July 15, 11:40 am Eastern Time
Reuters Company News Bush says U.S. economy fundamentally strong
BIRMINGHAM, Ala., July 15 (Reuters) - U.S. President George W. Bush said on Monday the United States was suffering a "hangover" from an economic binge, but that the country's economy was fundamentally strong. ADVERTISEMENT
"In order for us to have the security we all want, America must get rid of the hangover that we now have as a result of the binge, the economic binge, we just went through," Bush said.
"But I want you to know that our economy is fundamentally strong, this economy has got the foundations for growth," he said, citing low inflation and interest rates, sound monetary policy and rising productivity.
"This economy is coming back, that's the fact," he said.
Bush's remarks came as U.S. stock markets continued a protracted drop that has brought share prices to levels last seen five years ago. Last week, Bush outlined a number of proposals in response to the corporate accounting scandals that have shaken the markets, but that speech failed to stem the decline.