Bush concedes economy troubled
NEW YORK (AP) - 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.
In a speech to The Economic Club of New York, Bush said this was not the first time the economy has been rattled and he is cerrtain that it will ride out its troubles. 'These are uncertain times,' he said.
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. Economic worries have replaced the Iraq war as the No. 1 concern of voters in this presidential election year.
'Every time, this economy has bounced back better and stronger than before,' Bush said, showing his optimism about the resiliency of the economy.
He said unemployment was low at 4.8 percent and productivity was strong. But he acknowledged that prices are up at the gas pump and grocery stores and housing values are down.
'Hardworking Americans are concerned,' he said. 'They're concerned about their families. They're concerned about making their bills.'
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