President Bush’s Latest Comments On the Economy
Our President George W. Bush admitted Friday that we are having economic problems. He is still very optimistic, however, about the possibility of turning around the economy.
In his speech, held before the Economic Club of New York, he stated that the economy is “going through a tough time. It’s going through a tough time in the housing market, and it’s going through a tough time in the financial markets.” He briefly mentioned that the events of September 11, 2001 created economic problems in the past, and that the United States was able to rebound from those economic problems. He has quite a positive outlook about the recent economic conditions. He said, “I’m coming to you as an optimistic fellow. I’ve seen what happens when America deals with difficulty. I believe that we’re a resilient economy, and I believe that the ingenuity and resolve of the American people is what helps us deal with these issues. And it’s going to happen again.” He went on to say, “In the long run, I’m confident that our economy will continue to grow, because the foundation is solid.”
He discussed the fiscal stimulus package, set t be mailed out in May. President Bush expressed hopes that it
will encourage businesses to invest in new equipment and that it will also stimulate a boost in consumer spending.
Bush made the following comments about the current leadership of the United States Federal Reserve:
“The Federal Reserve has taken action to bolster the economy. I respect Ben Bernanke. I think he’s doing a good job under tough circumstances.”
“They act independently from the politicians, and they should. It’s good for our country to have that kind of independence.”
“We believe the actions by the Fed will help financial institutions continue to make more credit available.”
The President Bush plans to meet with the Federal Reserve Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson, and the rest of his financial market advisory panel. This meeting was prompted by current economic uncertainty, the weakening of the dollar, and falling stocks.
