Bush sez no to "economic isolationism"
Posted: Tue Mar 09, 2004 6:36 pm
I'm so thankful we have a man in charge who sees things the way they are: in completely bipolar terms.
(sarcasm intended)
Bolding by me.
Bush Says Economy `Strong,' Urges Confidence on Trade
March 9 (Bloomberg) -- President George W. Bush, saying the U.S. economy is ``strong,'' urged Americans to ignore ``economic isolationists'' and to have confidence that international trade will spur more growth.
"If we are to continue growing this economy and creating new jobs, America must remain confident and strong about our ability to trade,'' Bush said at a U.S. Commerce Department business awards ceremony in Arlington, Virginia, near Washington. ``There are economic isolationists in our country who believe we should separate ourselves from the rest of the world by raising up barriers and closing off markets. They're wrong.''
Bush, 57, is seeking to stem a slide in public support as Democratic presidential candidate John Kerry, a Massachusetts senator, blames Bush for the loss of 2.3 million jobs since 2001. Kerry, 60, has promised to change tax laws that he says encourage companies to shift operations, and jobs, overseas and to review U.S. trade accords.
The president is trailing Kerry in national polls that asked voters who they would support in November's election. A Cable News Network-USA Today poll released yesterday shows Kerry beating Bush, 52 percent to 44 percent, in a two-way race eight months ahead of the vote. Asked which candidate would better handle the economy, 50 percent said Kerry and 42 percent said Bush. A Washington Post-ABC News poll published today showed Kerry leading Bush 48 percent to 44 percent.
`Pounding' on Jobs
"Kerry will keep pounding on the jobs issue,'' Greg Valliere, chief strategist at Schwab Soundview Capital Markets, said in an interview.
The percentage of those working or looking for jobs has skidded for four years and fell in February to 65.9 percent, a 16- year low, the Labor Department said Friday in Washington.
At the same time, companies such as Intel Corp. and Microsoft Corp. have taken advantage of cheaper costs overseas. Intel has a call center in Costa Rica and employs 1,000 people in India. Microsoft employs 250 workers in India and may double that workforce to 500 by 2005.
Kerry, who voted for the North American Free Trade Agreement, has said that he would strictly enforce environment and labor provisions in the accord to keep more jobs in the U.S.
He also has said he would enforce anti-dumping clauses in the U.S. trade agreement with China, and says free trade deals are only fair if other nations have to adhere to rules limiting pollution and protecting worker rights.
Tariffs
Bush has imposed tariffs on imported steel and Chinese bras. The U.S. has lost four different World Trade Organization judgments under his administration.
Although the U.S. economy is projected to expand at a 4.6 percent rate this year, according to a Bloomberg News survey of economists, job growth has been slow. U.S. employers last month added 21,000 workers, less than the median forecast of 130,000 in a separate Bloomberg News survey of economists.
"Today our economy is strong and it is getting stronger,'' Bush said. "Stock market wealth has risen by more than $3 trillion since the beginning of 2003.''
"We need to be confident about our future,'' Bush said.
Bush has said his tax cuts have cleared the way for creation of more jobs. Kerry has called Bush's policies ``a walking barrel of broken promises'' that ``rip the heart out of our economy.''
The president and members of his administration have been critical of Kerry's proposal roll back tax cuts for those making more than $200,000 a year, saying raising taxes would setback an economy still recovering from a recession.
"The worst possible thing we could do is to raise taxes and there is some talk of raising taxes,'' Treasury Secretary John Snow said in a speech to community bankers in Washington. "Where would we be if we didn't have them?''
Bush's $1.7 billion in tax cuts "got the economy moving forward,'' Snow said. "I'd ask the question of our critics: Where were you when we tried to get our economy going?''
To contact the reporter on this story:
Holly Rosenkrantz at hrosenkrantz@bloomberg.net.
To contact the editor on this story:
Glenn Hall at ghall@bloomberg.net.
Last Updated: March 9, 2004 14:51 EST
(sarcasm intended)
Bolding by me.
Bush Says Economy `Strong,' Urges Confidence on Trade
March 9 (Bloomberg) -- President George W. Bush, saying the U.S. economy is ``strong,'' urged Americans to ignore ``economic isolationists'' and to have confidence that international trade will spur more growth.
"If we are to continue growing this economy and creating new jobs, America must remain confident and strong about our ability to trade,'' Bush said at a U.S. Commerce Department business awards ceremony in Arlington, Virginia, near Washington. ``There are economic isolationists in our country who believe we should separate ourselves from the rest of the world by raising up barriers and closing off markets. They're wrong.''
Bush, 57, is seeking to stem a slide in public support as Democratic presidential candidate John Kerry, a Massachusetts senator, blames Bush for the loss of 2.3 million jobs since 2001. Kerry, 60, has promised to change tax laws that he says encourage companies to shift operations, and jobs, overseas and to review U.S. trade accords.
The president is trailing Kerry in national polls that asked voters who they would support in November's election. A Cable News Network-USA Today poll released yesterday shows Kerry beating Bush, 52 percent to 44 percent, in a two-way race eight months ahead of the vote. Asked which candidate would better handle the economy, 50 percent said Kerry and 42 percent said Bush. A Washington Post-ABC News poll published today showed Kerry leading Bush 48 percent to 44 percent.
`Pounding' on Jobs
"Kerry will keep pounding on the jobs issue,'' Greg Valliere, chief strategist at Schwab Soundview Capital Markets, said in an interview.
The percentage of those working or looking for jobs has skidded for four years and fell in February to 65.9 percent, a 16- year low, the Labor Department said Friday in Washington.
At the same time, companies such as Intel Corp. and Microsoft Corp. have taken advantage of cheaper costs overseas. Intel has a call center in Costa Rica and employs 1,000 people in India. Microsoft employs 250 workers in India and may double that workforce to 500 by 2005.
Kerry, who voted for the North American Free Trade Agreement, has said that he would strictly enforce environment and labor provisions in the accord to keep more jobs in the U.S.
He also has said he would enforce anti-dumping clauses in the U.S. trade agreement with China, and says free trade deals are only fair if other nations have to adhere to rules limiting pollution and protecting worker rights.
Tariffs
Bush has imposed tariffs on imported steel and Chinese bras. The U.S. has lost four different World Trade Organization judgments under his administration.
Although the U.S. economy is projected to expand at a 4.6 percent rate this year, according to a Bloomberg News survey of economists, job growth has been slow. U.S. employers last month added 21,000 workers, less than the median forecast of 130,000 in a separate Bloomberg News survey of economists.
"Today our economy is strong and it is getting stronger,'' Bush said. "Stock market wealth has risen by more than $3 trillion since the beginning of 2003.''
"We need to be confident about our future,'' Bush said.
Bush has said his tax cuts have cleared the way for creation of more jobs. Kerry has called Bush's policies ``a walking barrel of broken promises'' that ``rip the heart out of our economy.''
The president and members of his administration have been critical of Kerry's proposal roll back tax cuts for those making more than $200,000 a year, saying raising taxes would setback an economy still recovering from a recession.
"The worst possible thing we could do is to raise taxes and there is some talk of raising taxes,'' Treasury Secretary John Snow said in a speech to community bankers in Washington. "Where would we be if we didn't have them?''
Bush's $1.7 billion in tax cuts "got the economy moving forward,'' Snow said. "I'd ask the question of our critics: Where were you when we tried to get our economy going?''
To contact the reporter on this story:
Holly Rosenkrantz at hrosenkrantz@bloomberg.net.
To contact the editor on this story:
Glenn Hall at ghall@bloomberg.net.
Last Updated: March 9, 2004 14:51 EST
