Apr 25

Written by: Russ Henke
4/25/2008 6:31 AM 

Despite mounting evidence to the contrary, the current administration continues to deny that a recession is abroad in the land. Just a few days ago, Bush 43 rejected claims that the nation was in a recession, instead saying only, “We are in a slowdown.”

If the economic facts in my April 23, 2008 blog entry were not enough, here are some more depressing data points on the US economy --- data just released late on April 24:

Sales of new homes dropped by 8.5% last month to a seasonally adjusted annual rate of 526,000 units, the slowest sales pace since October 1991 (during Bush 41’s reign). The median price of a new home sold in March 2008 dropped by 13.3% compared with March 2007, the biggest year-over-year price decline since a 14.6% fall in July 1970 (during Nixon’s first term).

New home sales were down in all regions of the country in March 2008: Northeast minus 19.4%, West minus 12.9%, Midwest minus 12.5%, and South minus 4.6%.

Orders to US factories for durable manufactured goods fell for a third straight month in March 2008, the longest string of declines since Bush 43’s first recession in 2001.

US economic growth slowed to a near-standstill in Q4 2007. Most economists believe the country has now fallen into full-blown recession. Let’s hope Bush 43’s denials don’t extend for the next the nine months till he’s out of office (thus avoiding any need for anti-recessionary actions). For by then, we may be debating the “D” word instead of merely the “R” word.