Today, President Bush held a news conference where he discussed the “way forward” for the economy in 2007. Renowned Morgan Stanley economist Steven Roach says the the “odds of the U.S. economy tipping into recession are about 40 to 45 per cent.” New York Times columnist Paul Krugman notes that “the odds are very good — maybe 2 to 1,” that the U.S. will teeter toward a recession in 2007. Bush’s solution? “Go shopping more.” Watch it:
Similarly, after the Sept. 11 attacks, Bush simply asked Americans for their “continued participation and confidence in the American economy.” From the Internationald Herald Tribune, 1/14/03:
Bush did nothing to mobilize public opinion to accept the sacrifices that war implies — the first thing a leader would do. Tax cuts could go ahead as planned, and energy saving was dismissed out of hand. “Go shopping” was the administration’s message.
Bush added today that 2007 will “require difficult choices and additional sacrifices” from the American people.
As we work with Congress in the coming year to chart a new course in Iraq and strengthen our military to meet the challenges of the 21st century, we must also work together to achieve important goals for the American people here at home. This work begins with keeping our economy growing. … And I encourage you all to go shopping more.