Bush: Energy, Health Costs A Worry

Economy Is Strong, Says President, After Texas Strategy Session

(AP) 
Oil prices jumped to a new high above $64 Monday before retreating slightly on Tuesday. The high levels reflect the market's persistent uneasiness about strong demand, tight supplies and a slew of threats to output around the globe. Adjusting for inflation, oil hasn't been this high since the early 1980s, when prices peaked at just over $90 a barrel.

Mr. Bush said that and other domestic agenda initiatives "will help American families and small businesses deal with the rising cost of health care."

He used the meeting with his top economic advisers to promote the unfinished part of that agenda, including his embattled plan to restructure Social Security.

Mr. Bush cited last Friday's report that the economy created 207,000 jobs in July – the best showing in three months. That followed reports that the economy expanded at a solid 3.4 percent rate in the April-June quarter.

In contrast to Mr. Bush's upbeat assessment, however, public opinion of his handling of the economy is not as positive. An Associated Press-Ipsos poll conducted earlier this month showed his economic approval rating at 41 percent – his lowest rating yet on that poll.

Not all the economic news has been good. Real wages have been stagnant. Economists suggest most of the recent economic gains have gone to higher-income and higher net-worth households. And while job growth has improved recently, the level of U.S. jobs is still not back to the levels before the 2001 recession.

"There's still some challenges to the economy. And we want the American people to know there are challenges and we're working to meet them," Mr. Bush said.