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OPA News Release: [06/17/2004]
Contact Name: Ed
Frank
Phone Number: (202) 693-4676
U.S. Labor Secretary Elaine L. Chao Discusses Economy,
Association Health Plans at Small Business Summit
WASHINGTON—U.S. Secretary of Labor Elaine L. Chao today told
small-business owners from across America that the nation’s economy is
strengthening as a result of President Bush’s economic policies and also
because of the “tremendous role” small business plays in job
creation.
“Small businesses create two out of every three new jobs in
America,” Secretary Chao told several hundred participants of the National
Federation of Independent Business (NFIB) National Small Business Summit.
“Thank you for providing so much opportunity and for helping
America’s workers build brighter futures for themselves and their
families.
“First quarter GDP growth for 2004 illustrates that the recovery is
gaining steam,” Secretary Chao continued. “During that period, the
U.S. economy grew at 4.4 percent. When combined with the last half of 2003,
that represents the strongest four-quarter growth rate in almost 20 years.
“The forward momentum of the American economy is reflected in the
strengthening labor market. This is the ninth straight month of job growth,
with 1.4 million new jobs created since last August. Nationally, the current
unemployment rate remains at 5.6 percent, which is lower than the normal
average in the 1970s, 1980s and 1990s. This is all good news for the economy,
America’s workers and you, their employers.”
Secretary Chao also noted that while the improved economy is leading to
greater opportunity for workers and employers, “there’s more work to
do.” One important issue Chao said the Administration is tackling is the
high cost of health insurance, which NFIB surveys show to be the top concern of
small-business employers.
“This Administration knows that the rising cost of health-care
insurance has hit many employers and working families hard,” Chao said.
“But nowhere is this more apparent than for America’s small
businesses. That’s why President Bush has made Association Health Plans
(AHPs) a top priority.”
“AHPs would allow your small businesses to band together nationally
and purchase health insurance at more affordable rates. Studies show that AHPs
could save subscribers as much as 25 percent on health insurance costs and help
as many as 8 million uninsured Americans obtain coverage.”
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