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Taking Off The Rose Colored Glasses
Obama Admits What Anyone Can See: After The Largest Stimulus In History, America Remains On The Brink Of A Recession
President Obama: “There Is No Doubt That The Economy Is Weaker Now Than It Was At The Beginning Of The Year.” (President Barack Obama, Press Conference, Washington, D.C., 10/6/11)
Click To Watch Gone Are The Days Of Obama’s Optimistic Rhetoric On The Economy
February 2009 – President Obama At The Signing Of The Stimulus That “Today Does Mark The Beginning Of The End – The Beginning Of What We Need To Do To Create Jobs For Americans.”
(President Barack Obama, “Remarks By The President And Vice President At Signing Of The American Recovery And Reinvestment Act,” Denver, CO, 2/17/09)
August 2009 – President Obama: “While we've rescued our economy from catastrophe, we've also begun to build a new foundation for growth.” (“Obama Cautious Despite Unemployment Cheer,” Reuters, 8/7/09) January 2010 – President Obama: “Because of the steps we've taken, now the markets have stabilized.
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The economy is growing again. The worst of the storm has passed.” (President Barack Obama, Remarks at a Town Hall
Meeting and a Question-and-Session, Tampa, Florida, 1/28/10)
February 2010 – President Obama: “Because we took bold and swift and coordinated action, we can stand here today and say we averted another depression. We broke the back of the recession. The economy is growing again.” (President Barack Obama, Remarks At A Democratic National Committee Fundraiser, 2/4/10) November 2010 – President Obama: “We are moving in the right direction. We learned that the economy—[applause]—we learned today that the economy is growing at a faster pace than we previously thought. That's welcome news. But we're going to keep on making it grow faster. We're going to keep on creating more jobs.” (President Barack Obama, Remarks at the Chrysler Indiana Transmission Plant II, Kokomo, IN, 11/23/10)
OBAMA IS DEMANDING ANOTHER STIMULUS DESPITE HIS FIRST STIMULUS FAILING TO DELIVER THE JOBS HE PROMISED
Since President Obama Took Office, The Nation Has Lost 2.4 Million Jobs And The Unemployment Rate Has Increased From 7.8 Percent To 9.1 Percent. (Bureau of Labor Statistics, BLS.gov, Accessed 10/3/11) Since The First $825 Billion Stimulus Was Passed, The Nation Has Lost 1.7 Million Jobs And The Unemployment Rate Has Remained Over 8 Percent For A Post-WWII Record 31 Straight Months. (Bureau Of Labor Statistics, BLS.gov, Accessed 10/03/11) “Unless The Economy Turns Around In The Next 18 Months, Obama Is On Track To Have The Worst Jobs Record Of Any President In The Modern Era. That Would Be An Accurate Statement.” (Glenn Kessler, “Rick Perry’s Claim That Obama Has ‘Killed More Jobs’ Than Any Other President,” The Washington Post’s “The
Fact Checker,” 8/22/11)
Unemployment Next Year Could Remain Higher Than 8 Percent Meaning No Job Growth After “The Biggest Stimulus Package In The History Of The World.” “The White House anticipates unemployment at 8.25 percent and Goldman Sachs and others warn the number could be higher — close to 9 percent, which would mean no net job growth after the biggest stimulus package in the history of the world.” (Jim
VandeHei and Mike Allen, “Obama’s Big Drags,” Politico, 8/4/11)
The CBO’s Latest Estimates For Future Unemployment Have Worsened Since January, Due To “Weaker Economic Activity Expected For The Next Several Years.” “However, CBO’s projections of the unemployment rate for 2012 through 2016 are higher than they were in January because of the weaker economic activity expected for the next several years.” (“The Budget And Economic Outlook: An Update,”
Congressional Budget Office, 8/24/11)
CBO Projects Unemployment Rate To Remain Above Eight Percent Until 2014. “The national unemployment rate – now at 9.1 percent – isn’t expected to drop below 8 percent until 2014, according to the report on the country’s budget and economic outlook.” (Seung Min Kim, “CBO Warns Of
‘Profound’ Challenges,” Politico, 8/24/11)
Obama’s OMB Says That Growth Has “Not Been Strong Enough To Bring Down The Unemployment Rate To An Acceptable Level.” “In sum, economic growth and job creation, while positive, have not been strong enough to bring down the unemployment rate to an acceptable level.” (“Fiscal Year 2012 Mid-Session Review,” Office Of Management And Budget, 9/1/11)
NOW THE ECONOMY IS ON THE BRINK OF A DOUBLE-DIP RECESSION
The Economic Cycle Research Institute Predicts Another Recession. “For the months ahead, though, the ECRI's leading index is unwavering in its call for another recession, just two years after the last one officially ended.” (Jeff Cox, “Think The Economy’s Bad? ‘You Haven’t Seen Anything’,” CNBC, 10/3/11)
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ECRI Head Economist Lakshman Achuthan: “Here's what ECRI's recession call really says: If you think this is a bad economy, you haven't seen anything yet.” (Jeff Cox, “Think The Economy’s Bad? ‘You Haven’t Seen
Anything’,” CNBC, 10/3/11)
The Wall Street Journal Survey: Economists See A One In Three Chance Of Another U.S. Recession In Next Year. “Economists see a one in three chance the U.S. will slip into recession over the next twelve months and doubt any steps the Federal Reserve might take at its meeting next week can change that.”
