Bush: US is not headed into recession

The debate about defining a recession is really silly.

Government spending is a major part of the GDP, and since 2001, government spending has increased 50 percent. If the government didn't run 2 wars in the middleeast, the GDP would show that the US is in a recession. 5 plus 5 equals 10, but 1 plus 9 also equals 10. The GDP is an overall indicator, but if one part grows more than all the rest sinks, the the GDP will show economic growth, even if the entire population is falling into poverty.

The fact is that for all intents and purposes the US is in a recession and has been for some time.

[edit on 2-3-2008 by aaa2500]

reply to post by aaa2500

You are absolutely correct. To hide this fact, the government has been very cagey when it comes to GDP numbers. There are different ways to present GDP, and the government has been using sleight of hand to fool the American public. They should be presenting all of the GDP figures, not just raw, but adjusted for terms-of-trade GDP and adjusted Purchasing Power Parity GDP. Of course, that would mean that the government would have to explain what they don't wish to explain. Just throw the best numbers out there, most people have no understanding of them anyway.

After all, We're from the government, and we're here to help you....
And yes, the check (tax rebate check) is in the mail.
The third lie I can't repeat, because this is a family show.....
Peace

Originally posted by TheRedneck
reply to post by ProfEmeritus

 

Similar arguments can be made for the credit crisis, and, indeed, about any of the myriad of crisis we have right now in the US and the world. The poor are, in general, lazy. Not because they won't work, but because they continue to practice a life-style that leads to poverty. It's easier than changing. The middle-class are prideful, striving daily to 'keep up with the Jones'. They indulge in a fantasy that they are somehow better than those around them because they have more things. The rich are greedy. That's why they're rich. All are responsible for this mess, including you and me.



The problem is that this crisis is starting to affect even those that are for the most part out of dept. I only have a relatively small mortgage. We owe no other dept. We pay cash for used cars. We use no credit cards. I can only imagine what it must be like to be backwards in both a car and house payment as well as 10k$ in credit card dept. It is hard for us to balance our budget due to the inflated prices of fuel witch is carried over to all things due to transportation costs. We [like many] are frugal with our money and do not buy out of hand. When those out of dept are pinched as well there is nothing left to fall back on. As it is I do not know what to so with the savings we have other than try to ride it out. If our economy truly goes belly up we are ruined. How much more so for those that are up to their neck in dept. My fear would be that they might be forced to strike off all dept for those that have it and we would be left out in the cold. I guess it has to be someone though.

respectfully

reluctantpawn

edit sorry haven't figured the quote thing yet

[edit on 3-3-2008 by reluctantpawn]

This just in.....

www.abovetopsecret.com...

reply to post by aaaauroraaaaa


According to billionaire Warren Buffett we are.

Buffett Says US Economy Essentially in a Recession, Expects Rough Ride for Insurers in 2008

Billionaire Warren Buffett said Monday that the U.S. economy is essentially in a recession even if it hasn't met the technical definition of one yet.

Buffett said in an interview with cable network CNBC the reports he gets from the retail businesses his holding company owns show a significant slowdown in purchases.

The chairman and CEO of Omaha-based Berkshire Hathaway Inc. said millions of people have also lost equity in their homes because home prices have dropped.

"I would say, by any commonsense definition, we are in a recession," Buffett said on CNBC.

But Buffett said it's not clear how far the recession will go because that is difficult to predict.

[edit on 3/3/08 by Keyhole]

Well we all know we can count on Bush to know what he is talking about. Just ask the almost 4k dead American heroes or the 150k dead Iraqi's who have in fact all died in vain.

If Bush says its true then we are all in deep deep trouble. Basically everything that has ever come out of his mouth is either wrong, a lie or a misrepresentation of fact.

The sad thing is I do no think he even means it. I think he is just stupid and arrogant or he blew to much coc aine up his brain.

reply to post by Xeven

The sad thing is I do no think he even means it. I think he is just stupid and arrogant or he blew to much coc aine up his brain.

