Independent Electrical Contractors Senior Vice President John Biagas was one of a select group of business leaders invited to the White House to meet with President Bush and have a roundtable discussion about the economy in the Oval Office.
Biagas went to the White House on Friday, July 2. Later, in a televised address, President Bush mentioned Biagas and his company by name while discussing the improvements in the economy and tax cuts.
In a televised address, the president pointed to the success of Biagas' company, Bay Electric Co. in Newport News, VA., as evidence that the economy is improving and job growth remains strong. Biagas purchased Bay Electric in 1997 when revenues were about $1 million, which went up to $14 million last year.
The president also used Biagas as an example for his $1.7 trillion tax-cut plan, saying it was vital to small businesses like Bay Electric. Bush said that raising taxes makes it harder for small businesses to hire new workers and expand. He went on to point out that small companies that are able to invest the money they save in taxes, are more confident about expanding and more able to do so. Bay Electric, as an example, now has 81 employees and plans to hire as many as 10 more in the next several months, thanks in part to the success of the economy.
"Small business is the cornerstone of the great American enterprise system," said Bush. "Investment equals jobs, and people are now confident to make investments, because of good tax policy."
Biagas said in a later interview that he was impressed by President Bush's speech, stating, "I think his points were right on cue, I think his policies help small business. The tax cuts allow us to reinvest in our company and employ more people."
The IEC, based in Alexandria, VA, is a trade association made up of more than 3,200 members with 74 chapters nationwide. For more information visit www.ieci.org.
