Bush: US Is Not Headed Into Recession

[nhboy (Premo)]

"WASHINGTON — President Bush said Thursday that the country is not headed into a recession and, despite expressing concern about slowing economic growth, rejected for now any additional stimulus efforts. "We've acted robustly," he said.

"We'll see the effects of this pro-growth package," Bush told reporters at a White House news conference. "I know there's a lot of, here in Washington people are trying to _ stimulus package two _ and all that stuff. Why don't we let stimulus package one, which seemed like a good idea at the time, have a chance to kick in?"

Bush's view of the economy was decidedly rosier than that of many economists, who say the country is nearing recession territory or may already be there.

The centerpiece of government efforts to brace the wobbly economy is a package Congress passed and Bush signed last month. It will rush rebates ranging from $300 to $1,200 to millions of people and give tax incentives to businesses.

On one issue particularly worrisome to American consumers, there are indications that paying $4 for a gallon of gasoline is not out of the question once the summer driving season arrives. Asked about that, Bush said "That's interesting. I hadn't heard that. ... I know it's high now."

Bush: US Is Not Headed Into Recession - Politics on The Huffington Post

[Kerad (Premo)]

Originally Posted by nhboy

"... President Bush said Thursday that the country is not headed into a recession ...

That pretty much seals it...the country's headed into a recession.

[AndyMarquisLIVE]

Originally Posted by nhboy

"WASHINGTON — President Bush said Thursday that the country is not headed into a recession

We're not headed into a recession. What's around the corner is far worse. It'll be even worse if we put the Democratic Party in office.

[terbear1225]

Originally Posted by nhboy

"WASHINGTON — President Bush said Thursday that the country is not headed into a recession and, despite expressing concern about slowing economic growth, rejected for now any additional stimulus efforts. "We've acted robustly," he said.

"We'll see the effects of this pro-growth package," Bush told reporters at a White House news conference. "I know there's a lot of, here in Washington people are trying to _ stimulus package two _ and all that stuff. Why don't we let stimulus package one, which seemed like a good idea at the time, have a chance to kick in?"

Bush's view of the economy was decidedly rosier than that of many economists, who say the country is nearing recession territory or may already be there.

The centerpiece of government efforts to brace the wobbly economy is a package Congress passed and Bush signed last month. It will rush rebates ranging from $300 to $1,200 to millions of people and give tax incentives to businesses.

On one issue particularly worrisome to American consumers, there are indications that paying $4 for a gallon of gasoline is not out of the question once the summer driving season arrives. Asked about that, Bush said "That's interesting. I hadn't heard that. ... I know it's high now."

Bush: US Is Not Headed Into Recession - Politics on The Huffington Post

he has a point here. seems kind of silly to pass a second stimulus package when the first hasn't even had time to go into effect.

[basher]

Originally Posted by Kerad

That pretty much seals it...the country's headed into a recession.

[Baja28]

Bush is a liar. He lies about everything. Just ask any clueless democrat. I bet his name isn't even Bush. Those aren't his daughters. He didn't even win either election. Sheesh!!

Liar Liar Liar Liar Liar Liar Liar Liar Liar Liar Liar Liar Liar Liar Liar Liar Liar Liar Liar Liar

[Kerad (Premo)]

Originally Posted by Baja28

Bush is a liar. He lies about everything. Just ask any clueless democrat. I bet his name isn't even Bush. Those aren't his daughters. He didn't even win either election. Sheesh!!

Liar Liar Liar Liar Liar Liar Liar Liar Liar Liar Liar Liar Liar Liar Liar Liar Liar Liar Liar Liar

...

[vegmom]

Why do the words "Lame Duck" come to mind here?

If we are headed towards a recession its the next guy's (or gal's) problem, not his.

I would just point out that the group known as "many economists" is best defined as "a group of economists who desperately seek attention and publicity for their own betterment", and there is nothing this group craves more than being "hounded" by the MSM for their keen insight. And the absolute best way to get the MSM to hound you, and quote everything you say, and make you the toast of the next cocktail party, is to say something negative about the economy.

Getting your views, name, and face plastered all over the newspapers gets you the coveted invitation to the cable news shows, then the contracts to be economic advisers to the networks, then the job offers to be on boards of investment houses, which then leads to the Holy Grail of a book deal. The best way to get there as of late has been to bash Bush or the economy, and if you're wrong in your views... so what? You just cite unanticipated changes in the private sector and you're off the hook.

Lastly, the only reliable prediction of a recession is a drop off in orders for long-lead items (boxes, pallets, padding, foam inserts, etc.) that manufacturers have to order well in advance of their products being produced. A drop off in the ordering of these items is always an accurate forecast of recession because it means the manufacturers are actively cutting back production long before their output actually drops. Since no one's mentioning drops in long-lead orders, I'm not buying the chicken little attempts to get publicity.

[SamSpade]

I've just gone over about a half dozen indicators typically pointing towards recession, historically - and about as many indexes different outlets have come up with over the years that accurately predict recessions.

They all agree on one thing - no recession yet, not for at least three quarters (because that's as far as they can project accurately) but a slowdown is already started.

I looked at some of their historical data, and their models were pretty damned good.

On the other hand - when people start paying 4 bucks a gallon for gas, they're going to feel as though they're in recession anyway. We'll have positive growth, around 5% unemployment, fairly low inflation but everyone will moan about how the economy sucks.

And then the Democrats will roll into Washington and try to tax us out of it.