US President George W Bush has once again predicted the struggling American economy will sidestep a recession.
Speaking to the press earlier Thursday, President Bush says he is “concerned” about the US economy, which is without doubt in a slowdown.
“That’s (slowdown) why we acted, and acted strongly, with over $150bn worth of pro-growth economic incentives, mainly money going into the hands of our consumers. And some money going to incent businesses to invest, which will create jobs.” the President says.
President Bush says the tax-break package passed by Congress earlier this month will begin roll-out in early May.
“The purpose is to encourage our consumers. The purpose is to give them money – their own to begin with, by the way – but give them money to help deal with the adverse effects of the decline in housing value,” the President says.
“Consumerism is a significant part of our GDP growth, and we want to sustain the American consumer, encourage the American consumer and, at the same time, we want to encourage investment.”
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