Posted on 09/07/2001 3:27:51 PM PDT by Miss Marple
3:07 P.M. EDT
THE PRESIDENT: Thank you all for coming. Today, visiting with the Speaker and the Leader, it's the end of a long week of discussing how to make sure our economy begins to grow again.
I want to appreciate Danny and Trent for coming down again. They've been visiting with their members and I've been visiting with them and their members. I also had a good discussion today with Minority Leader Gephardt and, of course, Senate Majority Leader Daschle the other day, as well, about how we can kind of get away from all the distractions that tend to dominate Washington and focus on a pro-growth agenda for this fall.
The unemployment numbers today are evidence that I've seen firsthand as I travel the country; and that is, too many people are losing their jobs as a result of a slowdown that began when Dick and I were campaigning across our country last summer. This slowdown is real and it's affecting too many lives and we're concerned about it.
Any American out of work is too many Americans out of work. And that's why it's absolutely essential that we work together to put a growth plan in place to create jobs for hard-working Americans. It starts with having a responsible budget that meets our nation's obligations without affecting Social Security or dipping into Social Security.
We made a great step toward economic growth when we worked together to pass tax relief. One-half of the checks have gone out; more relief is on the way this fall, which should help our economy. Beginning in January 1st, Americans will see lower tax rates, lower withholding from their paychecks and a larger tax credit.
Tax relief is just now making its way in the economy, and there are some, it seems like, who are beginning to say, maybe we ought to raise taxes. But I can assure you, the four of us on this stage are not going to let anybody pick the pockets of the American taxpayer.
To help get our economy moving again, Congress needs to enact an energy plan which will lower energy costs and create jobs. To get the economy moving again, Congress needs to enact trade promotion authority, so we can open up new markets for American products.
We've got a plan to get our economy moving so Americans can find work. And, today, I want to thank the leadership of the Congress from the Republican side that came and strategized with the Vice President and me as how to get this plan moving. I want the American people to know we're deeply concerned about the unemployment rates and we intend to do something about it.
Thank you all very much.
Me too. He doesn't have much else going for him though.
Mexican trucks will only put more Americans out of work, as will his trade proposals.
I do this kind of thing for a living, and I am very confident I'd never get an F in Economics.My record proves it, thanks all the same.We are in a pronounced monetary deflation that WON'T be halted by the current policy, and will get worse and worse.
Only thing that can be done is to instruct Fed to buy bonds until the market says stop.Long rates need to COLLAPSE before the Fed has to worry about silly things like money supply, etc. Wonder why most rates have been sticky considering the carnage? Not enough liquidity.The pain that began in '97 in the commodity sector has spread to tech and now will spread to the consumer, real estate and banking unless the Fed halts it.Tax cuts can mask some of this, but they need the Fed to make them work through open market purchases of bonds.
It looks like Bush is going to be a demand manager. But you're exactly right -- Bush needs to correctly identify the problem first. Bush is a smart guy, but he's listening to the wrong people.
I couldn't stand how he was bragging about 2 to 3% growth next year. Coming out of a prolonged growth recession that's absolutely embarrassing. A cap gains cut could even save the Republicans in '02. Just the anticipation of one had a very positive effect in '96.
Unfortunately, many Republicans have bought into the bubble story and think we are now being punished for our own good.
Greenspan choked the money supply off a year ago. He has been opening the spigot recently as fast as he can go. The problem in the American economy right now is business ain't buying squat and as long as they don't spending by the rest of us will lead to negative or positive growth. In that scenario, any tax cut is a good one but then again any tax cut is a good one anytime.
He's showing just how stupid he is. It was a mistake for the budget office to say just a few weeks ago that no money from Social Security would be required. Now it's 10 billion they'll be "borrowing". That, of course, will change in another couple of months to 50 billion because of the slowdown in capital gains tax.
The man has always gotten by on the advice and kindness of others. Well, now he'll have to take the blame. Dumb, dumb, dumb.
The Dems will have the house in 2002 if he keeps being this "smart".
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