View Full Version : Obama Recovery Bombing.

06-04-2011, 06:48 AM
<span style="color: #990000"><span style='font-size: 17pt'>Are you feeling the HOPE AND CHANGE brothers and sisters???


Thats not hope and change your feeling.


<span style="color: #000000">Economic news is bad for Obama’s reelection bid

By Zachary A. Goldfarb and Peter Wallsten, Updated: Friday, June 3, 10:14 PM

Any notion that President Obama’s reelection campaign was gaining momentum was shaken this week by a string of worrisome economic reports showing weakness in the job market and new lows for housing prices.

The bad news for Obama stood in contrast to a run of positive developments that had given many Democrats reason for confidence. The economy had been adding jobs at a steady clip. A president once accused of being weak on national security ordered the raid that led to the killing of Osama bin Laden. And several potentially strong Republican presidential candidates took a pass on the race.

President Obama sought to draw attention to the auto industry's rebound with a visit Friday to a Chrysler plant in politically important Ohio. (June 3)

But on Friday, a surprisingly grim employment report was a warning that Obama could face a more challenging economy than had been expected. The government said the economy had added far fewer jobs than analysts had projected.

The disappointing news posed a predicament for Obama, who had scheduled a visit to a Chrysler plant Friday to herald the rebirth of the U.S. auto industry. As he gave a celebratory speech to cheering autoworkers, his advisers in Washington scrambled to explain the jobs report.

During Friday’s visit to the plant in Toledo, Obama did not mention the grim jobs number that was released Friday. Rather, he talked of saving a “proud industry” and “more than a million jobs.”

Still, he acknowledged continuing challenges. “[W]e still face some tough times,” Obama said. “There are still some head winds that are coming at us.”

Some political analysts said Obama would have to confront just how fierce those winds are.

“The prospect of economic growth getting up to a point and unemployment getting down to a point that is comfortable for an incumbent are declining by the month, and are now not very high at all,” said William Galston, a policy adviser in the Clinton White House and a veteran of Democratic presidential campaigns.

He added, “I hope there’s someone on the inner circle with the standing and the guts to tell the president that, if things continue the way they’re going, despite everything he’s done, he’s going to be in trouble.”

Behind the economic distress is a series of unexpected events, including the earthquake and tsunami in Japan, the European debt crisis and rising gasoline prices. As a result of the unemployment rate turning back up and the housing market reaching new lows since the slump began in 2006, numerous economists have reduced their expectations for economic growth this year.

Even more challenging for Obama is that some of the hardest-hit states, such as Florida, Nevada and Michigan, are critically important for his reelection strategy.

Democrats believe the auto bailout can be a big political winner in the industrial Midwest. But the administration has struggled to show progress in helping struggling homeowners.

And White House allies concede that the economy may present greater challenges than they had thought.

“The president is going to be running for reelection in an economy that’s still too weak,” said Jared Bernstein, who until last month was chief economic adviser to Vice President Biden. “It is improving and is in a far better place than it was when he got there but still is not adequately lifting the living standards of the broad middle class.”

Guy Molyneux, a Democratic pollster, said that while the economy might not be the sole factor in deciding Obama’s political fate, it will set the overall frame of the campaign.

“If things get worse, it would take a great campaign or a terrible failure by his opponent for Obama to win,” Molyneux said. “And if this ends up being just a hiccup and we see strong growth next year, then a Republican victory starts to look pretty unlikely.”

President Obama sought to draw attention to the auto industry's rebound with a visit Friday to a Chrysler plant in politically important Ohio. (June 3)

President Obama sought to draw attention to the auto industry's rebound with a visit Friday to a Chrysler plant in politically important Ohio. (June 3)

More on this Story

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Employers add fewest jobs in eight months
Obama celebrates Chrysler's revival
Republicans slam White House over jobs

View all Items in this Story

Obama’s advisers said Friday’s job report could be an aberration and should not distract from the president’s success in helping rescue the economy from the worst recession since the Great Depression.

Dan Pfeiffer, the White House communications director, said on MSNBC that the plant Obama visited would have been closed if any of the Republican candidates had been president.

The jobs report was used in sharp attacks from leading Republican presidential candidates.

“What [Obama] did simply was wrong,” former Massachusetts governor Mitt Romney said during a town-hall meeting Friday in Manchester, N.H. “On almost every dimension, what he did did not help the economy get out of the slide it was in, but instead he extended the downturn and made it deeper.”

Romney added: “He can’t keep blaming George Bush. This is now his economy.”

