Romney campaign on GDP numbers: Economy is 'stuck'
September 27th, 2012
11:04 AM ET
2 years ago

Romney campaign on GDP numbers: Economy is 'stuck'

(CNN) - Revised GDP numbers, which show slower second-quarter growth than originally thought, reveal the economy isn't going anywhere under President Barack Obama, Mitt Romney's campaign argued Thursday.

"The Obama economy is officially stuck in neutral," campaign spokeswoman Andrea Saul said in a statement.

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Gross domestic product, the broadest measure of the nation's economic health, grew at an annual rate of 1.3% from April to June, the Commerce Department said Thursday, slower than the 1.7% rate the government last reported in August.

Both consumers and businesses spent less than originally thought, and the drought in the Midwest limited agricultural production.

The downward revision came as a surprise to economists who were largely expecting the figure to remain unchanged. It also marked slower growth than in the first three months of the year, when GDP accelerated at a 2% annual rate.

"It's clear our nation's job creators and manufacturers can't afford another four years like the last four years," Saul said. "As president, Mitt Romney will deliver a real recovery, with 12 million new jobs, higher take-home pay, and a stronger middle class."

The Republican National Committee also pounced on the numbers, releasing a research memo on the revision, titled "From Bad to Worse."

Alan Krueger, the chairman of Obama's Council of Economic Advisers, wrote in a post on the White House's website that the downward revision in GDP was due, in part, to the Midwest drought, the effects of which he said the Obama administration "continues to take all available steps to mitigate."

Some good news, however, came for the president Thursday. The weekly jobless claims fell to their lowest level since July–far better than economists were anticipating. Jobless claims are thought of as a measure of layoffs, which is why economists read a decrease as a encouraging indicator.

About 359,000 people filed jobless claims in the week ended Sept. 22, down 26,000 from the previous week, the Labor Department said Thursday. The number of people filing for first-time claims were unchanged in the prior week.

In his post, Krueger wrote the news "shows that we must do more to strengthen our economy and promote job creation."

"Over a year ago, President Obama proposed the American Jobs Act – a plan that independent economists have said would create up to 2 million jobs,' he continued. "The President will continue to push policies that will continue this progress we have made, including incentives to strengthen the American manufacturing industry, investments in our nation's infrastructure, and the extension of the tax cuts for 98 percent of Americans and 97 percent of small businesses."

– CNNMoney.com's Annalyn Censky and Emily Jane Fox contributed to this report.


Filed under: 2012 • Economy • Mitt Romney • President Obama
soundoff (42 Responses)
  1. Bill

    In 40 days, it will be over for you, Mittens. Goodbye.

    September 27, 2012 11:11 am at 11:11 am |
  2. rs

    Yeah, too bad Mr. Romney's party decided to pledge to work against the President 4 years ago and instead wile away the hours passing endless anti-birth control and anti-abortion bills in Congress- instead of helping the President get our great nation (and its people) back in its feet.

    In some places- that's called "treason".

    September 27, 2012 11:12 am at 11:12 am |
  3. NameChi

    This is the problem for Romney and his campaign, stick totelling the american people about ur plans and not commenting on everyday occurences, we know its bad but we also remember how bad it was, so I suggest u Focus!!!

    September 27, 2012 11:14 am at 11:14 am |
  4. Tony

    Unfortunately for Romney, his campaign is also stuck. In fact, it is stuck in reverse. The economy may not be great, but it still has a pulse.

    September 27, 2012 11:18 am at 11:18 am |
  5. Marty, FL

    It's clear Romney is stuck on negativity, instead of focusing on the steady positive growth, reduction in jobless claims, and consumer confidence in FL at its highest level since Oct '07.

    Obama/Biden 2102–Positive–Forward

    September 27, 2012 11:20 am at 11:20 am |
  6. demwit

    Good thing the O-media team is here. Hey! Look at that over there.., is that a red herring??

    September 27, 2012 11:22 am at 11:22 am |
  7. Four and The Door

    "As president, Mitt Romney will deliver a real recovery, with 12 million new jobs, higher take-home pay, and a stronger middle class."
    _____________________________________________________________________________________________
    And the difference is that Mitt Romney is capable of keeping his promises. By now Obama has no credibility. He blew his credibility many times over. The message from voters in November will be accountability. Romney/ Ryan 2012.

    September 27, 2012 11:23 am at 11:23 am |
  8. The Obama Jobs and Economic Depression Continues Unabated... FOUR MORE YEARS OF THIS?!!

    Gross domestic product, the broadest measure of the nation's economic health, grew at an annual rate of 1.3% from April to June, the Commerce Department said Thursday, slower than the 1.7% rate the government last reported in August.
    ==========================================================================================
    Just gotta love that 31% margin of error in Obama's favor! No real surprise here. All of the numbers they release, whether for GDP or jobs, are a total farce that are ALWAYS revised DOWN by large amounts which is almost never reported as front page news.

    The Obama administration has been consistently lying to the American people. WAKE UP AMERICA!! You are being deceived!!

    September 27, 2012 11:23 am at 11:23 am |
  9. mikle

    to: mr. Bill. Your record is perfect, you wrong again.

