    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book II)]
    [December 5, 2008]
    [Pages 1414-1415]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks on the National Economy
    December 5, 2008

        Today's job data reflects the fact that our economy is in a
    recession. This is in large part because of severe problems in our
    housing, credit, and financial markets, which have resulted in
    significant job losses. I'm concerned about our workers who've lost jobs
    during this downturn, and I'm--as we work to address the problems of
    this economy, we've extended unemployment insurance benefits to those
    who have lost their jobs during this downturn.
        We are focusing on the root causes of the economic downturn in order
    to return our economy to health. The most urgent issue facing the
    economy is the problem in the credit markets. Businesses and consumers
    need access to credit at affordable rates to spend and invest. And so
    we're working to stabilize the markets and make credit more affordable
    and available. We're working with the Federal Reserve and FDIC, and
    credit is beginning to move. A market that was frozen is thawing.
    There's still more work to do, but there are some encouraging signs.
        A root cause of the slowdown is housing. And so we continue to take
    actions that will avoid preventable foreclosures and speed a return to a
    healthy housing market. Interest rates help the housing market recover,
    and interest rates, mortgage rates are going down. And plus, there's a
    number of programs in place to help Americans stay in their homes, to
    limit the preventable foreclosures.
        I am concerned about the viability of the automobile companies. I'm
    concerned about those who work for the automobile companies and their
    families. And likewise, I am concerned about taxpayer money being
    provided to those companies that may not survive. Put out a detailed
    plan recently that uses money that Congress appropriated last fall for
    the auto industry, money that can be used so long as the companies make
    hard choices on all aspects of their business to prove that they can not
    only survive, but thrive.
        It is important that Congress act next week on this plan. And it's
    important to make sure that taxpayers' money be paid back if any is
    given to the companies.
        It's going to take time for all the actions we have taken to have
    their full impact. But I am confident that the steps we're taking will
    help fix the problems in our economy and return it to strength. My
    administration is committed to ensuring that our economy succeeds. And I
    know the incoming administration shares the same commitment.
        Thank you very much.

    Note: The President spoke at 11:29 a.m. on the South Lawn at the White
    House. The Office of the Press Secretary also released

    [[Page 1415]]

    a Spanish language transcript of these remarks.