June 8th, 2012
03:37 PM ET
2 years ago

'The economy is not doing fine,' Obama clarifies

Washington (CNN) - President Barack Obama, walking back his assertion at a press conference the "private sector's doing fine," acknowledged Friday that "it is absolutely clear that the economy is not doing fine."

The struggling economy, he clarified, is "why I had the press conference."

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"That's why I spent yesterday, the day before yesterday, this past week, this part month, this past year talking about how we can make this economy stronger," Obama said in the Oval Office. "The economy is not doing fine. There are too many people out of work. The housing market is still weak, there are too many homes underwater."

In the press conference Friday morning, Obama touted job growth in the private sector of the economy, describing the public sector - state and local governments - as the weight dragging the economy.

"The truth of the matter is that, as I said, we created 4.3 million jobs over the last two, 27 months, over 800,000 just this year alone. The private sector's doing fine," Obama said. "Where we're seeing weaknesses in our economy have to do with state and local government, oftentimes cuts initiated by, you know, governors or mayors who are not getting the kind of help that they have in the past from the federal government and who don't have the same flexibility as the federal government in dealing with fewer revenues coming in."

CNNMoney: Obama to Congress: Do something

Republicans wasted little time on Friday hammering Obama for his remark. GOP presidential candidate Mitt Romney asked at a campaign event in Utah if the president was "really that out of touch."


Filed under: President Obama
soundoff (353 Responses)
  1. Mike

    (Scene of Rome burning in the background)...Obama: NOTHING TO SEE HERE!!! EVERYTHING IS FINE!!! GO BACK TO YOUR HOMES!!! NOTHING TO SEE HERE!!!

    Can November hurry up and get here so we can vote this idiot of a president out of office. Disclaimer: I voted for the idiot the first time, I won't be making that mistake again.

    June 8, 2012 06:02 pm at 6:02 pm |
  2. NoBama in No12

    Sorry America. It's obvious that I have no idea what I'm talking about, ever, whether it's race relations, the economy, illegal immigration, taxes, debt or class warfare. Teleprompter went dead for a second and I came up with the first thing that popped into my mind. Four more years. Please send donations. Love, Barack.

    June 8, 2012 06:03 pm at 6:03 pm |
  3. Axelrod

    For 6 years now, I have been telling Obama what to say and not to say, and he still fumbles the ball now and then. Yet my biggest issue with my protege is the fact he loves being a President a lot more than loving America. But give him a break, he grew up everywhere else, so why would he care much for this country except come the election time. Still, he is going to pull through for another term, because that jerk Romney cares for the US as a used car salesman cares for you.

    June 8, 2012 06:04 pm at 6:04 pm |
  4. BO stinks

    Standard & Poor’s Ratings Services on Friday affirmed its AA+ long-term credit rating on the U.S., still a notch below the coveted AAA rating, while maintaining a long-term negative outlook.

    June 8, 2012 06:05 pm at 6:05 pm |
  5. mike proctor

    Hold on dummy, what the President mean't was that the private sect is doing just fine in producing their share of jobs, not great but still better then the public sect. If the republicans/tea baggers has not fire so many public workers than the employment rate would be around 6.5%. It have alway been the job of the Federal Government to help the state,county and local government to off-set their taxes collection because low income states are not able to collect enough taxes because the people are not able to pay/New York-Mississippi. In reference to President Clinton and his comments I said in a small and short statement "HIS FOUNDATION NEED MONEY TO SUPPORT HIS PROGRAMS" NOW TAKE IT FROM THERE. Ronmey will never be for the people (low/poor/middle-class) in this Country because he truely believe that they need to get out and get a job. The people in this Country better wake up and see this man for what he is before it to late.

    June 8, 2012 06:06 pm at 6:06 pm |
  6. Debbie

    American's were speaking when a republican took Ted Kennedy's seat. American's were speaking when the 2010 "shellacking" occured, Obama didn't listen. American's just spoke again when Scott Walker a republican won Wisconsin twice with 35% of union household votes.

    Can you hear us now liberals?

    June 8, 2012 06:09 pm at 6:09 pm |
  7. Steven Daniel

    "The economy is not doing fine" No kidding. Resign for the good of the country.

    June 8, 2012 06:09 pm at 6:09 pm |
  8. Vumba4

    Flip flop, flip flop...A month ago he would have strutted off the stage and never looled back. Now, the fire is getting closer by the day. Does he really know what he is saying or is he making it up as he goes? Wow!

    June 8, 2012 06:10 pm at 6:10 pm |
  9. Vumba4

    Does he know what he is saying?

    June 8, 2012 06:10 pm at 6:10 pm |
  10. HMW011

    Obama's shovel ready jobs have been shovel ready alright. All that moeny added to the debt for naught. His economic policies have been horrible. He is out come November!

    June 8, 2012 06:12 pm at 6:12 pm |
  11. Joseph B

    Cloudjumper – "Libtards"? You hate so many Americans, I think you must be a terrorist...

    June 8, 2012 06:13 pm at 6:13 pm |
  12. Greenspam

    American voters... chose the President from one party and Congress from another party and as a result, nothing can get done. What a joke.

