Expansionary Institute

Michael Zey
futurist3000@aol.com

 
AUSTIN, Texas (Reuters) - His Cabinet complete, President-elect Bush Wednesday turns his attention to an issue likely to give him a rude welcome as he takes office -- signs of a slowing U.S. economy.

Bush is to huddle behind closed doors with top American corporate leaders in what aides describe as a chance for the president-elect to hear front-line views on the economy and say how he plans to steer it.

"The president-elect very much wants to hear from them, what they think, as the people who live and breathe and keep the American economy strong if there is a downturn.  And then he will, of course, share with them his ideas for his agenda and help to build coalitions and build support for what he wants to do," Bush spokesman Ari Fleischer said.

Among those attending the economic forum Wednesday in Austin will be "new-economy" titans such as John Chambers, chief executive of Internet equipment maker Cisco Systems Inc -- whose company's stock hit a 52-week low in a sagging market on Tuesday -- and blue-chip icon Jack Welch, chairman of General Electric Co.

Export giant Boeing Co the aircraft maker which has become symbolic of U.S. global trade, will be represented by company chairman Philip Condit.    

Bush is to be sworn in as the 43rd U.S. president on Jan. 20.

The National Association of Purchasing Management on Tuesday reported that its index of U.S. factory activity was at its lowest level since April 1991 -- the latest indication the U.S. economy is finally losing steam after eight years of unprecedented growth under outgoing President Clinton.

A second day of the forum on Thursday will feature high-tech leaders and focus on issues including trade and regulation.

Corporate leaders willing to talk to reporters will be made available after the session Wednesday. But in contrast to a nationally broadcast "economic summit" presided over by Clinton as president-elect in December 1992, Bush will hear from the leaders in private. This is to ensure "give and take," Fleischer said.

PROSPECT OF AN ECONOMIC SLOWDOWN

The Bush team has said the prospect of a slowdown is all the more reason to adopt the $1.3 trillion across the board tax cut Bush ran on during his presidential campaign. The White House has accused the Bush team of trying to "talk down" the economy for political ends.

"I'm worried about an economic slowdown, and I believe it is important for us to ensure against any economic slowdown by a responsible tax relief package," Bush said Tuesday.

Moderating the sessions will be Bush economic adviser Lawrence Lindsey, a former Federal Reserve Board governor whom Bush is expected to name to a top White House economic job.

That appointment could be announced as early as Wednesday, as Bush works on filling his White House staff after completing the cabinet.

Bush on Tuesday rounded out a Cabinet that he called "one of the strongest any president has been ever able to assemble" by announcing the choice of a high-level Democrat to serve as his transportation secretary, as well as picks to head the labor and energy departments.

Bush plucked Japanese-American Norman Mineta from Clinton's Cabinet, nominating the current commerce secretary to the new post of transportation secretary in the incoming Bush administration.

At a news conference, Bush also announced he had chosen defeated Republican Sen. Spencer Abraham of Michigan, as energy secretary and conservative political commentator Linda Chavez, 53, as labor secretary. All three require Senate confirmation.

Bush thus completed his Cabinet less than a month after he became president-elect and lived up to his diversity vow.

His Cabinet nominees include two African Americans, two Hispanics, one Asian American, one Arab American, four women -- and one Democrat.

Bush still has two important non-Cabinet jobs to fill and there are Democratic candidates for those -- to head the Central Intelligence Agency and represent the United States at the United Nations.

For CIA, Bush could could keep current CIA Director George Tenet, or give the job to former Democratic Rep. Lee Hamilton of Indiana, who is also a contender for the U.N. position.

Bush also needs to pick a U.S. trade representative.

01:25 01-03-01

Copyright 2001 Reuters Limited.  All rights reserved.  Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters.  Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.