    September 27, 2012 11:24 am at 11:24 am |
  10. luke,az

    Gov. Romney is NOT presidential material. Rick Santorum said it best, " He is the worst Republican to run against President Obama". The Romney/Ryan Vulture/Voucher ticket would be a disaster for America and the world.

    September 27, 2012 11:24 am at 11:24 am |
  11. rosco

    The most concerning thing, I think, is the use of taxpayer funds to actually abet his re-election,” Gray, who worked in the Eisenhower administration and for other Republican presidents, said in an interview with TheDC on Wednesday

    September 27, 2012 11:25 am at 11:25 am |
  12. mikle

    Wake up America. Don't let this looser another 4 years. Where is hope and change. Forward? Where we go for 4 years? And If Obama better of than 4 years ago. Of course.

    September 27, 2012 11:27 am at 11:27 am |
  13. rs

    Four and The Door

    "As president, Mitt Romney will deliver a real recovery, with 12 million new jobs, higher take-home pay, and a stronger middle class."
    _____________________________________________

    Really? Mr. Romney is so delusional, he believes this will happen simply if he is elected- he doesn't need to do a thing.
    Come on- he hasn't been able to give one simple policy, step or regulation to get to that 12-million job mark.

    September 27, 2012 11:29 am at 11:29 am |
  14. linda

    I would rather our ecomony be stuck in Neutral then to have you Romney as President and put our country in reverse.......slow growth is better than NO growth.....with you and Ryan the growth will be for only you and your rich elite power hungry buddies and the rest of us (middle Class will be thrown into reverse)......OBAMA 2012

    September 27, 2012 11:31 am at 11:31 am |
  15. HOLY TIGHTY WHITIES WILLARD

    So you want to go with the car anology Willard? Willard, YOUR party drove this economy in the ditch! We finally got it out of the ditch and still, YOUR party is producing massive potholes(filibusters) so we can't move forward. So we've got a solution to this problem. We're going to pave the road(kick republicans out of Congress), and put this car into overdrive.

    September 27, 2012 11:33 am at 11:33 am |
  16. Steve- Illinois

    Weekly jobless claims fall? Now that's a spin! 96,000 found jobs, 400,000 gave up looking, doesn't say how many have run out of unemployment, so they can't file a jobless claim this week!
    GDP revised down, from a very weak starting point.

    You libs still claiming a "recovery"?

    September 27, 2012 11:33 am at 11:33 am |
  17. truth hurts

    AGAIN, I ask all the Obama clones in here, WHAT WILL HE DO DIFFERENTLY IN A SECOND TERM????

    What he is doing HAS NOT WORKED!

    NOBODY has been able to answer this question!

    WHY sign up for 4 more years of misery with Obama?!!!

    September 27, 2012 11:33 am at 11:33 am |
  18. vic , nashville ,tn

    The number is stuck but other nation GDP also gone down
    GDP is not so good so time for us to end the Bush tax cut

    September 27, 2012 11:43 am at 11:43 am |
  19. Credibility

    Four,
    You can't be serious. Romney does not take accountability for his lies. He claims to correct his mistakes when it is revealed wrong, but instead Romney doubled down on his pants on fire welfare lies.

    Romney lacks accountability and sadly chooses to even lie about his lies.

    September 27, 2012 11:46 am at 11:46 am |
  20. rs

    truth hurts-

    The reality is that as Republicans refuse to work with the President or Democrats to get this counrty moving (instead playing legislatively with the female reproductive system), the obvious solution is to vote the GOP out entirely.

    September 27, 2012 11:47 am at 11:47 am |
  21. incredulous

    To truth hurts – The economy has shown slow but steady improvement under President Obama, despite Republican opposition. People are voting for President Obama so we can see continued improvement and not head towards another great depression which is what Bush was steering us towards.

    Does that answer it for you?

    September 27, 2012 11:49 am at 11:49 am |
  22. Boo

    And Robme's campaign is stuck in reverse........HAHAHAHAHAHAHAHAHAHAHAHA!

    September 27, 2012 11:49 am at 11:49 am |
  23. Malory Archer

    Of those who "lost jobs and gave up looking", how many are actually retirees who voluntarily left the workforce?

    September 27, 2012 11:51 am at 11:51 am |
  24. Four and The Door

    rs
    ...Really? Mr. Romney is so delusional, he believes this will happen simply if he is elected- he doesn't need to do a thing.
    Come on- he hasn't been able to give one simple policy, step or regulation to get to that 12-million job mark.
    ________________________________________________________________________________________________
    Apparently either you have not been paying attention or you have had your liberal blinders on. Mitt Romney's plan to help create 12 million new jobs involves a broad array of tactics that will allow American businesses to grow and hire. These include regulatory, tax, labor and trade reform. He understands what it takes. He is not confused by economics the way Obama is. He has a record of success in both private and public sectors. He is absolutely qualified to deliver on his promises. And he will. Romneyy/ Ryan 2012.

    September 27, 2012 11:53 am at 11:53 am |
  25. bob

    So why don't you and your buddies who are sitting on all the money in the economy, take them out of their tax havens and invest in our country?

    September 27, 2012 11:55 am at 11:55 am |
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