Former Minnesota governor Tim Pawlenty said in a statement, “Today’s underwhelming job numbers report demonstrates President Obama’s failure to address the tough challenges we face as a nation.”

GOP strategists pointed to recent polls showing Obama’s weakness on the issue. A CNN poll published late last month found that 58 percent of Americans — including nearly two-thirds of independents — disapproved of the president’s job on the economy. Independents are viewed by Obama aides as a group crucial to his reelection bid.

Still, other polling numbers show that Obama continues to enjoy some advantages, including personal popularity. Fifty-two percent of Americans approve of his overall job performance, and nearly two-thirds said he “cares about people like me.”

“The main worry for Republicans at this point is nominating a strong and credible potential president,” said Whit Ayers, a GOP pollster. “I think we will, but obviously if you want to replace a current president, you have to nominate a credible alternative.”

Staff writers Philip Rucker, Perry Bacon Jr. and Dan Balz contributed to this report. Balz reported from New Hampshire.

06-04-2011, 06:50 AM

<span style="color: #000000"><span style='font-size: 17pt'>Bleak Jobs Report Dampens Hopes of Steady Growth

WASHINGTON June 4, 2011 (AP)

A bleak jobs report suggests the recovery from the Great Recession will be longer and bumpier than many economists had envisioned.

Most economists say job growth should strengthen later this year as gasoline prices drop further and the economy recovers from the effects of natural disasters in the U.S. and abroad. But the recovery is starting to weaken 17 months before the 2012 election, which could hurt President Barack Obama's re-election prospects.

The unemployment rate in May inched up to 9.1 percent from 9 percent, the Labor Department said Friday; when Obama took office, it was 7.8 percent.

The Conference Board, a business research group, predicts the rate will be 8.5 percent at the end of next year. That would mean Obama would face a higher unemployment rate than any president running for re-election since World War II.

"The recovery has not been derailed, but it's slow," said Michelle Meyer, an economist at Bank of America Merrill Lynch. "We're still in a muddle-through period."

Only 54,000 jobs were created in May, the fewest in eight months. By contrast, an average of 220,000 jobs were created in each of the previous three months. Private companies hired only 83,000 workers in May — the fewest in nearly a year — while state and local governments cut 30,000 jobs.
Cashier Jillian Capko, right, checks... View Full Caption

The Dow Jones industrial average finished down 97 points, its third straight loss. The Dow, Standard & Poor's 500 and Nasdaq composite have all declined in each of the last five weeks, the longest losing streak since mid-2008.

Several chronic problems are weighing on the economy. Home prices are still falling. The average worker's pay isn't keeping up with inflation. Cutbacks in spending by state and local governments are contributing to slower growth, even in the private sector. And members of Congress are preparing to cut spending.

Gas prices climbed to nearly $4 a gallon this spring. They've since declined to about $3.79 and are expected to fall more, possibly freeing consumers to spend more on goods such as cars, appliances and furniture. Consumer spending accounts for about 70 percent of the economy.

But even if gas prices dip, they'll likely remain high and continue to squeeze consumers and the industries that depend on them. For example, companies that rely heavily on motorists — like hotels and restaurants — cut employment in May.

Even economists who think hiring will pick up don't expect it to grow very fast.

Heidi Shierholz, an economist at the liberal Economic Policy Institute, expects employers to add about 150,000 jobs a month for the next few months. Up to 300,000 new jobs a month would be needed to significantly drive down the unemployment rate.

Among the deepest job cuts were those in local governments, which slashed 28,000 last month, the most since November. Nearly 18,000 were in education. Cities and counties have cut jobs for 22 straight months. Since September 2008, 446,000 jobs have vanished.

State and local government job losses are likely to persist. Though state tax revenue is recovering, states face rising costs for Medicaid and other services. And localities rely on property tax revenue, which will likely continue to shrink because home prices in most areas are still sinking.

"What we need is more government spending to create jobs," Shierholz said. The 2009 stimulus package is largely spent, she said.

06-04-2011, 06:52 AM
<span style="color: #000000">
<span style='font-size: 17pt'>Economic gloom casts long shadow over US stocks</span>

NEW YORK: A clutch of dire data reports submerged Wall Street's week in gloom, with investors fretting joblessness and other maladies will spell an extended period of slow growth.

A Memorial Day holiday Monday and an upward bounce Tuesday proved to be rare respite for traders in a week that saw stocks fall precipitously from Wednesday to Friday.

