RANCHO MIRAGE, Calif. (Feb. 26, 2003) — The U.S. economy should grow 3.5 to 4 percent in the second half of the year, according to the chief economist of the U.S. Chamber of Commerce, speaking at the Rubber Manufacturers Association's annual general meetings in Rancho Mirage.
Martin A. Regalia, vice president of economic and tax policy, said a recovery sparked by President George W. Bush's tax cut proposal will occur, but only if the stimulus package essentially is passed, and only if a war in Iraq qoes well and quickly.
If the war drags on and if oil production is disrupted elsewhere in the Persian Gulf, things would be different, Mr. Regalia said.
If that's the case, "we're going to get oil prices as high as around $80 a barrel, and we're going back into recession," he told the audience of rubber company senior executives at the meetings.