Feldstein said the Commerce Department’s much-touted (by itself and the rest of the Bush Administration but nobody else) 0.6 GDP increase in the first quarter is worse than misleading it leads the administration into false comfort, that precludes more aggressive action.
Actually, Feldstein is being too charitable to BushCo. We could have had a negative GDP report and the White House still wouldn’t take aggressive action. Bush is kicking the recession, like Iraq, onto the watch of the next administration.
That said, his generosity or naiveté aside, Feldstein is plenty worried about further housing problems.
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