President’s Economic Report Insists Economy is Sound, Despite Serious Worries in Housing, Credit, Jobs Markets

Senator Charles E. Schumer and Representative Carolyn B. Maloney, the Chairman and Vice Chair of the Joint Economic Committee respectively, responded to the 2008 Economic Report of the President (ERP), delivered to Congress today. The report, authored by the President’s Council of Economic Advisers, summarizes the Administration’s views on the state of the United States economy. The report reviews the last year of economic data and projects the economic health of our country in the future.