No Signs Of An Economic Downturn?

In the first question of his first presidential debate, Senator Fred Thompson was asked why a majority of Americans feel we are headed toward a recession. His response?
“I think there is no reason to believe we that are headed to a recession.”
Really? I guess 2/3 of Americans have an active imagination. Perhaps the senator should read news headlines a little closer:

The battered housing sector took another blow Tuesday, with an industry group reporting that a gauge of pending home sales tumbled to its lowest level ever as the credit crunch restrains purchases.

Closer to home:

The price of a loaf of bread has gone up nearly 50 percent in the past few months.
The Second Harvest Food Bank has just about everything, except bread.
“We haven’t seen a loaf of bread in a really long time,” says Executive Director Elaine Machiela.
The rising costs of bread have forced food pantries to cut out bread. And due to the drought, networks of donations have also dried up.

Something is clearly wrong with the picture when food pantries can’t stock bread.
I don’t know if we will dip into a recession or not–recent odds are at just under 50%. But there is plenty of evidence about that we might be experiencing an economic downturn. Senator Thompson would be well advised not to ignore it.