President Bush acknowledged an economic slowdown Friday, but ruled out government fixes.
Bush acknowledges "tough times ahead"; how tough?
President Bush on Friday acknowledged that the U.S. economy is looking at a "tough time" and even a "rough patch." But he remains guarded with his language. The S-word is okay ("slowdown"). Even the grimmer D-word is acceptable ("downturn"). But don't expect the R-word to slip out of the president's lips.
As President Bush tried to calm the nation's economic anxiety Friday, he resisted again any suggestion that the country has fallen into recession. But more and more economists worry that the credit and housing crisis is leading the United States in that very direction.
What should President Bush do about the sluggish economy? What should the Federal Reserve do? What should American workers do?
Thoughts
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So, are we in a recession?
Submitted on March 16th, 2008 by BenI forgot to add a link yesterday to this piece by economist Diana Furchtgott-Roth over at The American. "It will take many months before we know whether the economy has sustained two quarters of consecutive contraction," she writes. "By that time, we will probably be on a positive growth path once again. Yet we do not need the certainty of a recession in order to give our economy proactive assistance."