 |
Clinton Says US Economy Still Sound
US President William J. Clinton said that all signs show the long expansion of the US economy is continuing.
Responding to arguments by the Republican politicians that the nation might slip into a recession, President Clinton said Saturday, December 9, that although economic growth has slowed, it is still sound.
"Over the last two years, our economy has grown at an exceptional pace, often achieving growth rates as high as 5 percent," Clinton said in his weekly radio address. "Obviously, economic growth at such a brisk level cannot be sustained forever, but the bulk of evidence suggests that our record-breaking expansion is continuing."
Recently Republican presidential nominee George W. Bush and his running mate Dick Cheney repeatedly raised doubts about the economy. Clinton did not mention Mr. Bush or Mr. Cheney by name. But he noted in his address that "the overwhelming majority of private sector experts are predicting solid but measured growth in the coming year, with low unemployment, low inflation and strong productivity." "We must not take our economic strengths for granted," he continued. "That is why it is critical that we continue to pay down the debt, to keep inflation and interest rates low."
In reporting Clinton's radio address, the New York Times said Sunday that the U.S. economy has clearly slowed in recent months, in part because of the Federal Reserve's raising of interest rates. Also, the paper added, it has been driven to some degree by nervousness in the financial markets, where investors have been fretting over lower-than-expected corporate profits, the bursting of the technology stock bubble and concerns about the creditworthiness of all but the strongest of borrowers.
"And while there is little evidence yet that a recession is on the horizon, economists say it is more of a possibility than it was a few months ago," the paper said.
In This Section
|