Economy, Leadership and Reality

Posted by Brian Patrick on

FYI – 

Yesterday, DNC Chair Debbie Wasserman Schultz falsely claimed that President Obama’s leadership has turned the economy around. Even President Obama downplayed that very notion saying, “it’s going to take time” to fix the economy. If the President’s economic policies had truly turned the economy around then 90% of Americans wouldn’t be giving the economy a negative rating, columnists wouldn’t be criticizing his failure to create an environment conducive to economic growth, and economists wouldn’t fret the potential of a slowdown in hiring.

  • Yesterday: Debbie Wasserman Schultz: ... we were able to, under President Obama's leadership, turn this economy around. (Meet The Press, 6/12/11)
  • Saturday: President Obama: “I wish I could tell you there was a quick fix to our economic problems. But the truth is, we didn’t get into this mess overnight, and we won’t get out of it overnight. It’s going to take time.” (President Barack Obama, 6/11/11)
     

Background:


The American People Don’t Think President Obama Has Turned The Economy Around:

  • 90% Of Americans Rate The Economy Negatively and Nearly 60% Say The Economy Hasn’t Even Started To Recover. “By 2 to 1, Americans say the country is pretty seriously on the wrong track, and nine in 10 continue to rate the economy in negative terms. Nearly six in 10 say the economy has not started to recover, regardless of what official statistics may say, and most of those who say it has improved rate the recovery as weak.” (The Washington Post, 6/7/11)
  • 65% Of American Say The Country In On The Wrong Track. “Thirty-nine percent said they expect to be in the same economic position they are now, but 65 percent also said they believe the country is on the wrong track.” (The Hill, 6/6/11)


Columnists Don’t Think The President Has Turned The Economy Around:

  • President Obama’s Economic Policies Have Failed To Instill The Confidence Necessary For Economic Growth. It’s a cliché — but true — that a huge obstacle to a stronger economic recovery is the lack of confidence in a strong recovery. If consumers and businesses were more confident, they would be spending, hiring and lending more freely. Even a slight relaxation might do wonders for the subpar nature of the expansion, highlighted by May’s meager 54,000 increase in payroll jobs. Instead, we’re deluged with reports suggesting that, because the recession was so deep, it will take many years to regain anything like the pre-crisis prosperity. (The Washington Post, 6/13/11)
  • Uncertainty Over Tax Rates, Medicare and Health Care Continue To Undermine Job Growth. Indeed, this mortgage mess just feeds the three other big problems undermining U.S. job growth today: weak aggregate demand, structural impediments and an epidemic of uncertainty about what the future holds for everything from health care to the rate of taxation to Social Security and Medicare spending to the availability of credit to the general direction of the economy ... (The New York Times, 6/13/11)


Economists Don’t Think The Economy Has Turned Around:

  • Economists Say The Potential For A Slow Down In Hiring Remains The Greatest Threat To The Economy. The potential for a persistent slowdown in hiring is the biggest threat to the U.S. recovery, according to economists in the latest Wall Street Journal economic forecasting survey, as they sharply cut the number of jobs they projected the economy would create in coming months. "If jobs don't grow fast enough, the recovery will sputter," said economist Nicholas S. Perna of Perna Associates. (The Wall Street Journal, 6/13/11)
     




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