Summary
As 2008 begins, house prices are still skidding, bank losses are still mounting, oil is again flirting with $100 a barrel and consumers are buying less as prices rise. To many, the wheels appear to be coming off the economy. To others, including President Bush and his aides, the economy is fundamentally sound and resilient.
Obviously, both camps cannot be right. Unfortunately, the preponderance of evidence is grim.See the full content of this document
Extract
The Economy and the New Year
When Bush says the economy is strong, he is generally referring to rising wages, low unemployment and what he calls healthy economic growth...
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