Artorius Castus

Bush: Economy facing ‘tough times’

Posted in Uncategorized by Patrick Truax on March 14, 2008

President says he is confident in the resiliency of the economy; urges Congress to take additional action.
By David Ellis, CNNMoney.com staff writer
Last Updated: March 14, 2008: 4:50 PM EDT
NEW YORK (CNNMoney.com) — President Bush acknowledged Friday that the country was facing plenty of challenges both within the housing and financial markets, but stressed he was confident the economy would recover.

Speaking before The Economic Club of New York, Bush said he had witnessed these “tough” economic times in his administration before, adding that government action taken so far including the recent economic stimulus package would provide some much needed help.

“I believe we are a resilient economy,” he said.

Bush’s remarks come as the nation’s financial struggles, brought about by the ongoing credit crisis, show few signs of abating.

Americans consumers now face a weaker dollar, soaring prices for food and gasoline and the latest indicators suggest that the housing market only has further to fall.

In February, foreclosure filings skyrocketed 60%. Homes sales are near record lows and home prices continued to plunge throughout 2007 according to the latest statistics.

At the same time, there are signs that the economy is not in shambles – exports are at record highs and unemployment still remains relatively low.

The President acknowledged that many Americans are now in a difficult position, but he also stressed that the $170 billion stimulus package passed by Congress last month would help spur growth, adding that the checks should be in the mail by the second week of May.

“Fortunately we recognized the slowdown early and took action,” he said.

Exports have to increase to strengthen the dollar. It is getting killed by the Euro, and lost to the yen today. Make the tax cuts permanent, and that extra money help the underlying economy. Just my opinion…

Read more at CNN…

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