Speaking Friday to employees at a technology plant in Maryland Heights, a suburb of St. Louis, Missouri, President Bush predicted the nation’s economy is on its way to better days after some “challenging times.” In his remarks, Bush said:
“I know it’s tough times, and I know you’re having to pay more at the fuel pump than you want,” Bush said. “But this economy is going to come on. I’m confident it will.”
Of course, what President Bush didn’t say is when the economy is going to “come on.” I’m sure he’s betting on things improving once all the economic stimulus checks have been distributed, but if those stimulus checks don’t stimulate the economy as hoped, what’s next? Democrats in Washington are already calling for a second dose of “economic stimulus,” while President Bush, Vice President Cheney, and many key Republican lawmakers are adopting a “wait and see” attitude. Now I don’t proclaim to be an expert economist, but I’m willing to bet that in light of the credit crunch, the subprime mortgage crisis, and rising food and gas prices, lots of Americans are going to use their stimulus checks to pay down debt or to put some money in the bank for an even rainier day, as opposed to using that money to go out and buy a new car or splurge on a consumer good.
I expect we’ll see at least more “economic stimulus” package come out of Washington before all is said and done, and hopefully lawmakers will take the appropriate action to get our economy back on track.
