Bush: Economy On The Upswing

WASHINGTON — President Bush said Saturday that Americans may have cause this Labor Day weekend to start worrying less about the nation's _ and their families' _ economic health.

"There have been some recent signs that our economy is beginning to improve," Bush said in his weekly radio address.

Among the positive signs that Bush referenced was a report Thursday that the overall economy, as measured by the gross domestic product, rose by 3.3 percent in the April-June quarter. This surprised analysts and was a significant rebound from growth of just 0.9 percent in the first quarter of the year. Most credit was given to the $93 billion in economic stimulus payments the federal government has sent to households since May.

However, other economic news this week showed that right after that second quarter, in July, consumer spending slowed to a crawl and personal incomes plunged.

With few stimulus payments still to go out, some economists worry consumer spending will continue to falter. Since it accounts for two-thirds of economic activity, that could send economic growth tumbling again in the second half of the year, particularly given rising unemployment, a continuing credit crisis and the deepest housing slump in decades.

Democrats, including presidential nominee Barack Obama, are calling for the government to pass a second stimulus package to guard against that.

But Bush has resisted, expressing concern about the impact on the budget deficit and insisting the rebate payments will continue to support the economy in coming months.

He praised the impact of the current stimulus package in language that suggested he remains opposed to another.

"The economic stimulus package that I signed earlier this year is having its intended effect," the president said. "Many Americans who received tax rebates are spending them. Businesses are taking advantage of tax incentives to purchase new equipment this year. And there are signs that the stimulus package will continue to have a beneficial impact on the economy in the second half of the year."

Still, despite his optimistic outlook, Bush took care to express sympathy with those grappling daily with pocketbook worries.

"There are families across our country struggling to make ends meet," he said. "There is an understandable concern about the high price of gas and food. And many Americans are worried about the health of our housing and job markets. I share these concerns about our economy."

Comments

[fignozzle]

how prescient IS our president?????

i think i will sigh now......

[ItsYourFault]

every time i hear this man speak i think of the many Americans who voted for this clown. who here on the huffpost voted for this clown? who's gonna admit it?!!!

[fedupnburnin]

I remember when Bush was campaigning for president the first time. It was his speech before the Cleveland School of Ministry about single moms and working mothers that alerted me to how full of it he was and is. It was when "compassionate conservatism" was underway and Bush was really putting it on. I should've recorded it. He was making some really funny faces. There's no such thing as compassion in the republican party.

[johnie2xs]

When Bush gives us his "crocodile tears" regarding the pain of the average American, and the effects on the economy, and their collective pocketbook, I can't help but feel nauseous. Additionally we have a Congress, that unless they get their act together quickly, may be set to allow tax credits for wind and solar investment to lapse. Credits that could pump some much needed stimulus to industries that most economists look to, to potentially be at least a partial solution to our manufacturing, and therefore, our greater economic woes. Now since we're in such a precarious position you would think the last thing we need is more military adventurism. Think again. The Dutch are suspending operations inside Iran, aimed at disrupting Iranian weapons industry, due to plans that the U.S. has to attack selected missile part production and launch sites. How come the MSM doesn't cover this? We can't afford this to happen.

http://www.jpost.com/servlet/Satellite?cid=1220186494776&pagename=JPost%2FJPArticle%2FShowFull

Our economic fragility should be the key to ALL our decisions, domestically and internationally.

DO WE NEED ANOTHER WAR??? Bush should be in shackles just for thinking it.

[lungfish]

At the heart of "Compassionate Conservativism" is amorality, obfuscation, lies and deceit, and racketeering. It is probably one of the most cynical claims that the GOP has made in some years.... and now they are eating it. Their own people have been big government, big spending with no fiscal responsibility, as lame as could be with foreign policy matters and generally so far out of phase with even their constituents that the GOP can't even admit that it was their administration and Congress that did it...
The numbers are in and we are in a pretty mess now but Dubya is above it all and sez the economy is on an upswing. Dick just says, "So?" and McCain is ready to pile it higher and deeper.

