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TOP ECONOMIC ADVISER SEES SLOWDOWN, NOT RECESSION.

Old Father Hubbard says the cupboard is not bare. Repeat, not bare.

Glenn Hubbard, chairman of the president's Council of Economic Advisers, said recently that the United States is in a "growth slowdown," not an "economic recession.

And he is optimistic that President Bush's economic policies, beginning with the tax cut recently passed by Congress, will lead to future growth in the American economy.

"I think it's fair to say at the moment that the U.S. is in the midst of a growth slowdown and I do not think the United States economy is in a recession but I think it is in a growth slowdown," he said at a Cato Institute tax policy forum in Washington.

According ...

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