President Bush Does U-Turn on Economy

Just weeks after talking about how strong the U.S. economy is, President Bush has announced a $145bn economic stimulus package to help prevent a slowdown. Not going so far as to use the word ‘recession,’ Bush did say there is a risk of a downturn.

In his speech today the President said the economy has a solid foundation, but that there are areas of real concern. He said the economy is still creating jobs, consumer spending is still growing, but the housing market is declining. Business investment and exports are still rising, but the cost of imported oil has increased.

“My administration has been watching our economy carefully. My advisors and many outside experts expect that our economy will continue to grow over the coming year, but at a slower rate than we have enjoyed for the past few years. And there is a risk of a downturn. Continued instability in the housing and financial markets could cause additional harm to our overall economy, and put our growth and job creation in jeopardy.”

The President’s speech was short on detail hinting at possible tax rebate checks and help for business.

In response to the announcement, Democratic Presidential hopeful Hillary Clinton said that on face value the package did nothing to help the 50 million Americans who have low earnings and pay little or no federal taxes.

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