Bush Acknowledges Recession For The First Time

WASHINGTON — President George W. Bush publicly acknowledged for the first time Friday that the U.S. economy is in a recession and worried aloud that Detroit's Big Three automakers may not all survive their mounting troubles.

Four days after the long-suspected existence of a recession was made official, Bush used the word himself.

"Our economy is in a recession," Bush said flatly, speaking to reporters on the South Lawn only hours after the release of a government report showing the biggest month of job losses in 34 years. "This is in large part because of severe problems in our housing, credit and financial markets, which have resulted in significant job losses."

While repeatedly listing the serious problems in the economy, the White House has refused to embrace the actual term until Monday, when a panel for the National Bureau of Economic Research said the recession began last December and is ongoing.

With automakers, particularly General Motors, in fear of bankruptcy, they are seeking from Washington a huge cash infusion of up to $34 billion, beyond an existing $25 billion loan program. Lawmakers are considering the idea, but there is uncertainty about the level of support on Capitol Hill for that plan.

Bush displayed skepticism about the wisdom of new aid to companies that still need to make "hard choices on all aspects of their business." So while urging lawmakers to act next week to help the battered industry, Bush urged a Congress controlled by opposition Democrats to follow his approach.

The president supports adjusting the $25 billion loan program, so that the money would be available more quickly and for more urgent needs than its original long-term purpose of helping to retool factories to produce more energy-efficient cars.

"I am concerned about the viability of the automobile companies," he told reporters on the South Lawn. "I am concerned about those who work for the automobile companies and their families. And likewise, I am concerned about taxpayer money being provided to these companies that may not survive."

With only 46 days left in office before President-elect Barack Obama takes over, Bush declared: "It's important to make sure that taxpayers' money be paid back if any is given to the companies."

The president spoke not long after the release of a government report showing the biggest month of job losses in 34 years. Reacting to the jobs report for November, which also showed a huge jump in the unemployment rate to 6.7 percent, Bush expressed deep concern for Americans who have lost jobs, but also said there are some encouraging signs about the credit markets. "There is still more work to do," he said. "My administration is committed to ensuring that our economy succeeds."

At 12 months, the current recession is already the longest since a severe 16-month slump in 1981-82. Many economists say this downturn will ultimately set a new record for the post-World War II period.

During Bush's eight years in office, the United States has fallen into two recessions. The first one started in March 2001 and ended in November of that year.

Comments

[ThinkLiberal]

According to Bush: "There is still more work to do," he said. "My administration is committed to ensuring that our economy succeeds."

We implore you Mr. Boosh, please, do any more "work" - trust me, you've done enough "work". The enormous blunder that you have caused will take us years, if not generations, to correct. If your performance over the past 8 years is your definition of success, then we yearn for the "failed" years of the Clinton administration, where the world was a relative peace (not withstanding the genocides in Rwanda and the Balkans), everyone who wanted a job had one, and who will forget that we had a budget surplus? Now in the eleventh hour of you calamitous presidency, you are asserting your commitment for a "successful" economy? Please.

[Oldbuck]

This Presidency has been the biggest joke let look back he was not elected he was appointed by the Supreme Court. Then in 2oo4 he as a draft dodger oh pardon a National Guard which was the way to stay out of active duty in this time frame. Ran and defamed a true veteran of the Vietnam war to get elected and commit several crimes against the American people if I had been the President during this time I would be in jail.

[neocon666]

I'm sure some conservative group will award him with a bogus N.O.B.E.L prize in economics (they already gave him a bogus "International P.E.A.C.E." prize).

[spinns17]

come on he needs something to put in his library.he doesnt read lol

[ThinkLiberal]

OxyMORON alert! To use Boosh's name (or imply it) in the same sentence with "library", is a major joke, a faux pas.

[lobo1939]

When it comes to the Bushs and their lack of contact with the American people, I always think of Ann Richard's portrayal of G Sr. "he cain't hep it; he was bornd with a silver spoon in his mouth." That silver spoon, unhappily was financed by Grandpa Bush who was known as Hitler's banker. A complement to G Sr. that he would defy his father's political and finiancial connections and be a WWII pilot. Jack Kennedy did also since his father was violently opposed to our entry into WWII when he was ambassador to England.

[vegasobserver]

"Our economy is in a recession. This is in large part due to the fact that everything has fallen into the c r a p p e r at once."

[vegasobserver]

Recession and Republican are the twin "R" words that always come together. You ought to know that, Mr. President... your Daddy knows it.

[RJSquirrel]

Yeah and I hear he just realized that the earth may be round.

[ksjprod]

Best comment yet! You rock Mr. Squirrel!

[abby4ever]

New main:

http://www.huffingtonpost.com/

http://www.washingtonpost.com/wp-dyn/content/article/2008/12/05/AR2008120502533.html?hpid=topnews

[SangZe]

Oh, forget it.

[abby4ever]

I am not sure what the big deal is here. The UK Chancellor Alistair Darling didn't admit we were going into recession until 13 November, about 3 weeks ago. Leaders never say the R word until they are forced.

[Forester]

yea, but can he SPELL it?

[Shaddup]

Dereliction of duty? GUILTY

[apoliticalchick]

Well look on the bright side, at least the recession helped Dubya afford his Dallas dream home:
http://democralypsenow.blogspot.com/2008/12/house-that-pain-built.html

[unite4change]

You had to know he wouldn't be going back to his fake ranch in Crawford.

[Agent420]

Let's what the penetration time of Shrub's brain is. Months after most of us knew we were in recession and four days after the government found out, the concept finally found the little BB sized brain in that bowling ball sized head, out came, "Some of my buddies say they are not making as much as they used to, I guess theys in a rendition, no that's that other thing. What's that word? You know, where the rich fellas have to cancel upgrading to the new G-6?"

[tel8034]

I trust that Bush will pass on this REVELATION to McCain and Palin.

But note Bush doesn't seem to be sad about where his failed policies have brought this country .......

After all with the economy this bad he was able to buy his Dallas house at a firesale price........ How convenient for him.