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Bush Optimistic on Economy Despite Layoffs and Dow Jones Drop

HeadlineAug 14, 2002

President Bush held a forum on the economy Tuesday, said he’s optimistic. He said, quote, “We’ve got the hardest-working people in the world. We’ve got the best tax policy in the world. I mean, we got a lot going for us.” The same day, the world’s biggest airline, American Airlines, announced it’s laying off 7,000 workers, the Federal Reserve said it might cut interest rates further, and the Dow Jones dropped over 200 points. The president offered no new programs or ideas to repair the economy, and he heard no dissent and no debate. Speakers in the closing session included three African Americans, two Latinos and two white women, who echoed Bush’s agenda and, in some cases, reflected his phrasing from recent speeches. Chief political adviser Karl Rove said he was, quote, “not aware” the White House had supplied the participants talking points, but said, “That’s not to say there weren’t any.” Democrats and a number of Republicans have heavily criticized the forum as a staged pep rally for the second Bush White House, which is ever mindful of the fate of President Bush’s father. According to The New York Times, former President Bush was popular after the Persian Gulf War, but lost the 1992 election in large part because of voters’ perceptions he no longer had control of the economy.

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