WASHINGTON : President George W. Bush said on Thursday he was "optimistic" about the prospects for the US economy, while acknowledging the "unsettling" times in the housing market. "I'm optimistic about our economy," Bush said when asked in a White House news conference about predictions from some analysts for a recession.
"I say that the fundamentals of our nation's economy are strong. Inflation is down. Job markets are steady and strong. The national unemployment rate is 4.6 percent. Corporate profits appear to be strong. Exports are up," he said.
But he added, "There is no question that there are some unsettling times in the housing market and credits associated with the housing market."
He called on legislators to set new rules that will ease the refinancing process for homeowners with mortgage problems, and to improve the tax rules on refinancing.
"I'm optimistic about our economy. I would be pessimistic, however, if the Congress has its way and raises taxes," he added.
"I believe the worst thing that could happen now is to allow the Congress to do that which they have said they want to do, which is to raise the taxes on people ... because I think taking money out the hands of investors and consumers and small-business owners would weaken the economy."
Bush refused to comment on the half-percentage point interest rate cut by the Federal Reserve on Tuesday, to ease financial difficulties stemming from the housing market downturn.
But he praised Fed chief Ben Bernanke.
"I think he's doing a fine job," Bush said. - AFP/de
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