BREAKING: In a move that will undoubtedly further undermine President Canth’s reelection chances, Secretary of Commerce Samuel Trenton declared the Panem economy to be in a state of recession, according to a new report released by the department.
The Panem economy was already on the verge of recession for the past three fiscal quarters, having succeeded in avoiding the deep recessions of Europe and other nations. However, following this development, it is expected that there will be further economic decline as traders move away from holding stock due to the recession.
As for President Canth’s reelection campaign, this could be the final blow. The President was already battered on the recent economic troubles, but at least was able to avoid complete decimation by his opponents on the ground that Panem was at least not in a recession, unlike many other world powers. That is no longer the case as of today, and it is likely now that President Canth will now lose reelection as a result.
UPDATE: As expected, the District 4 Stock Exchange crashed upon the opening bell as traders sold their stock at record lows. The exchange showed a loss of over five percent on opening. Currency value also crashed, with the Panem dollar now valuing ten percent less than hours before, the most massive devaluing of Panem’s currency in history.
UPDATE 2: President Canth addressed the nation at 4 PM today regarding the economic crisis:
“Indeed our nation has entered a state of economic recession. It has been years since our nation has entered a state of economic decline, and to be clear, the government of Panem does not take this lightly. We will be seeking methods to prevent further decline and to help the families of Panem keep food on the table and ensure future prosperity for our citizens. Not all hope is lost.”
Senator Mellark panned the President’s response, stating:
“It is of no surprise that we enter a state of recession today. The President’s economic policy of high spending with no regard for our budget deficit and amount of debt ensured that we would experience this. His statement today further proved that he’s not capable of handling this. He does not understand that Panem’s citizens have been experiencing this for years now, not just suddenly. We shouldn’t be ‘seeking methods.’ We should have already implemented methods. We shouldn’t be as we are.”
Mr. Maxwell also went after Canth’s response:
“That sort of response is exactly what I expect from our current President: paltry, artificial, and out of touch. Millions of Panem’s citizens have been out of work for years and have stopped searching for jobs because they can’t find one. It’s time that our President sees what searching for a job is like.”
Governor Ren called the response “uncaring of the people of Panem’s plight. Governor Steinbeck said that “the President was totally irresponsible and now we are here.” General Paylor stated that the response was “all talk and no action…let’s see something real for once.”