In a radio interview with CBS News, President Bush said the continual rise in gasoline prices have been one of the major hindrances to the economy growing strongly.
While he confirmed the economy was growing, he reiterated that gasoline prices have held it back. "It's growing (the economy), don't get me wrong, but it could be a lot better with lower gasoline prices," he said.
He also mentioned the housing problems as another big drag on economic growth. "It's just too darn bad because this economy was doing fine and then we had the housing issue and then this gasoline issue is making it even harder for the economy to recover," Bush commented.
Rising food prices have also played a major role in consumer spending, and the ill-advised subsidies of farmers growing corn for ethanol has been a key element of those food price increases, affecting many people around the world; especially the poor.
The U.S. economy grew at about a 0.6 percent rate last quarter.
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