CNN report offers grim economical outlook

If you ask George Bush, he’ll likely tell you that America is not in a recession.  A recent CNN report on employment says otherwise.

“The government said Friday that the unemployment rate soared to 5.5% in May from 5% in April – much higher than economists had forecast.”

Couple this with oil skyrocketing to over $130 per barrel and the Mortgage Bankers Association announcing that foreclosures have reached a record high, and there’s really no dodging the fact that the U.S. is knee-deep into a very serious recession.

No matter what our fearless clueless leader says.

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2 Comments on “CNN report offers grim economical outlook”

  1. chunque Says:

    It depends on what math you use to add up the numbers. The AP is reporting a slowdown in the foreclosure rate.

  2. jack rogers Says:

    The CNN report quotes the Mortgage Bankers Association — a pretty reliable source I’d say.

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