http://www.reuters.com/article/politicsNews/idUSN0621817820080108?pageNumber=1White House disagrees with Clinton on economyMon Jan 7, 2008 7:10pm
By Jeremy Pelofsky
CHICAGO (Reuters) - The White House on Monday acknowledged the U.S. economy had hit a rough patch but disagreed with Democratic presidential contender Hillary Clinton's prediction that a recession was looming.
"I don't know of anyone predicting a recession," White House spokesman Tony Fratto told reporters as President George W. Bush traveled to Chicago for events focusing on education and the economy.
Fratto described the economic picture as mixed as he acknowledged concerns about the housing sector and oil prices but said inflation was relatively low and exports were rising.
Clinton, seeking to become the first woman president, raised worries about the economy during a weekend debate in New Hampshire before that state's primary contest on Tuesday.
"I think the economy is slipping toward recession," said Clinton.http://thinkprogress.org/2008/01/07/fratto-recession/White House Spokesman: No One Is ‘ Predicting A Recession ’Today aboard Air Force One, a reporter asked presidential spokesman Tony Fratto if the Bush administration was at all worried about a recession, given that on Friday, Sen. Hillary Clinton said she “thinks the economy is slipping toward recession.” Fratto brushed aside such concerns:
QUESTION: Senator Clinton said on Saturday that the U.S. economy was slipping towards a recession. Is that a view the White House shares; why or why not?
FRATTO: I don’t know of anyone predicting a recession.
Fratto clearly hasn’t been reading the news. Several of the nation’s leading economists continue to predict that the United States will slip into a recession:
Harvard University economist Martin Feldstein: We are now talking about
more likely than not. … I have been saying about 50 percent. This now pushes it up a bit above that.” <1/5/08>
Lawrence Summers: “he odds now favour a US recession that slows growth significantly on a global basis. Without stronger policy responses than have been observed to date, moreover, there is the risk that the adverse impacts will be felt for the rest of this decade and beyond.” 11/25/07
National Association for Business Economics survey: “The number of economists forecasting the U.S. will slip into recession almost doubled over the last two months.” 11/19/08
Warren Buffett: “If I had to pick the chances that we are going into a recession, I would say they are fairly significant.” 10/29/07
CBO Director Peter Orszag: “The risk of a recession is clearly elevated.” 9/18/07
The entire concept of “recessions” and “predictions” may be out of reach for the spokesman to a president who only “got a B in Econ 101.”
& on that note,
Everyone here who has lived through one, raise your hand. Tell us about it.
I have. Not fun, not cool, not easy.