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Politics : PRESIDENT GEORGE W. BUSH
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To: sea_biscuit who wrote (556561)3/27/2004 10:38:09 AM
From: Kenneth E. Phillipps  Read Replies (1) of 769667
 
Oil price could produce "a perfect storm" by election day.

"Jeremy Rifkin, president of the Foundation on Economic Trends in Washington, says this could produce "a perfect storm" that could plunge the economy into a deep recession by Election Day. That's if everything lines up: Gasoline prices spike to $2.50 to $3 a gallon, which impacts consumer spending and companies' willingness to invest, which drags down the economy. To stimulate it, the government either gives another tax break or increases spending. Either way, it increases the record deficit, which already is making foreign investors nervous. So in order to finance the debt and attract those investors, the government raises interest rates, which again will have a negative impact on the economy.

"It could have a tsunami effect," says Dr. Rifkin, "which could bring the economy to a screeching halt, plunging it into a deep recession by the November election."

csmonitor.com
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