President Bush insisted yesterday that the US is not recession-bound and rejected for now any additional stimulus efforts.

Claiming that his administration has “acted robustly” in the face of the recent steep downturn in the US economy, Bush told reporters that America would “see the effects” of his economic bailout plan.

Bush’s view of the economy differs considerably from that of many economists, who say the country is nearing recession territory or may already be there. Rising inflation is also seen as an equal or even greater threat to US prosperity.

“I’m concerned about the economy,” he said. “I don’t think we’re headed to recession. But no question, we’re in a slowdown.

“What to do in times like these?” asks Justice Litle. “First of all, safeguard your assets. Second of all, find ways to profit. The two goals are actually linked. Protecting wealth in an inflationary environment is like rowing a boat upstream; if you aren’t moving forward, you’re moving backward.”

“Or think about it like this. If you put $100,000 in a bank account and came back 20 years later to find only $50,000 there, you would scream bloody murder. The loss would count as outright theft.”