American Economy Is Resilient In The Face Of Challenges

President Bush And His Administration Remain Determined To Help
Americans Cope With Economic Uncertainties
WASHINGTON--(Business Wire)--
Today, the Bureau of Labor Statistics released new jobs figures
for August. Nonfarm payroll employment decreased by 84,000 jobs in
August, and the unemployment rate rose to 6.1 percent. While these
numbers are disappointing, what is most important is the overall
direction the economy is headed. Last week, the economy posted a
strong gain of 3.3 percent at an annual rate in the second quarter,
led by growth in consumer spending, exports, and a well-timed and
appropriately sized stimulus package. This level of growth
demonstrates the resilience of the economy in the face of high energy
prices, a weak housing market, and difficulties in the financial
markets. Orders for durable goods have been rising in recent months.
In addition, productivity growth over the past four quarters has been
strong at 3.4 percent - above the averages for each of the past three
decades over the course of the Administration.

-- The bipartisan economic growth package that President Bush
signed into law is having its intended effect. The Treasury
Department has issued more than 114 million stimulus payments,
totaling more than $93 billion. The growth package is
estimated to return more than $150 billion back to American
families and businesses this year. We may be seeing signs that
business expensing provisions of the economic stimulus are
starting to have an effect - shipments of core capital goods
rose solidly in July, and orders have been solid over the past
two months. The stimulus package is expected to continue to
have a beneficial impact on the economy in the second half of
the year.

President Bush Calls On Congress To Work On Bipartisan Measures To
Accomplish Our Economic Goals

The President has proposed a comprehensive energy approach that
would permit a range of new drilling options and encourage the
development of alternative resources. If Democratic leaders in
Congress are not willing to take comprehensive action, President Bush
has called on them to act at least on three common-sense energy
proposals.

-- Congress should expand access to offshore exploration on the
Outer Continental Shelf (OCS). Experts believe that the
currently restricted areas could eventually produce about 18
billion barrels of oil, a quantity approaching current proven
U.S. reserves and nearly 10 years' worth of our current annual
production. This exploration is now banned by a provision
included in the annual interior appropriations bill. President
Bush calls on Congress to remove this restriction when they
return from recess.

-- Congress should expand access to oil shale. Oil shale is a
highly promising resource in the United States that could
produce the equivalent of more than a century's worth of
imports at current levels. Last year, Democratic leaders used
the omnibus spending bill to insert a provision blocking oil
shale leasing on Federal lands - President Bush calls on
Congress to remove that provision immediately.

-- Congress should extend renewable power tax credits to spur the
development of alternative sources of energy, such as wind and
solar. Congress should make these credits long-term and expand
them to cover all forms of low-emission power generation.
Increasing production of low-carbon electricity will allow us
to power a new generation of plug-in hybrid and
hydrogen-powered vehicles.

The President continues to call on the Democrat-led Congress to
approve pending free trade agreements (FTAs) with Colombia, Panama,
and South Korea. Opening markets is extremely important during this
time of economic uncertainty. Exports account for a greater share of
America's gross domestic product than at any time in our history.
These trade agreements will create more opportunities for American
manufacturing interests, farmers, ranchers, and entrepreneurs.

President Bush calls on Congress to save Americans from the
largest tax increase in history by making his tax relief permanent. At
a time of economic challenge, the last thing American families need is
a massive tax increase. The President's 2001 and 2003 tax relief
fueled economic growth and reduced the burden on everyone who pays
income taxes. Without President Bush's tax relief, Americans would
have paid an additional $1.3 trillion in taxes by the end of 2007. If
the President's tax relief is allowed to expire at the end of 2010,
Americans will pay about $280 billion more in taxes each year.

White House Press Office
1-202-456-2580

Copyright Business Wire 2008