President Barack Obama says he’s got four years to re-energize the U.S. economy before voters pass judgment and decide whether his will be a one-term presidency or a re-election.
Tales from the Trail
Beware any Republican who might fall for President Barack Obama’s sales pitch Tuesday for his $825 billion economic stimulus plan. A vote for the legislation will disqualify you from receiving the Club for Growth’s “Defender of Economic Freedom” award.
If Thanksgiving is over, it must be time for “Black Friday”. The big question this year is — will the traditional start to the holiday shopping season be a good one given the bleak economic picture?
Retailers sure hope so, and they have slashed prices and offered incentives to lure shoppers to their store.
Terry Lundgren, chief executive of Macy’s said about 5,000 people had lined up outside the flagship Herald Square store which he called “encouraging” though he admitted in an interview on “Good Morning America” it’s been a “challenging period” for retailers like Macy’s.
“For retailers, this is the playoffs,” he said. “Starting now through the week after Christmas … We have much more aggressive pricing than we have in previous years.”
The state of the U.S. economy is on the minds of many — even al Qaeda.
Al Qaeda’s second-in-command published an Internet video saying the U.S. financial crisis was caused by Washington’s military campaigns in Iraq and Afghanistan.
In India, commandos took control of Mumbai’s Trident-Oberoi hotel but battles raged on with militants who were still holed up in another luxury hote, the Taj Mahal, and a Jewish center with about half a dozen foreign hostages.
DALLAS – Yale Economist Ray Fair’s econometric forecasting model for presidential elections gives an almost 4-point spread to Democrat Barack Obama over Republican John McCain in Tuesday’s White House election.
WASHINGTON – 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.