(CNN) – A report showing U.S. economic growth slowing over the past three months provided ammunition for Republicans Thursday, who pinned responsibility for a weak economy squarely on President Barack Obama.
Reince Priebus, the chairman of the Republican National Committee, wrote in a statement the numbers represented "just more devastating news for struggling American families."
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"Instead of spending his time fighting for American jobs, President Obama is working desperately to save his own," Priebus continued, "As a result, 23 million Americans are struggling for work. We need a new president who understands how the economy works and who will make job creation his number one priority. Mitt Romney will be that president."
Mitt Romney's presidential campaign released a statement and held a conference call characterizing the report as dismal news for Americans looking for jobs.
"President Obama has been claiming that his economic policies have 'worked.' This morning's GDP numbers suggest otherwise," former Minnesota Gov. Tim Pawlenty wrote in a statement from Romney's team. "It seems that the President's poor stewardship of the economy is only going to come to an end when his term comes to an end. Instead of generating growth and jobs, he has only generated uncertainty. Let's hope that the President finds the time amid his busy fundraising schedule to meet with his Jobs Council at least on one more occasion in what remains of his failed presidency."
An adviser to Romney summed up the Republican response on Twitter:
GDP = Grossly Disappointing President #ObamaIsntWorking— Eric Fehrnstrom (@EricFehrn) July 27, 2012
GDP = Grossly Disappointing President #ObamaIsntWorking
The report from the Commerce Department showed the U.S. economy slowed in the second quarter amid weak consumer spending, government cuts and a rise in imports from foreign countries.
Gross domestic product, the broadest measure of the nation's economic health, grew at an annual rate of 1.5% from April to June, the Commerce Department said, down significantly from a 2% rate in the first three months of the year.
The Commerce Department also released revisions going back to the start of 2009. While the revisions showed that growth in 2010 was weaker than previously thought, 2009 and 2011 were slightly stronger.
The economy needs to grow around 3% a year to bring the unemployment rate down significantly, and since consumer spending accounts for roughly two-thirds of the economy, it too needs to grow around 3%.
"The report this morning was not too off of what most economists expectations were with a headline number of 1.5% for GDP growth, but those expectations themselves, and the report itself, were actually quite disappointing. It's a picture of a decelerating economy," Romney economic adviser Glenn Hubbard said on a conference call organized by the presumptive GOP nominee's campaign.
Alan B. Krueger, the chairman of Obama's Council of Economic Advisers, framed the numbers in a White House blog post as the "twelfth straight quarter of positive growth," though he acknowledged the rate of growth was still too slow for job creation.
"While the economy continues to move in the right direction, additional growth is needed to replace the jobs lost in the deep recession that began at the end of 2007," Krueger wrote.
CNNMoney's Annalyn Censky contributed to this report.
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Note that the report focuses on "government cuts and weak consumer spending" as the culprits for the slowdown, which is definitely NOT what the GOP claims is ailing the economy: too much government spending and not enough tax breaks for the ownership class.
And just what is Congress doing to help except play the blame game and take lavish vacations?
I trust that the president has a plan to put more Americans back to work but I can't say the same for the republicans as they need him to fail in EVERY WAY just to keep their jobs and their low class voters happy.
If Barack Obama wins re-election, the national debt will stand at $22 trillion when he leaves office in Jan. 2017.
$11 trillion of debt built up from George Washington to George Bush.
$11 trillion of debt built up by a single President – Obama.
Not bad for one administration. You would think with that debt we would at least get medicare reform, tax reform, social security reform and real immigration reform. Yet the President has no plan for any of those.
Funny thing is, there has been growth since Obama took office. So many republicans seem to forget that we were loosing GDP during Bush's final days in office. This BS kills me.
Republicans, if you care, then past the dam jobs bill.
Stimulus Part II. No thanks. The results are in. Stimulus Part I was a dud. Dump the "jobs" bill.
Republicans are blaming President Obama for Low GDP but they are the one who hold the Purse in the House.Why they are not taking equal blame with Obama for the low GDP?
To all of you liberal drones out there – name one thing the president has done to spur economic growth and job creation. Just one single thing. All of his anti-American targeted tax hikes on the "millionaires" that earn $250k annually is actually a massive tax against small businesses. In turn, those small businesses cannot hire new employees, cannot give their current employees the raises they deserve, and ultimately cannot even retain the current employment levels.
Obama has spent an ENORMOUS portion of his presidency pushing for a job-killing, tax laden health care reform act, and has spent the rest of his presidency trying to push massive tax increases on the wealthy and the small business sector of our nation, which employs the vast majority of our citizens.
Where is his jobs focus?
You can complain all you want about the GOP promising jobs in 2010, but every real effort they have undertaken – with actual (gasp!!) sound economic logic – has been thwarted by a Senate that only wants to push Obama's anti-christian, anti-GOP, anti-wealthy, anti-business, anti-success, ANTI-AMERICAN agenda.
