UNION MEMBERS SAVE AMERICAN JOBS
WHITE HOUSE'S HUBBARD SAYS CONSUMERS "OPTIMISTIC"

From www.Free-Market.Net & Reuters
Sep. 10, 2001 & Sep. 11, 2001

NEW YORK, Sept 10 (Reuters) - While consumers remained optimistic, given the sharp U.S. economic slowdown, further declines in a weak stock market could impair consumer confidence, White House economic adviser Glenn Hubbard said on Monday.

"Further declines in the stock market might impair consumer confidence," Hubbard said. Hubbard said a lot of consumer wealth is in real estate, which has held up well in the current downturn. "Consumers seem very optimistic, given the current state of the economy," Hubbard said.

Hubbard said, despite the shrinking budget surpluses due to slowing revenue from the economic slowdown and the $1.35 trillion tax cut, it was unlikely spending would have to dip into the Social Security portion of the surplus.

"I don't think we view it likely that there's going to be an on-budget deficit in (fiscal year) 2002," Hubbard said. The government's 2002 fiscal year begins in October.

(--U.S. Financial Markets Desk, 646-223-6300)

http://altavista.com/sites/search/web?q=union+products&kl=XX