April 22nd, 2008
02:17 PM ET
15 years ago

Bush denies U.S. economy in recession

[cnn-photo-caption image= http://i.cdn.turner.com/cnn/2008/images/04/22/bush.neworleans.jpg caption="President Bush denied the U.S. is in a recession Tuesday."]
NEW ORLEANS, Louisiana (CNN) - President Bush denied Tuesday that the United States' economy is in recession, calling it instead a "slowdown."

He pointed out that the economy grew in the last quarter of 2007 and that figures are not yet in for the first quarter of 2008. A common rule of thumb says a recession is two consecutive quarters of the gross domestic product shrinking.

But in the United States, an official declaration of a recession is made - often after a recovery has already begun - by a committee from the National Bureau of Economic Research, a private organization.

It defines a recession as "a significant decline in economic activity" over a period of a several months, and takes into account the depth of the decline, not just the duration, according to the NBER's Web site. It also uses a broad array of indicators in addition to the GDP, it says.

The United States has not been in recession since 2001, but many economists expect a recession this year. Some economists have said the United States is already experiencing one, and surveys suggest much of the public agrees.

Related: Watch a clip of Bush discussing the economy Tuesday.

Filed under: Economy • President Bush
soundoff (239 Responses)
  1. Francheska

    If Bush needsREAL proof we are in a recession, he is welcome to come to my home...he will find all the proof he needs.

    April 22, 2008 06:05 pm at 6:05 pm |
  2. wolfsbane

    Bush, continuing his record plummet to the lowest approval rating in history.

    Vote OBAMA!

    April 22, 2008 06:06 pm at 6:06 pm |
  3. Debulnis Rigdon

    For George W. Bush, the economy is NOT in recession. His investments in oil are increasing like never before in the history of economic profit in the US! He's making sure of this by putting away as many barrels of oil he can into the national "reserve". Carter had the sense, when he dealt with stagflation and obscene profits by oil companies from blown up oil prices, by releasing, rather than storing, oil reserves and threatening to fine oil companies for "gouging" the public. Prices dropped back down and stayed there! Of course times are different but opposite approaches to what has worked in the past with similar problems are ignorant. Everyone should be asking Bill Clinton how he managed the only multiple years of operation of the federal gov't in the black since the Roaring Twenties, almost 90 years ago!

    April 22, 2008 06:06 pm at 6:06 pm |
  4. t horner

    this man is so incredible stupid he refuses to see how the american public are struggling to make ends meet and he goes merrily along in his demented state of mind wake up and lead this great country DO NOT DRIVE IT INTO THE GROUND SO YOU AND YOUR CHRONIES (cheney) CAN MAKE A DISGUSTING AMOUNT OF MONEY OFF THE BACKS OF HARD WORKING AMERICANS AND THE VERY LIVES OF OUR MILITARY............ GOOD LUCK WITH ALL YOUR MILLIONS

    April 22, 2008 06:09 pm at 6:09 pm |
  5. Pat M Canada

    OMG He must truly be dislusional !

    April 22, 2008 06:12 pm at 6:12 pm |
  6. Debra Thomas, Fl- Obama -2008

    Bush need to wake up and get out of La la land



    April 22, 2008 06:24 pm at 6:24 pm |
  7. Itoldyouso

    Is there anyone in America that believes Bush or his administration?How in the world were so many voters duped by two morons, Bush and Cheney?

    April 22, 2008 06:24 pm at 6:24 pm |
  8. Itoldyouso

    I wouldn't beleive george bush if he told me that the sun was going to rise tomorrow morning! This man is just a total moron.

    April 22, 2008 06:26 pm at 6:26 pm |
  9. Anonymous

    High gas price, high food price, tight credit, forclosures of homes with all these mentioned and more,if we think we are not in recession we are truly fooling somebody.

    April 22, 2008 06:30 pm at 6:30 pm |
  10. Ian

    I don't really care what the definition of recession is. I know one when I see it.

    April 22, 2008 06:36 pm at 6:36 pm |
  11. D Mills Garland, Tx

    For me, Bush doesn't have to confirm or deny we're in a recession anymore than the attention I pay any of his supporters who still try to blame the media for building the hype about how bad things are economically. I live in the real world where I was shocked about how high my grocery bill was last Sunday and then shocked again when I filled my car's gas tank up. There will be no raise for me this year from my employer, and maybe I'll still have my job come 2009, that remains to be seen. Slow down, recession, it all comes down to tough times and tough choices.

    April 22, 2008 06:47 pm at 6:47 pm |
  12. Alan

    He says we are not in a recession. This only proves how far out of touch he is. Un-employment is way up. There are hiring freezes everywhere. People are being laid off in droves. Prices are going sky high on everything. The markets have suffered terribly. Everyone is struggling to make ends meet. Businesses are closing or scaling back. Places that are usually jam packed are empty. People aren't out spending. This "we are not in a recession" comment is brought to us by the same one that after seven years mysteriously can't find bin laden, but we can find anyone else we are looking for, and the same mis-led person who says that NAFTA and sending jobs overseas helps jobs at home. Mr Bush hasn't a clue.

    April 22, 2008 07:11 pm at 7:11 pm |
  13. Abe

    A "Recession" is a decline in a country's gross domestic product for two or more successive quarters of a year. During past recessions we have not known we were in one until we were already in an up-swing. Perhaps Bush is hoping by simply stating that we are not in a recession that it will make it so; I believe that is called denial. Are we in a recession? Well, time will tell, but Bush could very well be proven wrong. To say we are not in a recession would mean that there is no possible way it could happen, which obviously isn't the case! The numbers aren't in yet! Perhaps, that should be his new slogan. Now, That is a true statement. Recession or No Recession....The economy is horrible! The price of fuel is really killing our economy, which is it's life-blood. It is highly under-estimated; what affect the price of fuel has on the US economy.

    April 22, 2008 07:21 pm at 7:21 pm |
  14. Dave

    Reflecting back on this IDIOT's tenure, I'm not sure if I can truly lay all blames and failures on him. All idiots will continuously make mistakes as he has, that's a fact. I blame the majority of American people who put him in office. How can over half of American's believe that a IDIOT can provide leadership to a great country, regardless how strong American's believe his principles stand. From his initial run for presidency, his lack of intelligence showed but majority of American's choose to ignore this.

    It is thanks to all of you who voted for him. It is thanks to all of you that placed this IDIOT as president and all the failures that has arised.

    The blind following the blind.

    April 22, 2008 07:43 pm at 7:43 pm |
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