As the economy is officially in a recession, businesses failing, home foreclosures increasing, unemployment on the rise, CEO’s coming under fire for using corporate jets and consumer confidence plummeting, our soon to be president elect, B HO, is giving a shining example of frugality and how to weather the economic storm to all the “simple folk” in the land.

Buy your wife an expensive Italian ring, just to say “thanks.”

As reported by the UK’s Daily Mail, the “ring is made of rhodium – the world’s most expensive metal –and encrusted with diamonds. It is being hastily made by Italian designer Giovanni Bosco in time for January’s inauguration ceremony.”

At a price tag of just under $30,000, I guess the shopping trips to Target are over.

UPDATE: According to Politico, B HO’s camp is claiming the story isn’t true. The Italian designer isn’t commenting.

Is he backing off the purchase because it was made public? Did the UK Daily Mail fabricate it? Why would the UK Press, who is totally enamored with B HO lie about him?

Hard to say considering that now, B HO’s camp claims they will “Tell the truth slowly.”