(Phil Izzo, “Economists Say That U.S. Recession Looks More Likely,” The Wall Street Journal, 9/16/11)
“The Highest Odds For A New Downturn That The Economists In The The Wall Street Journal Survey Have Given Since The Start Of The Recovery.” “Those are the highest odds for a new downturn that the economists in the The Wall Street Journal survey have given since the start of the recovery—and up four percentage points from last month's poll.” (Phil Izzo, “Economists Say That U.S.
Recession Looks More Likely,” The Wall Street Journal, 9/16/11)
Reuters Poll: Economists See A One In Three Chance The U.S. Could Enter Another Recession. “Chances the United States will lapse into another recession rose over the past month to nearly one in three as the economy faces a number of road blocks that could derail already weak growth, a Reuters poll showed on Wednesday.” (Leah Schnurr, “Chances Of Another Recession Increasing: Reuters Poll,” Reuters, 9/14/11) “‘The Economy Is Dangerously Close To Stall-Speed. There Is No Buffer, And Even A Moderate Shock Could Derail The Cycle,’ Said Aneta Markowska, Economist With Societe Generale.” (Leah Schnurr, “Chances Of Another Recession Increasing: Reuters Poll,” Reuters, 9/14/11)
Christina Romer, Former Chairman Of The White House Council Of Economic Advisers: “The risks have gone up for another recession compared to where we were six months ago.” (Steve Matthews, “Panel Sees Odds
Of U.S. Recession Rising,” Bloomberg, 8/3/11)
Martin Feldstein, Harvard Economics Professor And Member Of The Business Cycle Dating Committee Of The National Bureau Of Economic Research: “There’s Now A 50 Percent Chance That We Could Slide Into A New Recession.” “‘This economy is really balanced on the edge,’ Harvard University economics professor Martin Feldstein, a member of the Business Cycle Dating Committee of the National Bureau of Economic Research, said yesterday in an interview on Bloomberg Television’s ‘Surveillance Midday’ with Tom Keene. ‘There’s now a 50 percent chance that we could slide into a new recession. Nothing has given us much growth.’” (Steve Matthews, “Panel Sees Odds Of U.S. Recession Rising,” Bloomberg, 8/3/11)
ALL OBAMA HAS TO OFFER IS MORE OF THE SAME FAILED POLICIES THAT GOT US WHERE WE ARE NOW
Sen. Manchin (D-WV): “It's Just Common Sense To Me. If Some Of The Recommendations That Are Out There Hadn't Worked In The Past, Why Would We Do Them Over Again?” “‘If spending money would solve our problems and crisis in America, we wouldn't have a problem right now because we sure did our share of spending money in the last few years. It's just common sense to me. If some of the recommendations that are out there hadn't worked in the past, why would we do them over again?’ he asked.” (Joselyn King, “Manchin Sees ‘Ugly’ In Obama Jobs Bill,” The Intelligencer, 9/17/11) FactCheck.org: “It’s Accurate To Say The Stimulus Has Failed To Live Up To Initial Expectations.” “CBO's high estimate is still short of the 3.5 million jobs that Obama had said would be created by the end of 2010, so it's accurate to say the stimulus has failed to live up to initial expectations. White House advisers wrongly estimated that the stimulus would bring the unemployment rate down to 7 percent — though they also thought the rate without the stimulus would be lower than it actually is, and they made clear that ‘substantial uncertainty’ surrounded those estimates.” (Fact Check, factcheck.org, Accessed 7/1/11)
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The Denver Post: “Previous Stimulus Spending Efforts Totaling Nearly $1 Trillion Did Little To Slow The Economic Slide …” “However, we're cautious about talk of any further government stimulus spending intended to spur employment. Previous stimulus spending efforts totaling nearly $1 trillion did little to slow the economic slide, and they piled an unacceptable amount of debt onto the big bills racked up by the previous administration. A large stimulus spending plan that adds to the national credit card bill is not going to fly politically or pass muster as good economic policy.” (Editorial, “Second Stimulus Isn’t In The Cards,”
The Denver Post, 8/19/11)
The Denver Post: “The Nation Simply Can’t Afford” Another Large Stimulus Program. “On the flip side, Democrats must fully embrace fiscal policy that includes changes to programs they hold dear, and doesn't involve big swaths of stimulus spending. The nation simply cannot afford it.”
(Editorial, “Second Stimulus Isn’t In The Cards,” The Denver Post, 8/19/11)
New Hampshire Union Leader: Obama’s Strategy Was “Tried In The First Stimulus Bill. And Yet Our Unemployment Rate Remains Above 9 Percent.” “Even if these measures were fully funded, would they do much good? We already have the answer: They were tried in the first stimulus bill. And yet our unemployment rate remains above 9 percent.” (Editorial, “Stimulus Jr.: Obama Tries Again,” New Hampshire Union Leader, 9/11/11) The Nashua Telegraph: “It’s A Tough Sell For President Barack Obama As He Campaigns To Rouse Public Support For His American Jobs Act, When Three Years Into His Administration The Best He Can Say About His Handling Of The Economy Is That It Could Be Worse.” (Editorial, “Few Fresh Ideas In Obama
Jobs Bill,” The Nashua Telegraph, 9/18/11)
The Nashua Telegraph: “Nearly Two Years Later, With The Rate Stuck At Above 9 Percent And No Sign Of Improvement, The President’s Response Is To Simply Offer More Of The Same.” (Editorial, “Few Fresh Ideas In Obama Jobs Bill,” The Nashua Telegraph, 9/18/11)
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