It has been a long time that the American Economy has wallowed in recession, but the nations highest economist is saying the cycle is coming around again and a recession is on the way. Like the climate (*cough*), the economy is cyclical, following the psychology of the people upon which it rests. Highs, lows, highs, lows, etc. The current long economy is an unusual high without a low to balance things out.
Of course, the biggest question is how a recession in late 2007 or early 2008 might impact the 2008 elections. Will it be viewed as "The Bush 2 Recession" or will it be slow to start and become associated with the newly elected president instead? The experience of George H. W. Bush reminds us that the President is held responsible for the economy, whether he or she had anything to do with it.
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