I think the general consensus is that Illustrator is the industry standard. That being said, Corel Draw is considerably cheaper and having used both I prefer Corel and feel it performs equally. If you are just wanting something for basic layouts however there are open source programs (Gimp for example) that are free and will likely perform the needed functions with far less resources.Edit by Mike Jackson: Someone had asked about which software people would suggest they purchase if they only wanted to print out designs and project them for hand lettering. The post was somehow deleted, so I am adding this to the top of Kelly's thread so it makes sense. MJ
A program that has always really impressed me is Xara. You can try it out for free for a month here. Xara has been built from the ground up unlike some of the bigger programs that buy and incorporate features from other programs. For that reason it is incredibly quick and everything works in real time. It's got a very easy learning curve and has a library of short and concise how to videos. Although the interface seems simple a visit to the Xara Xone site should convince you of it's capabilities. Simply put, the speed of the program and the live time interface gives it potential that would be cumbersome using any of the "industry standards". It also comes with a library of fonts, that are in themselves worth the price of the software. The only issues I have with it are interfacing with my plotter. I'd suggest downloading the trial and giving it a go. At $89 for the regular program ( it doesn't sound like you need the $249 pro version) it is pretty hard to go wrong.