    Voters should choose Legislatative and Executive with super majority in Senate from 1 party. Let them do what they want. If in 4 years, it didn't work, kick them ALL out and give the other party 4 years to do what they want. If that didn't work, kick them out again....

    June 8, 2012 06:15 pm at 6:15 pm |
  13. kman02

    The President is correct in his assertion. The economy is fine. We have record profits abound...they just aren't unless they absolutely have to to maintain productivity. The 'sky is falling' House leadership and TP freaks don't like it and will do NOTHING to strenthen it. The LAST thing they want is to do something good for the economy. What a bunch of do-nothing, treasonous liars.

    June 8, 2012 06:16 pm at 6:16 pm |
  14. Greenspam

    American voters... chose the President from one party and Congress from another party and as a result, nothing can get done. What a joke.

    Voters should choose Legislatative and Executive with super majority in Senate from 1 party. Let them do what they want. If in 4 years, it didn't work, k**k them ALL out and give the other party 4 years to do what they want. If that didn't work, k**k them out again....

    June 8, 2012 06:16 pm at 6:16 pm |
  15. billy

    No wonder we are in big trouble – Geez ;-)

    June 8, 2012 06:17 pm at 6:17 pm |
  16. guslvnv

    This guy is so full of it I am surprised he doesn't drown in his own bs,,,

    June 8, 2012 06:17 pm at 6:17 pm |
  17. Bamboo

    Lies on TV, Says he didn't say that. WOW

    June 8, 2012 06:18 pm at 6:18 pm |
  18. Bobbob

    Steve said, "President Clinton has already said this week, "we are in a recession". President Clinton did more in his first four years to balance the budget and work with Republicans than Obama has all his entire adult life."
    y
    WOW, Obama hasn't worked with the Republicans????? I think you have that backwards. The Republicans have done everything that they can to obstruct anything the Democrats have proposed. It doesn't matter if it is good, bad, or in between, if the Democrats proposed it, the Teabaggers have stood in its way. Maybe Obama should propose that he step down and just make Romney POTUS, since the Teabaggers would oppose that also if he proposed it.

    June 8, 2012 06:18 pm at 6:18 pm |
  19. griffbos

    Unlike Romney the President has more on his plate than running for public office, this is waht tone of the rare times Obama has mispoken, while Romney has what atleast 2 dozen to credit in just the last 5 months so for him to jump all over Obama when most people knew what Obama was saying just shows how sleazy Romney really is, and we still have yet to hear what Willard is going to do for us , if his term as Governor is any clue it means higher taxes, passing the buck with no substance..............I love Romney's new lies claiming he didn;t raise taxes while Governor , he most certainly did I know first hand was my pay check shrank while he was my Governor......I likes to claim how he balanced the budget, he has to prsent a balanced Budget by law number one and number two he left the State with a defict in his last Budget forcing service cuts and tax raises by the incoming Govenor to close the Budget shortfall....This reupublican will stick with Obama then risk the upheavel Romney will cause...........

    June 8, 2012 06:18 pm at 6:18 pm |
  20. WDinDallas

    @tumbleweed

    If you ain't growing, you are going backwards......you obviously do not own your own business.

    June 8, 2012 06:19 pm at 6:19 pm |
  21. Bamboo

    Lies on TV, Then says I didn't say that in a office somewhere.

    June 8, 2012 06:20 pm at 6:20 pm |
  22. the_dude

    Hey Obama....its the economy stupid

    June 8, 2012 06:21 pm at 6:21 pm |
  23. Anonymous

    So, was obama agaisnt it before he was for it? Or, was obama for it before he was against it? Man, I can't keep up with the lies from that man myself!

    June 8, 2012 06:21 pm at 6:21 pm |
  24. Aaronc

    These same people opposed ANY stimulus and rejected stimulus money when their states were given it. Now they are saying, "why didn't you make the economy grow faster". Because Republicans actively obstructed economic growth. Because Republicans said the stimulus was too big when actually it was too small. If you wanted faster economic growth then you needed a bigger stimulus. If you want to start a business you can't do it without spending money. In the same way you can't jumpstart businesses with no stimulus money. And you can't give a tax cut to a guy who is unemployed and making no money. You absolutely cannot cut your way to business growth or economic prosperity. It's like saying that when people are sick that they should cut back on medical spending. You can only afford to cut back on medical spending when you are healthy.

    June 8, 2012 06:22 pm at 6:22 pm |
  25. slickteigkcmo

    For our view of the economy: Our city of Kansas City MO area is doing well, we have construction going on in building , housing, highways, new homes, we have most people I know finding a job. Our two college grads just found jobs...... so yes, things are looking better!!! My husband and I have good incomes, we're not wealthy but rich, blessed in other ways... We're shopping , spending again, not going "crazy" but definitely contributing to the economy, sooo Yeah!!!! It's lookin better in our little town, we have plenty of people in our area, so hope you can stay in your town and do as well, thank you , good luck, go spend some money, God Bless us all!!! *** If you want to visit, that's great, but we're getting on the crowded side...so don't come here, live and want to drive , unless u come for a visit hehehehehe , well we might have room in the kc area for a few more :)so bring money, and invest, spend it here :))plz don't tell too many others about how good it is here ,unless it's for a vacation..;)

    June 8, 2012 06:22 pm at 6:22 pm |
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