The country is currently in a recession. Did I recall a figure to the cost of oil at $100 per barrel? That is simply disregarded as 'growth' in some venues. It's not. Even by the definitions of Republicans, rising costs stunts 'Supply Side Economics.'
The USA may very well be heading into more than a recession. Supposedly, Bush is going to address still ANOTHER government spending program in his State of the Union address. If it doesn't cover new infrastructure for alternative energy, electric cars and hydrogen cars in a way that is a priority and a new transportation infrastructure which excludes the internal combustion engine at every turn, then I believe the House and Senate has to trash such a bill and propose one that makes sense and incorporates new ideas for all the problems the USA faces.
If Bush can't do what is best for this country then I guess we'll suffer a recession or worse until we have a new president that can provide for the infrastructure needs of this country while courting peace instead of inciting war. Doesn't seem as though Bush's War Economy has done anything for Americans. Nothing.
U.S. jobs growth stalls, fanning recession fears (click here)
JEANNINE AVERSA
The Associated Press
January 4, 2008 at 11:18 AM EST
WASHINGTON — Hiring practically stalled in December, driving the nation's unemployment rate up to a two-year high of 5 per cent and fanning fears of a recession.
Employers last month added the fewest new jobs to their payrolls in more than four years, according to the employment report released Friday by the Labor Department. The report showed that employment conditions are deteriorating, strained by a housing slump and credit crunch that are sapping economic strength.
“The economy is getting hit by some body blows. The big question is whether the economy can withstand it or will it take a fall,” said Ken Mayland, president of ClearView Economics.
The unemployment rate jumped from 4.7 per cent in November to 5 per cent in December, the highest since November 2005 after the Gulf Coast hurricanes dealt the country a mighty blow. Total payrolls — both private employers and government — grew by just 18,000 last month, the worst showing since August 2003, when the economy suffered job losses as it struggled to recover from the 2001 recession.
On Wall Street, the stocks tumbled. The Dow Jones industrials were down more than 150 points in morning trading....
