Bush Insists Recession Not Coming- Asks For New "Rosy Glasses" Stimulus Package

Denying the claims of economists nationwide, President Bush today said that HE doesn't think the nation is headed towards recession.

"I'm concerned about the economy. I don't think we're headed to recession. But
no question, we're in a slowdown."

At the White House news conference, Bush also claimed that the dollar was still strong:

"I believe that our economy has got the fundamentals in place for us to ... grow
and continue growing, more robustly hopefully than we're growing now. So we're
still for a strong dollar."

And he's quite proud of the faux-stimulus plan passed by Congress and signed by him-you know the one that borrows another $150 billion from foreigners so he can give taxpayers a small shot in the financial arm at the expense of future generations descended from those same taxpayers:

"We acted robustly...we'll see the effects of this pro-growth package."

And he rejected any additional stimulus plans for now:

"Why don't we let stimulus package 1, which seemed like a good idea at the time,
have a chance to kick in?"

Which seemed like a good idea at the time? Is he implying that just maybe it wasn't really such a splendid economic plan, but rather a meaningless pander and giveaway that ultimately does nothing but bury this country further?

When asked about growing consumer concern about the economy, and in particular about the possibility of gasoline costs reaching the $4 mark by summer, Bush had this to say:

"That's interesting. I hadn't heard that. ... I know it's high now."

All of these are telling signs of an executive completely out of touch with reality. Of course, we know that Bush has been out of touch with reality for most of his life, so none of these pronouncements should be a surprise, considering the source. But it almost stretches incredulity to accept that our nation's leader is this far out of touch with reality, the reality that most economists recognize and that most Americans are enduring as best they can.

Earlier this week, my local paper pulled out the super-font to declare STAGFLATION- that lovely economic state marked by stagnant economic growth, rampant inflation and rising unemployment. And many economists agree that the outlook is not at all comforting.

“We have stagflation, said Peter Schiff, head of Euro Pacific Capital in
Newport Beach. “No matter what the government numbers say, we're in a recession
already, especially if you measure our growth against foreign currencies or
gold. And even by the government's figures, we clearly have very high inflation
– and the government data really don't capture the extent of how prices are
rising.”

Right- food and energy costs aren't included in federal economic numbers...as if the costs of these items don't really affect average folks. Silly of us to be concerned if we have a tough time filling the gas tank so we can get to work to earn enough money to decide whether to fill the tank again or feed the family some food that might actually be good for them.

Let's see here...among the signs of recession, the dollar is weak and getting weaker (hell- the Canadian dollar is worth more the the US dollar), gold is surging (which occurs when the dollar is so weak), the Fed keeps cutting interest rates, home foreclosures are at decade highs, unemployment is rising, inflation is rising....yep, I can see why Bush thinks we're going along fine.

The president isn't too worried:

"We'll make it through this period just like we made it through other periods of
uncertainty during my presidency."

WHEW! And to think I was worried there for a minute. I'd like to get a pair of those rose colored glasses Bush has. Maybe he could offer that as a stimulus plan.

(cross posted at Bring It On!)