You mean like the following quotes of George Bush:

The Stupidest Things President George W. Bush Has Ever Said


10) "Families is where our nation finds hope, where wings take dream." —LaCrosse, Wis., Oct. 18, 2000

9) "I know how hard it is for you to put food on your family." —Greater Nashua, N.H., Jan. 27, 2000

8) "I hear there's rumors on the Internets that we're going to have a draft." —second presidential debate, St. Louis, Mo., Oct. 8, 2004

7) "I know the human being and fish can coexist peacefully." —Saginaw, Mich., Sept. 29, 2000

6) "You work three jobs? … Uniquely American, isn't it? I mean, that is fantastic that you're doing that." —to a divorced mother of three, Omaha, Nebraska, Feb. 4, 2005

5) "Too many good docs are getting out of the business. Too many OB-GYNs aren't able to practice their love with women all across this country." —Poplar Bluff, Mo., Sept. 6, 2004
4) "They misunderestimated me." —Bentonville, Ark., Nov. 6, 2000

3) "Rarely is the questioned asked: Is our children learning?" —Florence, S.C., Jan. 11, 2000

2) "Our enemies are innovative and resourceful, and so are we. They never stop thinking about new ways to harm our country and our people, and neither do we." —Washington, D.C., Aug. 5, 2004 (Watch video clip; listen to audio clip)

1) "There's an old saying in Tennessee — I know it's in Texas, probably in Tennessee — that says, fool me once, shame on — shame on you. Fool me — you can't get fooled again." —Nashville, Tenn., Sept. 17, 2002

Those quotes, along with audio clips, and in some cases video vlips are at the following:
politicalhumor.about.com...

The poor are, in general, lazy. Not because they won't work, but because they continue to practice a life-style that leads to poverty. It's easier than changing. The middle-class are prideful, striving daily to 'keep up with the Jones'. They indulge in a fantasy that they are somehow better than those around them because they have more things. The rich are greedy. That's why they're rich. All are responsible for this mess, including you and me.

That is such a bunch of horse-manure. The classic 'The poor are lazy' argument that rich people use while sipping Margueritas they bought using the money they inherited.

The classes in the US are kept in place by an economic system which is designed to to do just that.

www.americanprogress.org...

This is a report on intergenerational mobility in various countries, including the US and a number of european and scandinavian countries.

This is one of several conclusions:

By international standards, the United States has an unusually low level of intergenerational mobility: our parents’ income is highly predictive of our incomes as adults. Intergenerational mobility in the United States is lower than in France, Germany, Sweden, Canada, Finland, Norway and Denmark. Among high-income countries for which comparable estimates are available, only the United Kingdom had a lower rate of mobility than the United States.

Now, what are the differences between the US and these other countries? 'The economic system' is the answer! A socialdemocratic welfare society means a much more even playing field, where parental income does not determine a childs future.

Another conclusion from the aforementioned study:

Education, race, health and state of residence are four key channels by which economic status is transmitted from parent to child.

In a society such as Sweden or Denmark, poor and rich children alike have the same opportunities. Access to free education, medical care etc, and these factors are vital to creating a system where everyone can be rich if they work hard.

[edit on 5-3-2008 by aaa2500]

As much I as I hate to admit it, for once Bush is correct. We are not going into a recession. Historically by the time they announce you are going into one, it has already ended. They can only be forseen in hindsight.

We are currently entering a Depression. Thank you Mr. Bush.

reply to post by Cyberbian
Here's evidense of a recession, not yet a depression:


Ben Bernake comments effect stock market



Also this site shows the differences pretty understandibly I posted this earlier!howstuffworks.com: The Fed

Actually it's one of the worst possible scenarios, stagflation. We have a declining economy and a huge run on our worthless dollar. All of these has been due to the policies of our true masters, the corporate oligarchy. The petro-dollar ponzi scheme is unraveling and we can't plug the gaps using mere military force.

Real inflation is out of control. Just last Friday there was a 25% increase in the price of wheat in a single day. The commodities markets are going parabolic as the dollar becomes utterly worthless. You either need to spend your paycheck right away or quickly move into hard assets like gold or silver if you want to survive. My grandmother told me about times like these, when the Russian republic was collapsing. To buy goods they had to carry wheelbarrows full of money down to the stores, if they would even take currency.

reply to post by SevenThunders

You either need to spend your paycheck right away or quickly move into hard assets like gold or silver if you want to survive.

Absolutely correct. In fact, several months ago, when it became obvious to just about everyone but BUSH, we began to buy considerable quantities of staples which have a fairly long shelf life. Food is beginning to really skyrocket, and if there is another "oil crisis", just obtaining food may be a problem. Food is the ultimate commodity.