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.