Tales from the Trail

Pennsylvania Democratic voters see U.S. recession already

April 23, 2008

rtr1z301.jpgWASHINGTON – One interesting tidbit that came out of the exit polling from Pennsylvania Democratic voters is that a large majority believe the U.S. economy is already in recession — contrary what the current president said on Tuesday.
    
A whopping 88 percent of voters in Pennsylvania — a state trying to transition from steel and coal industries to high-tech and medical research — said the U.S. economy was in a recession, with 42 percent saying it was a serious recession and 47 percent said it was a moderate contraction, according to exit poll data on CNN’s Web site (page 5 of data).
 
On Tuesday, President George W. Bush cited the most recent economic data showing small growth in the fourth quarter of 2007. But he also acknowledged that the first quarter figures had not yet been released.
 
“We’re not in a recession.  We’re in a slowdown,” Bush said after meetings with leaders of Canada and Mexico. “We haven’t had first quarter growth statistics yet. But there’s no question we’re in a slowdown.”
 
Democratic presidential hopefuls Sens. Hillary Clinton and Barack Obama have both said the economy was in a recession as has Republican presumptive nominee Sen. John McCain.
 
But White House spokeswoman Dana Perino said on Wednesday such pronouncements were a little early in the game. 
    
“We don’t have data yet and it’s a little premature to declare it so definitively as a recession because the data isn’t in,” she told reporters.
 
The Commerce Department is due to release the GDP figures for the first quarter on April 30, which is also when the U.S. Federal Reserve’s interest rate-setting committee will announce whether it is cutting rates again. 

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Comments
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As far as President Bush knows we’re not in a recession because while unemployment is rising, the housing markets collapse, and the price of food, oil and other staples skyrockets… Bush’s base is doing just fine:

Palm Beach mansion fetches $81.5 million
By JEFF OSTROWSKI

Palm Beach Post Staff Writer
Friday, April 18, 2008

PALM BEACH — In another sign of just how hot the mansion market is, the oceanfront estate built by billionaire businessman and philanthropist Sidney Kimmel has sold for $81.5 million, a record for the island.

John L. Thornton, 54, a former Goldman Sachs partner and chairman of the Brookings Institution, is the buyer, people familiar with the transaction said.

The $81.5 million sale of the mansion at 1236 S. Ocean Blvd. in Palm Beach is just the latest big deal for the region’s mansion market.

While the sale price was officially recorded Tuesday at $77.5 million, listing agent Paulette Koch said the buyer also paid $4 million in closing costs. That means Kimmel got his full asking price of $81.5 million.

The deal underscores both the strength of the mansion market and the desirability of Kimmel’s home at 1236 S. Ocean Blvd.

Posted by jvill | Report as abusive
 

We won’t know until summer if we are actually in a recession as we have not yet had 2 consecutive quarters of negative growth (the quarter ending December 07 showed growth, albeit weak growth).

We don’t even have the numbers for the first quarter of this year.

That doesn’t mean we are NOT in a recession. The fact is we just don’t know yet.

Posted by None of the Above | Report as abusive
 

I hate to break it to you, jvill, but Sidney Kimmel is a Democrat and the super-rich are the Democratic base, not the Republican.

 

Oh, and look at the political giving by John L. Thornton as well. Hmmmmmm….

 

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