Well, the economy is next, and government figures out today show the economy at a near standstill. The Commerce Department says economic growth for the last quarter of 2007 was just six-tenths of one percent, a sharp drop from the previous quarter. So are we now in a recession? Ever the optimist, the President says no. Here’s ABC’s David Muir.
Today, President Bush said there’s no question we’re in a slowing economy, but he rejected any talk we’re in a recession or even headed into one. “…here in Washington, people are trying to, you know... stimulus package two and all that stuff. Why don’t we let stimulus package one, which seemed like a good idea at the time, have a chance to kick in?”
Those rebate checks begin arriving in May. The main purpose: to get consumers to spend to boost the sluggish economy which, so far, has not responded to several interest rate cuts from the Federal Reserve. It is an economy slowing while inflation is growing - two dynamics that led to stagflation in the late 70s and 80s. Today, the Fed Chairman acknowledged the current economy is not an easy fix.
“There’s no good choice here. You could…lower rates, help the economy, but inflation will go higher. Or you could raise rates, and cause unemployment to rise but push inflation lower. So, bad choices all around.” Democrats in Congress are trying to add more choices, some proposing unemployment insurance benefits, food stamps, and for homeowners, efforts to stave off foreclosure.
And on a day when the price of oil closed at a new high, $102 a barrel, there was something else the President said when asked about the notion of $4 for a gallon of gas, come summer. “Wait, what did you say? You’re predicting $4-a-gallon-gasoline?” “A number of analysts are predicting $4-a-gallon gasoline this spring.” “That’s interesting. I…I hadn’t heard that.”
The president went on to say economic concerns, like those gas prices, are just one more reason to make his tax cuts permanent. And his Treasury Secretary argued today most of the proposals being put forward by Democrats to help homeowners avoid foreclosure would “do more harm than good,” Charlie.
standstill : 정지, 휴지 ex. at a standstill 정지 상태에 있는 * come to a standstill 멎다, 멈추다 / * bring ~ to a standstill ~ 을 멈추게 하다 (be brought to a standstill) the Commerce Department : 미 상무부 optimist : 낙천가, 낙천주의자 reject : 거절하다, 거부하다, 퇴짜놓다 head : ~ 로 향하다 ex. He headed for the bus stop. * be headed for~ : ~ 으로 향하다 ex. He is headed for the hospital. 그는 병원으로 향 하고 있다. ex. Where are you headed? stimulus : 자극, 자극물 ex. give a stimulus to ~ ~ 에게 자극을 주다 stuff : 물건, 사물, (…을) 채우다, (…로) 채워 넣다, [보통 수동형으로] <코 를> 막히게 하다 ex. What's all this stuff on my desk? / ex. By the time we got to the sale, all the good stuff was gone. ex. Would you get your stuff out of here? ( the things that belong to a particular person ) ex. I'm telling him we don't want all that stupid stuff here. (things that are not important ) ex. My nose[head] is stuffed up from a cold. 감기로 코가 막혔다 [머리가 무겁다]. ex. a stuffed bird 박제한 새, 봉제 새 인형 / ex. a stuffed turkey kick in : 효력이 나타내다 / to start to have an effect ex. The medicine took some time to kick in. ex. The new rules kicked in last year. rebate : <지불한 금액의 일부를> 환불하다, 리베이트를 주다, 리베이트 ex. He rebated five dollars to me. 그는 내게 5 달러를 환불해 주었다. sluggish : <사람·행동이> 게으른 (idle), 나태한, <경기 따위가> 활기 없는 interest rate cut : 이자율 인하 dynamic : 동력의, 역학적인, 동력학의, 활력 있는, 역동적인, 힘, 원동력(driving force) fed : 1. the Federal Reserve Board (연방준비제도이사회) 2. 연 방 수사국 (FBI) 의 수사관, 연방정부 관리 fix : 곤경, 궁지, 해결책 ex. I think the best fix for the broken arm is a cast. * in a fix: 곤경에 처해 있는 ex. We're all in the same fix. 같은 곤경에 처해 있다. / ex. When Korea was in a financial fix, the IMF loaned Korea money as a fix. * quick fix : 즉효약, 일시적 해결책, 미봉책 ex. We need a long-term solution, not just a quick fix. unemployment insurance benefits : 실업보험혜택 food stamp : 식량 배급표 (저소득자에 대해 미 연방 정부가 발 행) stave off : (위험 등) ~을 피하다(= fend off) ex. In a desperate attempt to stave off defeat, he reluctantly promised wholesale reform of the constitution. foreclosure : 담보물을 찾을 권리의 상실, 유질 처분 *foreclose : <저당권 설정자에게> 저당물을 찾아갈 권리를 잃게 하다, vt.vi. <저당물을> 유질 (流質) 처분하다 ex. The bank was threatening to foreclose on his mortgage. high : 최고 수준, 최고 기록 * new high : 새로운 최고 가격, 최고 기록 , 신기록 (cf. new low) * a record high : (= an all-time high) 사상최고치 (opp. a record low = an all-time low) ex. The teen pregnancy rate fell 19 percent from its high in 1991 to a record low of 94.3 pregnancies per 1000 women ages 15-19 in 1997. * a record high [low] of~ = an all-time high [low] of~ notion : 생각, 개념, 의견, 견해, ~하고픈 생각(a sudden interest in doing something) ex. He has no notion of economy. 그는 경제를 전 혀 모른다. ex. He has a notion that life is a voyage. 그는 인생은 항해와 같다는 생각을 갖 고 있다. * a notion to do something: I have a notion to spend a day at the beach. 해변에서 하루를 보내고 싶다. go on ~ : (…을) 계속하 다. ex. go on to eat (중단했던 식사를) 다시 먹기 시작하다. ex. He went on to show us how to do it. 그는 이어서 그것을 하는 방식을 보여주었다. ex. He went on with his explanation. 그는 설명을 계속했다. tax cut : 감세 put forward : (= put forth) ~을 내밀다, ~을 제안하다[제시하다] ex. He has put forth (= put forward) new peace proposals. 그는 새로운 평화안을 제안했다. do more harm than good : to make a situation worse instead of better ex. Strenuous exercise can often do more harm than good. * do good (to a person) : (= do a person good) (~ 에게) 착한 일을 하다, 친절 을 베풀다, 효력이 있다, 도움이 되다 ex. Bitters do good to the stomach. 입에 쓴 것이 몸에는 좋다. ex. Do good and don't look back. 선을 행하고 뒤를 돌아보지 말아라. * do no good/not do any good : to not have any effect or success ex. I'll talk to her, but it won't do any good. 하지만 아무런 소용이 없을 것이다.