President Bush Addresses the Economy This Morning
As part of a news conference that addressed everything from the War on Terror to ANWR drilling, President Bush took some time out to focus on the economy. He took aim at rising oil prices, as well as mentioned some of the measures (including interest rate cuts that are likely to continue tomorrow) that his administration is taking to alleviate problems in the economy. He also briefly mentioned food prices inflation.
But he, as expected, refused to say whether or not we’re in a recession. But he did acknowledge this: “It’s a tough time for our economy.”
And he made sure to blame the Democratic-run Congress for the problems.But I’m not sure that President Bush’s solutions for the economy would be that great, either. Mostly, I was annoyed with his take on alleviating energy costs as part of economic stimulus.
He wants to drill in ANWR for more oil, and boost corn ethanol production. Neither of these things is particularly good for the environment, nor would they stimulate an energy economy that would benefit most Americans.
- It would take at least a decade and billions of dollars to get anything significant out of ANWR. With American ingenuity and innovation, those billions and that ten years could be put to better use by developing viable renewable energy sources and improving existing hybrid car technology. (Or even getting cars of internal combustion.)
- Corn ethanol doesn’t really help matter much, either. It mainly results in subsidies for Big Ag, while being damaging to the environment. And, if we’re putting corn into ethanol, it makes it kind of hard to eat it — which means food prices continue to rise.
Besides, neither of these solutions is immediate. The talk is all of economic stimulus, but, really, we’re in a natural downcycle. And the growth we have been experiencing the last few years has been kept going through unnatural economic means and was unsustainable (obviously).
The government keeps touting short-term economic stimulus solutions (like the tax rebate), but none of them will ultimately work. Instead, we should focus on getting through this time while changing our mindset for the future.
Do you think President Bush’s energy plans would help the economy?
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12 opinions for President Bush Addresses the Economy This Morning
Miki
Apr 29, 2008 at 12:26 pm
LOL/ROF Sorry, Miranda, but I can’t help it. Why should we expect Bush’s rhetoric, approaches and attitude to differ from what they’ve been throughout his so-called administration. Only ‘poor’ people worry about eating and all those other unimportant life details and you wouldn’t want to not fund the war, would you?
Speaking of which, what does the $9 billion a month go for? My friends just sent new boots to their son in Iraq because the Army couldn’t replace his.
miranda
Apr 29, 2008 at 12:29 pm
I can always count on you, Miki! Thanks for the comment. It’s too bad that our soldiers can’t get decent gear provided for them. A lot of that $9 billion goes to no-bid contracts. For rebuilding. And for supplying the soldiers. But I don’t know how much. I wonder…
Miki
Apr 29, 2008 at 12:42 pm
But Miranda, we need to make sure that companies such as Haliburton get plenty of overpriced business—it’s the American way.
President Bush and the Economy - Money & Investing - Banks.com
Apr 29, 2008 at 12:53 pm
[…] President Bush addressed the issues associated with the housing market, as well as those associated with rising oil prices and with food prices inflation. A great deal of the president’s talk of the economy focused on energy costs, and ways he thinks that we can stimulate the economy by lowering energy prices. […]
Sean
Apr 29, 2008 at 1:19 pm
You guys are so ungrateful.
I, for one, appreciate him stimulating my economy by giving me temporary visitation rights to $600 of my money.
I’m going to run right outand buy 100 gallons of gas or so.
That means no slinking around, siphoning out of my neighbor’s car and lawnmower tanks for 2 weeks at least.
(Good thing, too, since Mrs. Campbell’s aim is getting better every week).
You of all people should be thanking him, Miranda, for your traffic. Thanks to George, most people are scrambling around to ways to yield wealth… in response to GW’s imperative to yield to the wealthy.
miranda
Apr 29, 2008 at 1:56 pm
LOL, Sean. Love your insights. I should be more grateful. But your “temporary” visiting rights offers a good point. This money really isn’t “ours.” Like so much in our country, it’s done on credit. We’ll have to pay it back with interest down the road.
Jean Murray
Apr 29, 2008 at 8:01 pm
Miranda: You’re right that we’re in a natural downturn. Things will eventually turn around. Of course, meanwhile people are out of jobs, and others are having trouble holding on to their homes.
The really big, unsolvable problem is … we have TOO MANY PEOPLE in the world. If we didn’t have so many people, we wouldn’t use so many natural resources, and we wouldn’t have to worry about corn being used for ethanol instead of food, and … (you get the idea).
miranda
Apr 29, 2008 at 8:51 pm
I’m not sure that it’s so much of an overpopulation problem as it is one of a small percentage of the people consuming an inordinate amount of the resources. And, of course, a problem of distribution.
On another note, I agree that the fact that it can be frustrating for people who are losing jobs, homes, etc. They need to be helped. But at the same time, we shouldn’t lose sight of why we’re in this position. Growth isn’t infinitely sustainable. If you keep trying to stimulate growth (especially through consumerism and debt), eventually you end up with an unstable economy. And the downs are much harder than they would be otherwise.
Ren Garcia
May 1, 2008 at 10:10 am
I have this thing about being disrespectful to a president, but –as usual– I can see that he has his feet firmly implanted in midair.
Miranda
May 1, 2008 at 10:13 am
Indeed, Ren. I don’t think it’s disrespectful to disagree with someone’s policies or ideas. Indeed, that’s part of the reason we have this country. Because the Colonists didn’t agree with policies and ideas — and did something about it. Although we certainly aren’t to that point right now. Things aren’t THAT bad.
Lynn
Jul 15, 2008 at 7:57 pm
I just heard on CNN that the idiot president wants to ban the oil drilling. I don’t use the strong word,only dislike,of what Bush had done for america. Nothing!! He says what he is planning on doing, then lies,nothing gets done.Only he thought sending our troops to iraq.I am sure,it never crossed the dunce to think our soldiers getting killed.He took a short visit to New Orleans to see what Hurricane Katrina did to the population. Did he think about helping them in some way? NOPE. We all are suffering,while he is sitting in his rocking chair on the porch at his ranch. What goes around,will come back and haunt you, see you suffer. LOL LOL
Lynn
Jul 15, 2008 at 8:30 pm
I am sorry if i sound disrepectful,but i have not beable to find a job,i decided to try to get and extra income SSI, which took along time,to get it. I am not poor. Haven’t driven that much,like i used to. I hope the economy will get better.
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