News Release

Washington, DC – The news of the American economy rapidly growing during the first quarter of 2006 brought praise from Idaho Senator Mike Crapo, a member of the Senate Finance Committee that hold jurisdiction over the nation’s tax policies.

The U.S. Department of Commerce reported that Gross Domestic Product (GDP), the best indicator of how the economy is faring, grew by 4.8 percent during the first three months of 2006, the fastest rate in more than two years. This growth was spurred by an increase in investments and consumer spending.

“This continued rapid economic growth is a result of sound tax policies and we need to ensure that growth continues,” Crapo said. “Idaho is benefiting from the national growth trend, with a low unemployment rate and increased job growth. The economy is robust, the job market is strong, the stock market is at a six-year high, and with the many issues our country is facing, this news is very encouraging. The worst thing the government could do right now is raise taxes and stifle this growth. We need to make the tax cuts on capital gains and dividends permanent and address the Alternative Minimum Tax to keep our economy strong and working. ”

This news comes after recent reports that Idaho’s unemployment rate fell to 3.2 percent in March, the lowest since July 1979. Additionally, Idaho’s job growth increased 4.9 percent over the past year, the third highest in the nation.