US Presidency
2004

America acts in this cause with friends and allies at our side, yet we understand our special calling: This great Republic will lead the cause of freedom. In the last three years, adversity has also revealed the fundamental strengths of the American economy. We have come through recession and terrorist attack and corporate scandals and the uncertainties of war. And because you acted to stimulate our economy with tax relief, this economy is strong and growing stronger. You have doubled the child tax credit from 500 to $ 1,000, reduced the marriage penalty, begun to phase out the death tax, reduced taxes on capital gains and stock dividends, cut taxes on small businesses, and you have lowered taxes for every American who pays income taxes. Americans took those dollars and put them to work, driving this economy forward. The pace of economic growth in the third quarter of 2003 was the fastest in nearly 20 years; new home construction, the highest in almost 20 years; homeownership rates, the highest ever. Manufacturing activity is increasing. Inflation is low.