The Dow Jones Industrial Average fell 2.3 per cent during the week, finishing at 12,151.26 points. The Nasdaq fell 2.3 per cent to 2,732.78 points and the larger S&P 500 was down by the same per centage to 1,300.16 points.

The week was dominated by news from US jobs market, with one indicator after another proving a harbinger of poor official data that came on Friday, and which did not fail to disappoint.

The markets had started the week well, shrugging off weak consumer confidence figures as traders focused on a imminent deal between international lenders and Greece that would ease the eurozone's woes.

In retrospect, news from the conference board that its consumer confidence index slid to 60.8 in May from 66.0 in April should have been a sign of things to come.

The market quickly woke up on Wednesday, with the Dow Jones Industrial Average dropping a whopping 279 points (2.2 per cent) after payrolls firm ADP said the private sector added only 38,000 jobs in May, well below the 170,000 expected.

Meanwhile the Institute of Supply Management's manufacturing survey plummeted nearly seven per centage points from April to a 19 month low, as new orders alone dropped by almost a fifth.

The mood was soured further on Thursday, when Moody's warned that credit ratings of the United States and, separately, its banks, could be revised and downgraded.

Ratcheting up the pressure on feuding US politicians, Moody's told Washington it faces a credit review and potentially crippling downgrade if the national debt limit is not raised within weeks.

With the 2012 presidential election campaign looming, Democrats and Republicans have sparred for months over a deal that would allow the government to continue borrowing.

Moody's also said it would review for possible downgrade the ratings of Bank of America , Citigroup and Wells Fargo, in a move tied to their government support during the financial crisis.

Meanwhile Goldman Sach's shares tumbled only to pare losses, after it had received a subpoena from the Manhattan District Attorney's office as part of a probe of the firm's activities in the run-up to the financial crisis.

The malaise was capped Friday with the Labor Department's jobs report, which showed the economy added a paltry 54,000 jobs in May, one-quarter of the February-April pace, intensifying the challenge to the Obama administration to get the economy growing.

"Even if the data does not suggest that the economy is going to contract any time soon, it certainly suggests that we have a bit of a slowdown," said of Gina Martin, Wells Fargo Securities . </span>

06-04-2011, 07:16 AM
Haven't you heard that dear leader fixed the economy ... and Bush broke it again?

06-04-2011, 07:28 AM
Another shell game aye?

06-04-2011, 08:14 AM
None of that matters. Forget Clinton saying "It's the economy, stupid"

Anyone who doesn't support Obama is a racist. Nothing else matters!


06-04-2011, 10:50 AM
It was long said that Clinton benefited from his enemies' patently crazed statements and behaviors.

Likely, this same thing will re-elect Obama by near default, since the GOP cannot stifle their crazy-train rhetoric, candidates, and policies.

Particularly when the TPs have an 'ABM' treaty-- Anybody But Mitt-- and absolutely abhor their most acceptable grown up adult candidate.

06-04-2011, 04:35 PM
"What we need is more government spending to create jobs," Shierholz said. The 2009 stimulus package is largely spent, she said.

Whats this?????????????????????????????????????????????? ????????????????????????????

06-04-2011, 04:48 PM
I deleted the bullshit leeving only the fakts, and it looks like this.

Economic gloom casts long shadow over US stocks

NEW YORK: submerged gloom investors fretting maladies slow growth stocks fall precipitously fell fell down harbinger poor disappoint weak deal lenders woes confidence slid dropping below plummeted low dropped soured warned downgraded pressure feuding review crippling downgrade debt limit looming sparred deal borrowing downgrade crisis tumbled losses subpoena probe crisis malaise paltry intensifying challenge contract slowdown.

06-04-2011, 04:53 PM
"The recovery has not been derailed, but it's slow," said Michelle Meyer, an economist at Bank of America Merrill Lynch. "We're still in a muddle-through period."

Krappynomicysts learn this shit at krappynomix skool.
The economy iz like a train, except that this train kums off the rails when going slow -- its very technical -- u wouldnt understand.

And muddle-through period iz in all krappynomix text books -- its very technical -- u wouldnt understand.

Muddle -- to mismanage, bungle -- to busy oneself in a confused ineffective way -- disorder, confusion, bewilderment.

06-04-2011, 06:27 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: cushioncrawler</div><div class="ubbcode-body">"What we need is more government spending to create jobs," Shierholz said. The 2009 stimulus package is largely spent, she said.

Whats this?????????????????????????????????????????????? ????????????????????????????
mac. </div></div>


My thoughts exactly.