So I ask again. What policy of Obama's has actually been intended to increase hiring and job growth? Name it. He's squandered trillions of our tax dollars... for what?
The GOP is not concerned with the middle class. They are only hoping to re-package their obstructionist stance of the past 3+ years into an electoral victory in November. Even Boehner and co. know that their ‘Job Plans’ would never actually work. They were never actually designed to do so.
It could have been a whole lot better if the Worst Republican Congressional House had not sabotaged every piece of legislation proposed by the Democrats since Obama took office!
Their number one goal was to prevent any positive legislation from Obama and make him a one term President...
It failed and Obama will have a second term.
This weeks news on Romney verifies that he should not not be allowed to go anywhere without prewritten speeches for everything like Bush did..
He is worse than Dubya and Palin, if that is possible -
Obama is killing my business...while not a millionaire, Obama will tax me as though I am – GREAT.
I've seen nothing but stupid moves by Obama's direction anbd policies. Healthcare is less than before andcosting me more. I guess I need to go on welfare as he is encouraging more Americans to do that. Let the Gov't run up te debt to pay for everyone who can't manage any longer, and then tax the only folks who do try to work hard and making a living.
Obama's change is NOT good for me that is for sure. Leave te Oval Office and get a real job to see how the economy works...oh that's right he does't need to becase he's a multi millionaire playing the system..
23 straight months of job growth, and 12 straight quarters of economic growth under President Obama. Only in the right wing delusional bubble is this a bad thing. We're going in the right direction! The GOP response is to suggest we need to return to the policies that nearly destroyed this country, with a soulless, convictionless manbot at the helm. NO WE WONT!!!!
All those VP running but the other way they are not givening up there job and lose both do you blame them I dont by no mean. Bless.
Somewhere along the way, someone will figure out that the EPA has become the largest obstacle to the American economy.
Every time American business and industry meets the EPA rules, they tighten the rules further. How can this not be like tightening a noose?
The environment is better than it was when the agency was chartered, yet their goal has become self-perpetration.
It's at the point today where measurable pollution from Asian countries has become a reason for the EPA to regulate American industries out of business.
There needs to be a balance, not a self-important fourth branch of government whose record is clearly anti-business.
Just shut up and go to work. The people who spout off about entrepreneurship and the american dream are the same ones who encourage whining and complaining that it's too hard. Kind of a paradox isn't it?
Most business regulations or lessening of aren't for small business, they're disguised as such to garner support so they will pass. They are intended to benefit large corporations who have a hand in writing and can afford to manipulate the business environment just to be spiteful.
So no mention from the GOP how that the annual growth in Real GDP was -5.1% at the end of 2008 and was positive 3% at the end of 2011. Might I add that the fact that it is still positve despite growing finacial concerns all over world proves that President Obama is doing something correct. I love that when job growth or GDP growth slows the republicans would have evrybody believe that it went negative. Nothing is negative, it just slowed down, as the economy seems to be doing every summer the past few years.
yet the republicans block jobs bills and contnue to support sending jobs overseas...
I'm neither Republican or Democrat....obama is gone in Nov, and for good reason. Go to any other news site...
The King ~ right on target. Facts confuse the idle minded GOP-tees.
All those VP canidate running but the other way they are not givening up there job and lose both do you blame them I dont dont by no mean. Bless.
Why doesn't the GOP make up its mind? The House has been doing everything it can to kill off GDP.
Don't kid yourselves. A GDP of 1.5% is really bad. Especially when over the last two months, more people received disability benefits for the first time, than the number of jobs created. FYI... the UK's economy has contracted in the first and second quarters. Folks, if they raise taxes on persons with incomes higher than 200K, there will be an exodus of wealthy people to lower tax countries. SEE FRANCE (where rich are moving out of France, along with their businesses, because of high taxes).
Congress opted out of this responsibility.
Turn the House in 2012
First two years of the administration we had a really excellent turnaround. GOP takes the House, and look what happens.
The boom is the problem, the recession is the cure. Manipulation and intervention will only postpone the correction and allow our underlying problems to fester.
With each dose of stimulus, we need more to get the same effect. Its diminishing returns are significant and sooner rather than later we will be dealing with the real recession which no bureacrat weilding a printing press can stop.
I'm glad Ron Pauls audit the fed bill passed the house. Harry Reid has vowed to not let it come to a vote in the senate, even though in 1995 he was urging for a very simiilar bill to be voted on. I think if the American people really knew about the Feds dealing with foreign nations and central banks, they would be pretty angry.
The Republican Congress has done the most to obstruct any act to enhance the economy because they put their party aims above loyalty to the country. Because they serve corporations and wealthy shareholders who put their bottom line and wealth abouve loyalty to the welfare of the naiton and its people who are the real job creators.