US treasury claim economy will thrive as ‘worst is over’

US Treasury Secretary Henry M. Paulson has tipped the American economy will “move on to new heights” following this current period of uncertainty. Speaking in Kansas City overnight, Secretary Paulson says he expects President Bush’s $100bn household stimulus package, currently in the distribution process, will aid the ailing economy immediately.

Paulson says the payments, in addition to the $50bn business relief, will help the US economy through its “difficult patch”.

“Our economy had been growing for more than six straight years when growth started to slow last winter. And it has remained slow in the first part of 2008,” the Secretary says.

“We expect that these payments will help right away, help individuals, families and our economy.

“I never tire of repeating that we have the most resilient economy in the world, because it is true, and that we will emerge from this period as we have emerged from past periods of difficulty and move on to new heights.”

On Wednesday, Paulson told the Associated Press the worst of the credit crisis may have passed.

Speaking on the turmoil which has sent shockwaves through the global economy, Paulson feels “we’re closer to the end of this than the beginning”.