Americans Aren’t Buying the Democrats’ Economy Story

NRCC - The Obama administration continued earlier this week to spin its dismal economic record, claiming that Obama has “stabilize[d] our economy” and that the economy has begun to “grow again”:

CARNEY: OBAMA HAS “STABILIZE[D] OUR ECONOMY,” AND NOW IT HAS BEGUN TO “GROW AGAIN.” (“Press Briefing by Jay Carney and Transportation Secretary Ray LaHood,” The White House, 8/3/2011)

CARNEY, RESPONDING TO 500 POINT MARKET DROP: “MARKETS GO UP AND DOWN.” “ ‘I don't have a specific reaction to the market. Markets go up and down,’ Carney said in reaction to the DJIA dropping nearly 400 points by mid-afternoon.” (“Carney on Dow Jones Plummeting: ‘Markets Go Up and Down’,” Real Clear Politics, 8/4/2011)

GEITHNER: ECONOMY IS “ABSOLUTELY” IN A “STRONGER POSITION” TODAY THAN THREE MONTHS AGO. (Remarks from Treasury Secretary Tim Geithner, Fox News’ “Fox News Sunday with Chris Wallace”, 7/24/2011)

WHITE HOUSE PRESS SECRETARY JAY CARNEY: “UNCONTESTABLY TRUE” THAT “ECONOMY IS VASTLY IMPROVED” SINCE OBAMA TOOK OFFICE. (“Carney: Economy Has ‘Vastly Improved’ Since Obama Was Sworn In,” Real Clear Politics, 7/21/2011)

NY TIMES: WHITE HOUSE HOPING “MAYBE IT’S NOT THE ECONOMY, STUPID.” (David Leonhardt, “Negotiating Election Headwinds,” The New York Times, 7/19/2011)

However, Obama’s former top economic advisor Larry Summers predicted this week that the odds of a double-dip recession are nearing 1 in 3, in line with predictions from other economists. Other economic news over the past week is only adding to the gloomy mood:

FORMER TOP WH ECONOMIC ADVISOR LARRY SUMMERS & OTHER ECONOMISTS PUT ODDS OF DOUBLE-DIP RECESSION AT 1 IN 3 OR GREATER: “Joining a growing chorus of economists raising alarms about a double-dip recession, former top White House economic advisor Lawrence Summers said there's at least a 33% chance the faltering economy will slip into another economic downturn. … Nariman Behravesh, chief economist at IHS Global Insight, last week put the odds of a double-dip at 30% after the government reported dramatically slower growth in the first half of the year. And Summers' fellow Harvard economist, Martin Feldstein, told Bloomberg TV on Monday that the odds of another recession were at 50%. Feldstein serves on the committee that officially dates business cycles for the nonprofit National Bureau of Economic Research.” (Jim Puzzanghera, “Ex-Obama Aide Lawrence Summers Sees 33% Chance of New Recession,” The Los Angeles Times, 8/3/2011)

14 MILLION AMERICANS UNEMPLOYED. (Mortimer B. Zuckerman, “Job Numbers Go From Grim to Ghastly,” U.S. News and World Report, 8/4/2011)

“DOW SINKS 500, WORST DAY SINCE DEC. 2008.” (JeeYeon Park, “Dow Sinks 500, Worst Day Since Dec. 2008,” CNBC, 8/4/2011)

DOW DROP “SURPASSES DRAMATIC TARP DECLINE.” (Peter Schroeder, “Dow’s March Downward Surpasses Dramatic TARP Decline,” The Hill, 8/4/2011)

DEBT NOW GREATER THAN SIZE OF ECONOMY. (“U.S. Borrowing Tops 100% of GDP: Treasury,” Agence France Press, 8/3/20111)

AP: U.S. ECONOMY “GOING NOWHERE,” “IN DANGER OF SLIPPING INTO A STUPOR LIKE THE ONE JAPAN HAS FAILED TO SHAKE OFF FOR MORE THAN A DECADE”: “Without much to invigorate growth, the economy may be in danger of slipping into a stupor like the one Japan has failed to shake off for more than a decade. And Wall Street is spooked.” (Paul Wiseman, “Going Nowhere: Economy Struggles to Find Footing,” Associated Press, 8/3/2011)

“FOOD STAMP USAGE CONTINUES CLIMBING TO HIGHEST LEVEL EVER.” (“Food Stamp Usage Continues Climbing to Highest Level Ever,” The Huffington Post, 8/4/2011)

JULY “MANUFACTURING HITS LOWEST LEVEL IN TWO YEARS”: (Daniel Wagner, “Reality Check: Manufacturing Hits Lowest Level in Two Years, Signaling Weak Summer,” Associated Press, 8/2/2011)

“SERVICE SECTOR GROWS AT SLOWEST PACE IN 18 MONTHS.” (“U.S. Service Sector Grows at Slowest Pace in 18 Months,” The Economic Times, 8/4/2011)

1st QUARTER GROWTH REVISED DOWN TO MISERABLE 0.4%, 2nd QUARTER GDP GROWTH AT 1.3%: “The U.S. economy expanded at a slower pace than expected in the spring as consumers cut back on spending, while revisions showed the slowdown since the beginning of the year was much more drastic than previously thought. The Commerce Department Friday said gross domestic product rose at an annualized seasonally adjusted rate of 1.3% in April through June, while first-quarter growth was revised down sharply to a 0.4% rate from the earlier estimate of a 1.9% gain.” (Tom Barkley and Jeff Bater, “U.S. GDP Grows Just 1.3%,” The Wall Street Journal, 7/29/2011)

CONSUMER SPENDING SEES BIGGEST DROP SINCE SEPTEMBER 2009, “DATA REINFORCE ECONOMIC MALAISE”: (Conor Doughtery, “Data Reinforce Economic Malaise,” The Wall Street Journal, 8/2/2011)

GALLUP: “U.S. EMPLOYERS HOLDING BACK ON JOB CREATION.” (Dennis Jacobe, “U.S. Employers Holding Back on Job Creation,” Gallup, 8/2/2011)

Even if the White House won’t take responsibility for their job-destroying policies, the president’s record-low approval ratings show that Americans know that the Democrats’ policies are making a bad economy worse:

OBAMA APPROVAL HITS NEW LOW OF 44% IN REAL CLEAR POLITICS AVERAGE. (Tweet from Tom Bevan, Twitter, 8/4/2011)

GALLUP: OBAMA 42% APPROVAL RATING “A NEW WEEKLY LOW FOR HIS ADMINISTRATION”: “President Obama's weekly job approval rating for July 25-31 is 42%, by one percentage point a new weekly low for his administration.” (Frank Newport, “Obama Weekly Approval at 42%; Liberal Support Remains High,” Gallup, 8/1/2011)

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