by Paul Craig Roberts

Washington Times

08/21/04

Were George Bush and John Kerry aware of the problems that await the next president, they would vie to throw the election, not win it. Job loss at home and failure abroad have already written the script that will sweep away the next administration. Recession could return by the inauguration before the economy regains the jobs lost to the 2001 recession. Second-quarter 2004 economic growth was 20 percent less than expected. The consumer is showing weakness, and crude oil prices have reached record highs. On Aug. 3 the Bureau of Economic Analysis reported that seasonally adjusted real per capita incomes declined in June below those reached in April. Total personal real spending declined 0.9 percent in June to that of last February...

http://www.washtimes.com/commentary/20040821-104235-2657r.htm


Informant: Thomas L. Knapp