Bush: ‘Tough Time’ for Economy

NEW YORK — Trying to calm jitters about the economy, President Bush conceded on Friday that the country ''obviously is going through a tough time'' but expressed confidence about a rebound, according to the Associated Press.

In a speech to The Economic Club of New York, Bush reportedly said this was not the first time the economy has been rattled and that he is certain that it will ride out its troubles, the AP reported.

His speech in New York, the hub of U.S. corporate power, appeared largely aimed at calming Americans' fears about the economy, which has supplanted the Iraq war as the public's top concern, according to Reuters.

The president spoke as evidence of an ailing economy piled up: the dollar fell, oil and gold hit record highs, the economy is shedding jobs, retail sales saw a big drop and the effects of a severe credit squeeze linger, the AP said.

According to the Associated Press, Bush said low unemployment and strong productivity are proof of the economy's fundamental strength and resilience.

''Every time, this economy has bounced back better and stronger than before,'' Bush was quoted as saying by the AP.

Bush said the administration and the Federal Reserve have taken action to stimulate the economy and he counseled the public to be patient because the economy would respond. Rebates being sent to taxpayers are expected to go in the mail in May and should promote consumer spending, according to Reuters.

He was quoted by the AP as saying his administration would address the crisis ''in a way that respects the ingenuity of the American people, that bolsters the entrepreneurial spirit and ensures that when we make it through this rough patch, that the driving will be smooth.''

-- NYSSCPA.org News Staff

Posted on 3/14/08