White House: Economy to strengthen later in year – Reuters (1/4/08)

The White House said on Friday that the U.S. economy was “mixed” and should strengthen later in the year once it was past the worst of the housing market slump and steep oil prices.

“The economy is expected to be stronger in the latter half of the year,” White House spokesman Tony Fratto said. “I think that’s reflective of what private-sector forecasts are also showing as we work through this transition in housing and dealing with higher energy prices.”

Here’s oil prices, 1999-2007:

I’m sure we’ll be past that any day now.

And the esteemed Secretary of the Treasury, Hank Paulson, with all of his Wall Street credibility and Ivy League book-learnin’, assured me in April 2006 that:

“All the signs I look at” show “the housing market is at or near the bottom,” Paulson said. The U.S. economy is “very healthy” and “robust,” he said

So we’re already supposed to be past that.

Can’t wait for that stimulus package!