The President made some general observations about the economy today after his meeting with his Working Group On Financial Markets. Excerpts:
This economy of ours is on a solid foundation, but we can’t take economic growth for granted. And there are signs that will cause us to be ever more diligent and to make sure that good policies come out of Washington. For example, we’ve had 52 straight months of job creation, but job growth slowed last month. The core inflation is low, but U.S. consumers are paying more for gasoline and for food. Consumer spending is strong, yet the values on many of the homes in America are beginning to decline, which leads me to say to the American people: For those of you who are paying more and are worried about your home, we understand that. That’s why we have an aggressive policy to help credit-worthy people stay in their homes.
The Congress and the President have got to work together when they come back to, one, make sure taxes remain low. If there are — if the foundation is strong, yet indicators are mixed, the worst thing the Congress could do is raise taxes on the American people and on American businesses. Secondly, we have got to understand that if we are worried about gasoline prices, we ought to expand refineries here in the United States, and we ought to explore for oil and gas in environmentally friendly ways in the United States.
Today’s White House Fact Sheet on the economy is here.
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