NY Times transcript
Fred Thompson is ridiculously uninformed. At least Mitt Romney has a clue about what's going on in Michigan. (His response comes after Thompson's.)
BARTIROMO: The economy is America's greatest strength. In a recent poll by the Wall Street Journal and NBC News, two-thirds of the American people said that we are either in a recession or headed toward one. Do you agree with that? And, as president, what will you do to ensure economy vibrancy in this country?
THOMPSON: I think there is no reason to believe that we're headed for a recession. We're enjoying 22 quarters of successive economic growth that started 2001 and then further in 2003 with the tax cuts that we put in place.
We're enjoying low inflation. We're enjoying low unemployment. The stock market seems to be doing pretty well.
I see no reason to believe we're headed for an economic downturn.
As far as the economic prosperity of the future is concerned, I think it's a different story. I think if you look at the short term, it's rosy. I think if you look at a 10-year projection, it's rosy.
But we are spending money we do not have. We are on a mandatory spending lockdown that is pushing us in a direction that is unsustainable. We're spending the money of future generations, and those yet to be born. That has to do with our mandatory spending problem.
Everyone knows that we have to address that. And it's the fundamental and foremost challenge, I think, facing our country economically.
BARTIROMO: Senator, you painted a very nice picture. The Dow and the S&P 500 today at new highs -- tonight -- record numbers.
And, yet, two-thirds of the people surveyed said we are either in a recession or headed for one.
Why the angst?
THOMPSON: Well, I think there are pockets in the economy that, certainly, they're having difficulty. I think they're certainly -- those in Michigan that are having difficulty. I think you always find that in a vibrant, dynamic economy.
I think that not enough has been done to tell what some call the greatest story never told, and that is that we are enjoying a period of growth right now and we should acknowledge what got us there and continue those same policies on into the future.
And the transcript for the Republicans at the All-American Presidential Forum (one of the best debates thus far).
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