengthen the economy are benefiting more Americans. The President’s pro-growth policies have helped real disposal personal income grow 12.6 percent over the last four years, have created nearly 4.5 million new jobs, have helped more families to own a home, and has led to positive GDP growth since the fourth quarter of 2001.
“We will begin the New Year with an economy that is performing exceptionally well, but in order to maintain this momentum we must make the tax cuts permanent.”
Source: U.S. Department of Commerce
