"Families across the country are working harder than ever, but in the last seven years, the typical family decreased at the same time the costs of health care, energy, and housing are skyrocketing," Edwards said in a statement released by his campaign. "The truth is our economy is slowing under the weight of stagnant wages, a major housing crisis and a spike in energy costs. And now, leading economists are saying there substantial risk we could enter a recession." Edwards' plan doesn't include recommendations for how Congress should pay for the economic rescue package.
Interesting. Here's what I find elsewhere on CNN.com:
WASHINGTON (AP) -- The economy sprinted ahead at its fastest pace in four years during the summer, although it is expected to limp through the final three months of this year as the housing and credit debacles weigh on individuals and businesses alike.
The Commerce Department reported Thursday that gross domestic product grew at a 4.9 percent pace in the July-to-September quarter, unchanged from an estimate made a month ago...
The economy's growth in October through December is expected to have slowed to a pace of just 1.5 percent or less.
(All boldface above is mine--Darren)
In other words, even if it does grow at an annualized rate of 1.5% in the last quarter, the American economy will still have grown over 3% this year, which is perfectly healthy.
Economic populism doesn't impress me, and John Edwards is a snake oil salesman of the worst kind. I trust the market to resolve housing and credit issues much more than I trust Washington in general, and Edwards in particular, to do so. How people can even consider this man as a realistic candidate for President is far beyond me.