Bush says economic foundation solid

WASHINGTON, Jan. 4 (UPI) -- The U.S. economy is on a solid foundation, but economic growth can't be taken for granted, President George W. Bush said Friday.

While praising 52 consecutive months of job creation, Bush -- during remarks made after meeting with the President's Working Group on Financial Markets -- noted job growth slowed in December. A government report said employment experienced its smallest increase in more than four years last month and the nation's jobless rate hit a two-year high.

"I look forward to working with (Congress) to deal with the economic realities of the moment, and to assure the American people that we will do everything we can to make sure we remain a prosperous country," Bush said.

Among the realities facing consumers are higher prices for gasoline and food while core inflation is low, he said. Also consumer spending is strong, yet home values are beginning to decline.

One way to assist consumers is keeping taxes low, Bush said.

"If ... the foundation is strong, yet indicators are mixed, the worst thing the Congress could do is raise taxes on the American people and on American businesses," Bush said.