The economy is about to dive off a cliff and it's all President George W. Bush's fault, according to The New York Times editorial board.
A January 2 Times editorial was pretty pessimistic about the economy in 2008, mocking Bush and forecasting doom.
"As 2008 begins, house prices are still skidding, bank losses are still mounting, oil is again flirting with $100 a barrel and consumers are buying less as prices rise," the editorial said. "To many, the wheels appear to be coming off the economy. To others, including President Bush and his aides, the economy is fundamentally sound and resilient."
The Times accused Bush of being in "denial" about pending disaster in the U.S. economy.
"Given that record, it is no surprise that Mr. Bush is now refusing to acknowledge the seriousness of the problems he has helped create. Americans don't need more denial," the editorial said. "They need an unvarnished appraisal of the nation's economy - including the politics and ideology that has driven it to this point."
In the Times editorial, the board mentioned a slowdown but didn't use the textbook definition of a recession to indicate "the wheels appear to be coming off the economy," which would be two consecutive quarters of negative economic growth as measured by gross domestic product (GDP).
Other print business media admitted there are risks out there but were not as pessimistic that the economy is heading toward inevitable destruction.
An article by Scott Patterson in the January 2 Wall Street Journal was optimistic, in fact, predicting five things to look for in 2008:
1. Stocks rally.
2. The housing market stabilizes.
3. Consumer spending remains solid.
4. Corporate profits accelerate.
5. Economic growth accelerates.
"In the third quarter of 2007, gross domestic product, a measure of the nation's total output, rose 4.9%, its strongest pace of growth in four years," Patterson wrote. "After an expected fourth-quarter hiccup, the economy could pick up the pace again, helped by robust growth in exports."