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Administration 'Candid' On Economy, Bush Says

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The Associated Press

Published: May 4, 2008

CRAWFORD, Texas - President Bush, defending his record and his rhetoric, said Saturday that his administration has been "clear and candid" about the nation's economy.

"We saw the economic slowdown coming, we were upfront about these concerns with the American people, and we've been taking decisive action," Bush said in his weekly radio address.

The president's comments appeared at least partly in response to criticism from Democratic leaders, who say his view of the economy is rosy and unrealistic.

Bush sounded an upbeat tone after a modest uptick of economic news this week.

The economy grew in the first quarter of the year, by a meager 0.6 percent. Employers slashed fewer jobs in April than they had in earlier months. The unemployment rate in April also fell slightly.

"No temporary setbacks can hold back the most powerful force in our economy - the ingenuity of the American people," Bush said. "Because of your hard work and dedication, I am confident that we will weather this rough period and emerge stronger than ever."

Consumer confidence, a vital part of the economy's health, has hit record lows. And in the public's mind, the president's handling of the economy has taken a serious blow, too.

In Bush's final year in office, families have been hit from all sides - soaring gasoline prices, crumbling mortgages, rising grocery bills, struggles to afford college loans.

The president is counting on a short-term economic boost to help. In a deal he reached with Congress in February, tax rebate checks are on their way to more than 130 million households.

"This package will help American families increase their purchasing power and help offset the high prices that we're seeing at the gas pump and the grocery store," Bush said.

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