President Bush recognizes the dwindling economy

President Bush seems concerned about the failing economy all of a sudden.

The rhetoric about a healthy economy that he argued was simply experiencing a downturn is no more.  He is pushing Congress to get out his stimulus package plan and he’s insisting (like with FISA legislation) that it arrive at his desk immediately and without changes that would force him to veto.   The sooner we can get the checks out, the better, he argues.

CNN reports on the article about the white house supported stimulus package

President Bush prodded Congress to pass an economic stimulus package Friday, pointing to “troubling signs” in a new report that ended a 52-month streak of national job growth.

Reports of a declining economy and impending recession have been in effect since last summer.  Couple that with the housing situation that is set to bottom out in three to four years and you have a recipe for disaster.  When the president claims that the economy is set to bounce back despite all indicators to the contrary, you have to wonder

“Inflation’s low. Productivity’s high, but there are certainly some troubling signs, serious signs that the economy is weakening and that we’ve got to do something about it,” said Bush, who spoke just hours after the Labor Department reported that employers cut 17,000 jobs in January.

Talk is cheap, Mr. President.

It was the first such reduction in more than four years and a fresh sign that the economy might be stalling. And it ended Bush’s repeated claim - made most recently in his State of the Union address - that “America has added jobs for a record 52 straight months.”

The news is even worse than that, long-term unemployment has reached record highs and that number doesn’t look to slow down.  In the month of January, 17000 jobs were cut.

Well, on a positive note, Exxon brought in record revenues and profits, higher than any other American company!

Fred Soto is an Attorney and Entrepreneur from the Silicon Valley.
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