At last week's prime-time, sweeps week news conference, President Bush responded to a question about the state of the economy by expressing concerns about high fuel prices, trade policy, tax collection . . . and asbestos.

At first, the mention of asbestos seems incongruous. But, given Bush's handling of the economy, it may have been a brilliant move to change the subject.

Despite Bush's professed optimism, the facts confirm his policies are hurting middle-class Americans. The very day after the news conference, in an article titled "Confidence Erodes, Wage Growth Sluggish," Reuters chronicled the poor state of the economy, using numbers just released from Bush's Commerce Department:

• "The U.S. personal saving rate dipped to 0.4 percent in March from February's 0.5 percent, hitting its lowest level since October 2001."

• "[F]irst-quarter worker compensation posted the smallest increase in six years, just 0.7 percent, as hefty bonuses paid on Wall Street at the turn of the year evidently were not matched on Main Street."

• "Salaries and wages rose 0.6 percent in the January-March period. That held the 12-month rise steady at 2.4 percent—the smallest advance since the series began in the early 1980s—for a third straight quarter."

• "The University of Michigan's closely watched measure of consumer sentiment [confidence] fell in April to 87.7 from 92.6 in March."

The president continues to say he's optimistic about the economy, but the facts make it clear that his policies—on trade, job creation and taxes--have failed. And his asbestos policy is off the mark, too.

May 4, 2005