Lamenting “America’s retreat” from the world marketplace, President Bush warned Tuesday that “the country is losing its confidence,” thanks in part to economic inaction by Congress.
In a Rose Garden news conference, Bush said the United States is throwing up walls to the outside world by blocking measures such as the Colombia free-trade pact.
“It’s a sign that the country is losing its confidence to a certain extent — a protectionist policy is better than, you know, confidently trading and treating unfairness in the marketplace,” he said.
“There’s a lot of concern around the world, by the way, about America’s retreat,” he said. “They’re wondering whether or not America’s going to remain a leader. They’re wondering whether or not — you know, for example, will capital be welcome back into our country.”
Bush added: “It’s the isms that bother me: isolationism and protectionism.”
Mindful of the faltering economy, Bush accused the Democratic Congress of playing “election year” politics by blocking legislation that might prevent the economy from slipping into a recession. He ticked off proposals to curb risingfood costs, ease the home mortgage crisis and expand the availability of student loans.
Bush said he was particularly “perplexed” by Congress blocking energy initiatives such as the expansion of nuclear power, the construction of oil refineries and the drilling for oil in the Arctic National Wildlife Refuge.
“I’ve repeatedly submitted proposals to help address these problems,” Bush said. “Yet time after time, Congress chose to block them.”
Sen. Charles Schumer dismissed what he called Bush’s “irrelevant solutions” to the energy crunch. The New York Democrat instead called for more taxes on oil companies, legislation to guard against price gouging, and mandates on energy efficiency.
“The president’s energy policy for seven years has basically been what’s good for Big Oil is good for America,” Schumer said. “You sort of feel bad for the president. When he stood up there today, it was clear he had lost control of what’s going on in the economy and he had lost the faith of the American people.”
