Bush says US economy is safe and sound

Well, some of you might have been worried there, with housing prices plunging, credit markets reeling, and energy prices soaring, but the commander in chief has pronounced the U.S. economy "safe and sound".

Apparently, President Bush has a pretty simple approach to maintaining its safety and soundness - cut taxes if you can, hold them level if you can't cut them, and never, ever raise taxes.

Everything else pretty much takes care of itself.

President Bush on Monday tried to reassure an edgy public that the economy is "pretty good" despite the dreary mix of a failing housing market, a national credit crunch and surging energy costs.
"There's definitely some storm clouds and concerns, but the underpinning is good," Bush said at a Rotary Club meeting, an informal setting chosen to show the president engaged with local communities. "We'll work our way through this period."
...
"The Congress cannot take economic vitality for granted," Bush said. "There are some positive things Congress can do to make sure that the economy continues to grow and people are working and realizing dreams, and there's some negative things they can do. And the most negative thing the Congress can do in the face of some economic uncertainty is to raise taxes on the American people."

Democratic leaders responded that Bush is in denial.

"What world is President Bush living in to be so out of touch with the economic realities families and markets are facing?" said Democratic Sen. Charles Schumer of New York, chairman of Congress' Joint Economic Committee.

No matter what the debate over economic indicators, many people are enduring financial stress and struggling to pay the mortgage. Alan Greenspan, the respected former chairman of the Federal Reserve, has agreed with other experts who see prospects for a recession at about 50-50.

Oh Dear!

The economy appears to be taking center stage as an election issue and Alan Greenspan looks ready and willing to do the play-by-play all throughout 2008, calling out updated odds of a recession about every other week.

This should be fun.