Bush: Economy will 'come on'
May 2, 2008
growth of the economy is ``not good enough for America,'' but new
rebate checks will inject some life soon.
``This economy is going to come on,'' Bush said. ``I'm confident
it will.''
Checks of up to $600 for individuals and $1,200 for couples are
starting to hit bank accounts this week. They are part of a broader
economic stimulus plan that also includes tax breaks for businesses
as an incentive to invest.
Bush called it ``a robust attempt to inject life'' into the
economy that hasn't fully kicked in yet. His pep talk came while
visiting a technology plant in this St. Louis suburb.
Overall, the economy grew at a meager 0.6 percent in the first
quarter of 2008. That was the same pace as in the final three
months of last year.
``That's not good enough for America,'' Bush said. ``It's
positive growth, but we can do better than that.''
Bush spoke as the latest employment report showed a modest tick
of good news.
Employers cut far fewer jobs in April than in recent months and
the unemployment rate dropped to 5 percent, a better-than-expected
showing. Still, the economy lost jobs for the fourth month in a
row, the Labor Department reported a few hours before Bush's
speech.
``The good news is that we anticipated this,'' Bush said of the
economic slowdown.
He said his administration and Congress _ in a stalemate on many
fronts _ managed to agree on the package of rebate checks.
``You're going to get some money,'' Bush told employees of World
Wide Technology. ``Turns out, it's your money, but you're going to
get it back.''
The sagging economy continues to dominate Bush's final year in
office. The president has sought to show he understands the
concerns of families _ and, at the same time, to pin blame on the
Democratic-run Congress for inaction.
A massive housing slump, a credit crunch and turmoil in the
financial markets have combined to sour the economy and the
nation's mood. Families are feeling the pinch at the grocery store
and the gas pump, and many worry about keeping their job or their
home.
Bush is counting on the $168 billion stimulus program to lift
spirits and sales.
``It's big enough,'' Bush said in defense of the package on
Friday.
Yet some Democrats in Congress want more relief to be provided,
including additional unemployment benefits to cushion the pain of
joblessness. The administration's view is that the current economic
plan should be given a chance to work before another is adopted.
``It's time for President Bush to be realistic about the economy
and start working with the Congress on a second economic stimulus
package that will deliver real relief to Americans now,'' said Rep.
Rahm Emanuel of Illinois, head of the House Democratic Caucus.
Addressing soaring gasoline prices, Bush said he understands the
``pain'' consumers are feeling. He pressed Congress to allow more
drilling for oil in areas where it is now prohibited, and to
encourage the construction of more oil refineries _ both familiar
calls.
Bush, standing in the middle of a stage talk-show style, touched
on a number of topics as he took questions from the audience.
``I've got a lot on my mind, by the way,'' Bush cautioned the
crowd. ``I'm getting ready to march down the aisle.''
The president's daughter, Jenna, is getting married next weekend
at the family's ranch in Crawford, Texas.
Asked about his plans after his presidency, Bush said ``I'm
headed home.'' He spoke broadly of promoting the power of freedom,
a focus of his planned presidential library.
Never a fan of discussing his legacy, But did get reflective on
his time at the White House. He said after the good days and the
bad days, he remains optimistic.
``It's a lot harder to have been the son of the president than
to be the president,'' Bush said. ``It's been a joyous
experience.''
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