    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book I)]
    [March 7, 2008]
    [Pages 335-336]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks on the National Economy
    March 7, 2008

        Earlier today I spoke with members of my economic team. They updated
    me on the state of our economy. This morning we learned that our economy
    lost 63,000 payroll jobs in February, although the unemployment rate
    improved to 4.8 percent.
        Losing a job is painful, and I know Americans are concerned about
    our economy. So am I. It's clear our economy has slowed. But the good
    news is, we anticipated this and took decisive action to bolster the
    economy by passing a growth package that will put money into the hands
    of American workers and businesses.
        I signed this growth package into law just 3 weeks ago, and its
    provisions are just starting to kick in. First, a growth package
    includes incentives for businesses to make investments in new equipment
    this year. These incentives are now in place, and they are starting to
    have an impact. My advisers tell me that investment in new equipment
    remains solid thus far in the first quarter.
        And as more businesses take advantage of these new incentives as
    well as lower interest rates, we expect investment will continue to grow
    and that businesses will begin creating new jobs in the months ahead.
        Secondly, the growth package will provide tax rebates to more than
    130 million American households. These rebates will begin reaching
    American families in May. And when the money reaches the American
    people, we expect they will use it to boost consumer spending, and that
    will spur job creation as well.
        We believe that the steps we've taken, together with the actions
    taken by the Federal Reserve, will have a positive effect on our
    economy. So my message to the American people is this: I know this is a
    difficult time for our economy, but we recognized the problem early and
    provided the economy with a booster shot. We will begin to see the
    impact over the coming months. And in the long run, we can have
    confidence that so long as we pursue

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    progrowth, low-tax policies that put faith in the American people, our
    economy will prosper.
        Thank you.

    Note: The President spoke at 1:55 p.m. on the Colonnade at the White
    House. A portion of these remarks could not be verified because the tape
    was incomplete.