[Getbent]

How can you trust Bush/McCain when they live their lives free of the stresses of worrying about gas, food & cost of living? Smaller government? Really, where? Our government is bigger than ever under a so-called conservative administration. The financial and governmental messes will be felt for several years.How can any reasonable person vote for 4 more years of this?

[Rnactivist]

Yep cause if the President says so it must be true.....but let's ask the 530,000 americans who have lost their jobs since January or the 50 million without health insurance or the workers whose wages have been flat for the past 8 years or how the federal minimum wage is worth 40 cents less per hour in inflation adjusted dollars....yep Bush says things are better...so they must be.....

[sawdustinhershoes]

Ok. SInce this government, right before the presidential election suddenly comes up with these great numbers on the economy, we're supposed to believe them.

But, when the truth comes out, not only was there a government stimulus package that made the numbers look good, they fail to note in their reporting that the extra spending was DUE TO THE HIGHER PRICE OF FUEL, FOOD AND EVERYTHING ELSE. That made the numbers go up.

If Bush says the economy is doing better, then we have to really worry, because this man lies to suit his purposes - as usual. Why would Bush start telling the truth now?

[collprof]

It has been 1996 days since the invasion of Iraq.

There are 140 days left until Bush is forever gone. With his departure we can assume, with a great deal of authority, that there will never be another Bush in the White House.

[jacqmac]

Dear Presidents Bush, Bush and Reagan:
Thanks SO MUCH for the $600 tax rebate! Wow! I felt so RICH as I pumped $3.89 a gallon gas and paid $5-$10 MORE for food for my table. I felt so WEALTHY as I paid out over $300 in utility bills. I did the math-the 'rebate' comes to about $22 a YEAR for the last 28 years since Reaganomics went into effect. WOW! THANKS AGAIN! Trickle-down economics actually WORKS. Of course, I COULD have died before actually getting any return on my 'investment', but hey! I lived to see the day when a tax REFUND came from the government.
Very truly yours,
ME

[paulbikes]

Some people blink allot when they lie. He just always squints. hmm

[genseric13]

Democrats anti-drilling stance crumbling everywhere, http://www.politico.com/news/stories/0808/12589.html

[Gidster]

That has to do with this thread how?
Repub troll!

[MuseScavenger]

Cripes. The little pip-squeek can get away with outright lies, now that Trigger's gonna be an uncle.

[ItHasToGetBetter]

Yes, W. Thank you for giving us back our own money. Of course, people like me are hoarding it since we're unsure if we'll have a job tomorrow or putting it in the gas tank so we can get to work for a week. I'm sure the fabulously wealthy ten same people you surround yourself with are doing just fine. You've probably even been to dinner on their new yacht. Why are you worrying about a deficit you made possible? Not only with tax cuts for the already wealthy and a war we'll never get out of, but placing the burden on the rest of us so we're lucky if we can pay our rent, much less get to work. But, apparently, we're on the upswing. Perhaps, the deficit wouldn't be such a concern if you spread the burden more fairly...but introspection isn't your strong suit is it? If you think it, t is. The economy is on the upswing because you say it is, I guess.

[jimmyjones22]

production is up 200% thanks to big brother's economic plans. Also, there will be an extra ration of chocolate and victory rum! Good Job, comrades!

[sawdustinhershoes]

Can we get some silk stockings, too?

[separatingwheatfromchaff]

I don't know about his economic status but I have a feeling it's way better than mine or a lot of people I know.This is what he does,he reads a memo and tells us everything is A-Okay,Hunky Dory,case closed.Vote Republican ! That's it,no explanation about lost jobs,or lower wages,or cutting hours or losing health care benefits.You know why,the first hint is he never did anything to address any of these topics in 8 years.That's the only hint you need,he just plain doesn't care about anybody's problems unless they affect him.