Retailers ask President Bush to act quickly on Economic Stimulus
18 Jan '08
3 min read
Following up on a resolution passed by the National Retail Federation Board of Directors earlier this week calling for legislation to stimulate the nation's economy, NRF wrote to President Bush and both Democratic and Republican leaders of Congress asking for quick action.
“U.S. retailers, who are a bellwether for our nation's changing economic climate, are greatly concerned about the softening of the U.S. economy,” NRF President and CEO Tracy Mullin said.
“2007 holiday sales were the weakest since 2002, and as the new year begins, consumer spending remains sluggish. Consumer spending represents 70 percent of the U.S. economy and has fueled our economy for the past decade.
We agree with economists who say the fastest way for a stimulus to enter the economy is through the consumer.”
“Quick enactment of legislation to put dollars back in consumers' pockets would fuel consumer spending and create additional demand throughout all sectors of the nation's economy,” Mullin wrote. “We believe such legislation could be the boost our economy needs to set it on an upward path once more.”
“Because it is so important to enact this legislation in a timely manner, we urge you to work with congressional leaders on a bipartisan basis to move a simple, targeted economic stimulus package as soon as possible.”
Mullin's comments came in a letter to Bush delivered to the White House. Similar letters were sent to House Speaker Nancy Pelosi, D-Calif, and Minority Leader John Boehner, R-Ohio, and to Senate Majority Leader Harry Reid, D-Nev, and Minority Leader Mitch McConnell, R-Ky.
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