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Bush Reassures Americans U.S. Economy "Fundamentally Strong"
U.S. President George Bush said Saturday that the U.S. economy suffered a shock caused by last week's terror attacks, but he reassured Americans that the economy is still "fundamentally strong."
"The terrorists who attacked the United States on September 11 targeted our economy as well as our people," Bush said in his weekly radio address.
He said the "economy has had a shock," noting that many workers lost their jobs this week, especially in the airline and hospitality industries, in restaurants and in tourism, as companies struggled to remain afloat.
Many Americans have also seen the value of their stocks decline, Bush said.
Despite all these challenges, he said, the U.S. economy is still fundamentally strong.
Bush said the country's wealth is not contained in glass and steel, but in the skill and hard work and entrepreneurship of the American people, which are "as strong today as they were two weeks ago."
The terrorists "brought down a symbol of American prosperity, but they could not touch its source," he said.
Bush said his government has taken action to address the year- long economic slowdown, noting that U.S. households will receive 40 billion U.S. dollars in tax relief this year and more in years ahead.
"The Federal Reserve has done its job of keeping our financial system strong and stable, cutting interest rates in half in the last eight months," he said.
Congress and the White House also were coordinating efforts "to get our economy moving again," he added.
"I'm also working with Congress to strengthen our broader economy and to get Americans back to work," he said. "Both parties in both Houses of Congress are united in our determination to use the fundamental strength of our economy to meet our immediate economic challenges."
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