Jun 8, 2012

#DoingJustFine

Question… Did things change from a few days ago? The President seems to think so:

  • President Tells 13 Million Unemployed Americans The Private Sector Is Doing Fine… “The private sector is doing fine.” (President Obama, Press Conference, 6/8/12)

The President’s view of the economy may be somewhat different after campaigning alongside millionaires like Sarah Jessica Parker, George Clooney and Anna Wintour – However here’s some basic background info on the economy over the last week for whichever White House press staffer is writing the President’s talking points:

“Dismal Job Growth Shows U.S. Economy Slowing; Jobless Rate 8.2 Percent.” “A dismal jobs report Friday rekindled fears that the economy is stumbling, sending stocks plunging, stoking talk of new life-support moves by the Federal Reserve and suggesting new political problems for President Barack Obama as he seeks re-election.” (Kevin G. Hall, “Dismal Job Growth Shows U.S. Economy Slowing; Jobless Rate 8.2 Percent,” McClatchy Newspapers, 6/1/12)

“CBO Paints Dismal Picture of U.S. Economic Outlook.” “Tuesday’s report follows a string of dismal domestic economic news and heightened fears that the eurozone won’t be able to save itself. It also comes after the CBO offered a rare warning last month that if lawmakers failed to take action ahead of the coming “fiscal cliff” …” (Katy O’Donnell, “CBO Paints Dismal Picture of U.S. Economic Outlook,” National Journal, 6/5/12)

“GDP Revised Down To 1.9 Percent For First Quarter Of 2012.” “The economy grew at a slower rate during the first three months of the year than first estimated, according to new government data released Thursday. The Commerce Department said the economy expanded at an annual rate of 1.9 percent from January to March, slower than the initial estimate of 2.2 percent, as consumer spending slowed, businesses pulled back on adding inventory and the trade deficit widened despite an increase in exports. The lowered rate is an ominous sign for President Obama, whose reelection chances could hinge on the performance of the economy in the run-up to the November election.” (Vicki Needham, “GDP Revised Down To 1.9 Percent For First Quarter Of 2012 ,” The Hill, 5/31/12)

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