The Economy.
Here at home, America also has a great opportunity: We will build the prosperity of our country by strengthening our economic leadership in the world.
Our economy is healthy and vigorous, and growing faster than other major industrialized nations. In the last two-and-a-half years, America has created 4.6 million new jobs -- more than Japan and the European Union combined.
(APPLAUSE)
Even in the face of higher energy prices and natural disasters, the American people have turned in an economic performance that is the envy of the world.
The American economy is preeminent, but we cannot afford to be complacent. In a dynamic world economy, we are seeing new competitors like China and India. And this creates uncertainty, which makes it easier to feed people's fears.
So we're seeing some old temptations return. Protectionists want to escape competition, pretending that we can keep our high standard of living while walling off our economy.
Others say that the government needs to take a larger role in directing the economy, centralizing more power in Washington and increasing taxes.
BUSH: We hear claims that immigrants are somehow bad for the economy, even though this economy could not function without them.
(APPLAUSE)
All these are forms of economic retreat, and they lead in the same direction: toward a stagnant and second-rate economy.
Tonight I will set out a better path: an agenda for a nation that competes with confidence, an agenda that will raise standards of living and generate new jobs.
Americans should not fear our economic future, because we intend to shape it.
Keeping America competitive begins with keeping our economy growing.
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