by Calculated Risk on 8/01/2006 12:18:00 PM

From MarketWatch:

Asked if the economy faces a recession in the near term, [Treasury Secretary Henry] Paulson declared, "Absolutely not."

I agree with Paulson's approach:

"I have always tried to live by the philosophy that when there is a big problem that needs fixing, you should run toward it, rather than away from it,"

Of course the major fiscal problems facing the U.S. are the structural general fund budget deficit and Medicare, not Social Security. So Paulson might be running towards the wrong problem.