Secretary Paul O'Neill
Secretary Paul O'Neill credited Bush's 2001 tax cut
initiative for preventing unemployment from rising
to even higher levels. O'Neil estimated that without
the tax package, 1 million more Americans would be
hear Treasury Secretary Paul O'Neill's remarks, click
23, 2002 (Lexington, Ky.) -- U.S.
Treasury Secretary Paul O'Neill carried his view of
optimism about the American economy to more than 250
students and faculty and Lexington residents during
a 90-minute session at the University of Kentucky
become victims of too much data and not enough information,"
O'Neill told his audience at the UK Student Center's
referring to media reports on economic indicators
that are released then later revised. The initial
indicators receive a great deal of media attention,
but the revised reports - which are more accurate
- often go unreported or receive poor play in newspapers
and on broadcast news programs.
another thing that's interesting to me, the market
for bad news even when there's good news," he
example is the national unemployment rate of 5.7 percent.
Earlier estimates had placed the rate at 5.9 percent,
and some analysts had predicted unemployment as high
as 6.1 percent, O'Neill said.
did say there are areas that need attention, including
recent cases of corporate executives filing misleading
reports and obtaining huge benefits packages while
their companies founder. "It never occurred to
me we needed to be clearer with CEOs about their responsibilities,"
said O'Neill, a former chairman of Alcoa Inc. and
a former president of International Paper Co.
actions are being taken to correct those problems.
"I think we're on our way to tightening up the
system in a way that's unmistakable," O'Neill
won't be surprised to hear me say I believe President
Bush deserves a good deal of credit" for the
strength of the economy, O'Neill said. He credited
Bush's 2001 tax cut initiative for preventing unemployment
from rising to even higher levels. O'Neil estimated
that without the tax package, 1 million more Americans
would be jobless.
remarks preceded a discussion with a panel comprised
of Kelly Swartz, a graduate student at the Gatton
School of Business and Economics; Anne Shirley, a
graduate student in the Martin School of Public Policy
and Public Administration; Jeffrey Mace, a graduate
student in the Patterson School of Diplomacy and International
Commerce; Henry Jackson, owner of Jackson Industries
of Nicholasville; Dan Bork, vice president of tax
for Lexmark Inc.; and Kathy Gornick, owner of Thiel
Audio of Lexington.