October 30th, 2008
09:05 AM ET
14 years ago

McCain, Obama react to tough economic news

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/10/20/art.split.cnn.jpg caption=" The candidates reacted this morning to tough news about the economy."]
(CNN) - Both presidential campaigns reacted Thursday morning to news the nation's economy slammed into reverse in the third quarter and suffered the biggest decline in seven years.

The gross domestic product, the broadest measure of the nation's economy, fell at an annual rate of 0.3 percent in the period, according to a government report Thursday. That compared with a 2.8 percent growth rate in the second quarter, when economic stimulus checks and strong exports resulted in solid growth that vanished in the latest reading.

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Filed under: Candidate Barack Obama • John McCain
soundoff (201 Responses)
  1. Roger K.

    McCain does not seem to offer any solutions just attack. He wants to make Joe the Plumber a hero. Joe the Plumber can't even understand a tax chart.

    October 30, 2008 10:28 am at 10:28 am |
  2. CD

    How stupid are republicans? If Obama is as dangerous as you say and the famous FBI, CIA and other law enforcement agencies allowed him to run for presidency then we are doomed. Get you scary acts out from our way and do something good with yourselves. This is the land of the free and we have decided Obama is the guy of reason for the season. Your fear tactics will not work. Well at least in the old testament God also used Gentile Kings in the bible that were not Jews or did not believe in him to help Israel and do his work.Learn from Jesus and do not judge like he forgave the adulterous woman and when he sent his disciples on a mission he told them not to judge but preach the good word and whoever accepts it fine if not just dust your feet and leave the judgment for God. I'm a christian too and don't believe in Abortion and other things like Gay marriage but I will spread the good news of God's love and leave it to God to judge them as Jesus instructed. And by the way we are all living a book written by God because he is Alpha and Omega and knows everything that will happen so give him credit for once that he is in charge of everything. He that has no SIN should cast the first stone.

    October 30, 2008 10:28 am at 10:28 am |
  3. John in Ohio

    There's a big difference between Obama's economic plan and McCain's trickle-down economic plan.

    Think of the economy as a great big tree, with the wealthy way up as the top leaves, and the poor are the roots at the bottom. McCain wants to water the leaves on the top, and hope that the water trickles down and some water gets to the roots of the tree. Obama wants to water the ground at the base of the tree, where it is taken in by the roots, and goes up through the whole tree.

    When the top gets money, there's no guarantee they'll use that to create jobs or to pay better wages. They'll hire as few people as they can, pay them as little as they can, and give the rest to themselves as bonuses. But when the roots get money, they're going to spend it, and when they spend the money, the people on the top make money. And it's not money handed to them by the government in the form of credits or tax cuts, it's money that gets pumped up to them through the capitalistic processes of our economic system.

    If you only water the top of the tree, the roots die, and the tree dies. This is currently happening in our economy.

    October 30, 2008 10:28 am at 10:28 am |
  4. Bob Indianapolis IN

    "I voted with the president 90% of the time. More than many of my Republican colleagues." -John McCain

    Blue tsunami is calling your name!
    We aren't gonna stand for four more years of the same...

    October 30, 2008 10:29 am at 10:29 am |
  5. Frank G

    Wait, maybe today McCain will find the solution through his new advisor:
    JOE THE DUMBER

    October 30, 2008 10:29 am at 10:29 am |
  6. CanIcallyouJoe

    McCain has six houses. What does he care about the economy?

    October 30, 2008 10:29 am at 10:29 am |
  7. cool onlooker

    All Joe's can come out campaign for McSame now.

    Obama only needs self-confidence to win.

    October 30, 2008 10:29 am at 10:29 am |
  8. Will the Real Maverick Please Stand Up?

    Well, let's see…the McCain/Palin campaign has been erratic, angry, flip-flopping, hateful, socially divisive, lying, distorting, extremist, unable to put together any coherent message/vision for the road they plan for this nation.

    They have offered and continue to offer nothing. Zero. Zilch.

    What does McCain bring to the table? 'Obama this', 'Obama that', 'That One'. Not one policy, plan or vision.

    Oh...they brought 'Joe the Plumber', 'Tito the Builder', slanders of 'socialism', 'he was hanging out with washed up terrorists', 'he was hanging out with an Arab', sleaze, slander...lies.

    Palin? All she has to offer is her religious extremism, corruption, ignorance and her idiocy.

    No John, you don't have what it takes to rule this grand nation. You never did and never will.

    'I'm not George Bush!' He says. Well 92% of you is.

    You have sold your soul, dignity and honor for so little.

    Go Away little man. You are not worthy.

    October 30, 2008 10:30 am at 10:30 am |
  9. Anonymous

    Go Democrats!

    Registered Republican "voted" Obama/Biden 08

    October 30, 2008 10:30 am at 10:30 am |
  10. bruce

    McCain trickle down has not worked...
    I also see where Exxon/Mobile posted record profits...

    October 30, 2008 10:30 am at 10:30 am |
  11. JIM HAWK

    maybe joe the plumber can fix it....NOT !!!! you are a sad man mccain.
    maybe sarah the sleeze can fix it...NOT !!!!!

    October 30, 2008 10:30 am at 10:30 am |
  12. Clinton Democrat for Obama

    With poor economic news like this, I'm glad Sen. McCain admits he's strong on the economy and chose a qualified runningmate who's strong on the economy

    October 30, 2008 10:30 am at 10:30 am |
  13. James L

    I guess McCain sees no problem with Exxon's record profits this quarter. ... and that does not include the tax break he wants them to get under his tax plan. ...

    October 30, 2008 10:31 am at 10:31 am |
  14. ANGIE

    Just look at this mess Bush and Republicans have created, And what are you gonna do Mccain keep talking about Obama? folks 5 DAYS 5 DAYS, VOTE Lets end this 8 year Nightmare turn the page and Elect Obama FOR THE REAL CHANGE!!!

    October 30, 2008 10:31 am at 10:31 am |
  15. james

    Mcain has ran out of anything new to say or do except parade new faces before the camera in hopes of getting attention.- His "tank" is bone dry.-- Obama seems tireless-

    October 30, 2008 10:31 am at 10:31 am |
  16. Scott in Atlanta

    Interviewer: Senator Mccain and Governor Palin, what kind of plans do you have for this country?

    Mccain: My friends, pow, iran, ayers, wright, khalidi, fight, right where we want them, obama this, obama that, Reagan, maverick, mavericker, maverickest, experience, pitbull, russia, joe the plumber, joe the plumber, joe the plumber, pelosi, reid, obama, vote for me…

    Palin: Alsooooo, up there, and also because too that they were up there (wink) mavericky, (wink), joe the plumber, socialist, ayers, wright, khalidi, maverick, wardrobe, consignment shop, russia, up there, also, too also, Katie Couric, liberal, liberal media, tito, hannity, great state of Alaska, fight, energy, oil, alaska, wasilla, down syndrome baby (supersize that), also up there, pit bull, lipstick, also, too… Thank you, vote for me! Oooops. I mean us.

    October 30, 2008 10:31 am at 10:31 am |
  17. Karen

    John McCain will continue the failed economic policies that Pres. Bush has been using for the past eight years. We need change. Barack Obama is the ONLY change candidate. He has a real plan, a steady hand, and the temperament and wisdom to guide us through these difficult times. John McCain is erratic, and he lurches from one attack, plan, idea, plumber, to another. Senator Obama is the calm, clear voice in the storm.

    October 30, 2008 10:31 am at 10:31 am |
  18. F. Taylor

    Obviously the GOP has completely lost it's way and unless they retool their party immediately there will not be any hope for recovery.

    The sensible Republicans have all abandoned the GOP and are supporting Obama with nothing left for John McCain but the extemists and kooks with their own personal agendas.

    America needs at least 2 strong political parties to keep an even balance but as of now there is only one so hopefully the GOP defectors can take their party over and get rid of the religious extremists and build their party back up again with a moderate agenda that works in today's society.

    October 30, 2008 10:31 am at 10:31 am |
  19. Sam the Butcher

    "The fundamentals of the economy are strong, my friends"

    On a related note, I called some Joe guy to fix my toilet over 48 hours ago, where the heck is he??

    October 30, 2008 10:32 am at 10:32 am |
  20. Mimi

    You know....I'll bet Pres Bush voted for Obama! :-))))))))

    October 30, 2008 10:32 am at 10:32 am |
  21. mike

    so, looking at this math, we have a 0.3 "annual" rate drop, that's actually only a 0.075% drop for the third quarter, subtract that from the 2.8% growth rate for the second quarter and you get at 2.725% GROWTH in the GNP for the last 2 quarters. Outside of the GROWTH being a bit slow, it's still GROWTH. This growth is also due in part by President George W. Bush's stimulus checks. Where's the problem Democrats?

    October 30, 2008 10:32 am at 10:32 am |
  22. Amy from MIchigan

    McCain wants to give another 4 billion in tax breaks to companies like Exxon Mobile, who once again announced record profits today.

    Unless Joe the Plumber holds Exxon stock, I don't think this will "trickle-down" to him anytime soon.

    October 30, 2008 10:32 am at 10:32 am |
  23. slickingdom

    Please vote Obama/Biden '08/'12. We as Americans need a positive
    new direction. The McCain/Joe-the-plumber ticket is all washed up !!

    On November 4th
    Vote Obama/Biden '08/'12

    October 30, 2008 10:32 am at 10:32 am |
  24. Purple Nurple

    We all know we are in ression. I guess they had to wait for the numbers to come in, but talking to the average american and listeninng to him her say we are in a ression is not good enough for the Rich guy rethug party. I knew something was wrong last year, but I could not "prove it" with number. Oh well, Obama is going to win next week and I am taking my country back from the thug party!! you betcha....wink....wink!!

    Obama/Biden 08!!!!!!!!

    October 30, 2008 10:33 am at 10:33 am |
  25. Uncle Fester

    Tough economic news-brought to you courtesy of the policies of
    Bush and McCain.
    So what does McCain do? He trots out a fake plumber, who thinks he is going to buy a business, except he can't afford it; who thinks that licenses are for everyone else; who thinks paying taxes is for everyone else. What a complete joke

    October 30, 2008 10:33 am at 10:33 am |
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