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. Oh Please


    2012 😉

    October 30, 2008 10:42 am at 10:42 am |
  2. KJL

    McCain doesn't understand the economy, so we need to elect Obama. I guess McCain is going to have to learn to play the banjo so he can go on the road with "Joe the plumber" now that he's becoming "Joe the Country & Western star."

    October 30, 2008 10:43 am at 10:43 am |
  3. mike

    once again logic gets "moderated" out of existence by CNN. Do the math! a 0.3% annual drop is projected from a 0.075% drop in the thrid quarter. Subtract from the 2.8 GAIN last quarter because of the Bush stimulus checks and you get a 2.725% GROWTH for the last 2 quarters!! That's right the math from this article says GROWTH even though the article does not.

    October 30, 2008 10:43 am at 10:43 am |
  4. Alice Brinkley

    The US economy will continue to decline if Obama is elected. I will bring all my monies home into my mattress if That One is elected so The One can't get it. Or, will The One We've Been Waiting For set up laws for federal mattress searches? My best guess that folks richer than I am have already started to do this, including corporations who will move out of the country.

    October 30, 2008 10:43 am at 10:43 am |
  5. Proactive voter (Germain SK)

    Sometimes McCain speaks honestly, he once said that he knew nothing about the economy so how can we expect him to fix it?

    McCain is part of the problem while Obama is part of the solution
    If i McCain is elected and then things continue deteriorating I think he will simply say, remember folks I I told you that I know nothing about the economy.

    I am on the side of solutions

    Obama&Biden 08

    October 30, 2008 10:43 am at 10:43 am |
  6. values

    Any of you smart people want to vote for Mccain now.

    Vote Obama......08

    October 30, 2008 10:43 am at 10:43 am |
  7. proud army and navy mom

    Is Sam, aka Joe the Plumber, Palin replacement for VP since her and mcsenile fell out?

    I see that ridiculous dufus everywhere now. Somebody to tell him to fix his teeth and also not every man has the right shape of head to be bald. The look doesn't work for him, he just looks like a skinhead.

    October 30, 2008 10:44 am at 10:44 am |
  8. Mabel

    Those who are receiving medicare benefits better investigate Obama's comment in the last debate on where he would make cuts in the budget. Obama said he would cut medicare subsidies to the insurance companies. I checked to find out what that would affect. All supplemental plans (Humana, Secure Horizons,AARP etc.)premiums would increase,medical costs, so would drugs and co-pays for seniors.

    October 30, 2008 10:44 am at 10:44 am |
  9. Stone Harry

    It hasn't been eight years of failed policy as Barak likes to dish out more lies. We had six years of fine economy! Then the Democrats sneek in a majority into Congress and has tanked our country! Barney Frank is actually running ads for re-election saying he was in the wrong place at the wrong time! Do not trust Democrats! This is what you get! Barak is a liar! He hasn't been straight with America from the start!

    October 30, 2008 10:44 am at 10:44 am |
  10. Pat Pa.

    Regarding the news that Joe the Plumber is joining McSame on the campaign trail:

    To quote Biden, " is this a joke ". I'm ROTFLMAO.
    Haven't laughed this hard since McCain announced he had chosen Sarah Palin as his running mate.

    Obama travels with Bill Clinton and this guy has Joe the Plumber. What does that tell you ?

    Losers all the way!! LOL

    October 30, 2008 10:45 am at 10:45 am |
  11. Tulsa

    I am listening to McCain now........same thing, he can't run on anything except Obama's policies and how he is going to do it different.....but he never says how different.......Joe the Plumber didn't show up......wonder if the lights came on and he realized McCain and Palin are losing .........and that he is being used like an old mop.........Now Palin is on her same of speech......and trash throwing.........I will be so glad when this is all over.........5 more days and then we won't have to listen to Palin and McCain anymore............

    October 30, 2008 10:45 am at 10:45 am |
  12. Arsha, QC, Canada

    McCain called for Joe the "Fake" to stand up for a round of applause as he is campaings in Ohio now, well guess what, he looked quite stupid when Joe the con man never showed... McCain is running out of everything... Obama for a better US and a better world.

    October 30, 2008 10:45 am at 10:45 am |
  13. beyond the hype

    Learn about this man Mr. Obama. Do NOT just go along with the promise of hope… I know we all need things to be better. Obama is not the answer he promises:

    From Audacity of Hope:
    "I will stand with the Muslims should the political winds shift in an ugly direction."

    From Dreams of My Father:
    "I ceased to advertise my mother's race at the age of 12 or 13, when I began to suspect that by doing so I was ingratiating myself to whites."
    "I found a solace in nursing a pervasive sense of grievance and animosity against my mother's race."

    October 30, 2008 10:47 am at 10:47 am |
  14. Micky Galt

    Every economic recession this country ever had including the great depression came at the hands of the republicans. If you don’t believe Google "us recession" write down the dates and see who was president. not very complicated

    It takes lots of people spending money not just a hand full, swapping out their Mercedes for Bentleys.

    As far as cutting the top corporate for rate for Monopolies it just going to make them a larger monopoly also bad for the economy.

    October 30, 2008 10:47 am at 10:47 am |
  15. Leah

    We DEMAND change in Washington!!! GO to your voting place and vote Democratic. Please, even if you have to stand in line a long time in cold, rainy weather. National polls don't mean anything without YOU actually casting your vote.

    October 30, 2008 10:48 am at 10:48 am |
  16. ChrisB

    And in the meantime, Exxon set a record for profits last quarter (something like $14 billion)... and other oil companies weren't that far behind. This has been going on for a few years now. Why are these companies allowed to gouge consumers & rake in billions of dollars while the average American has to deal with layoffs, foreclosures, the disappearance of healthcare & their own pensions, and other woes? I guess it helps to have a fellow cowboy in the White House. Thank God the end of his term is coming up.

    October 30, 2008 10:48 am at 10:48 am |
  17. Ed, Santa Fe NM

    McCain doesn't care about the economy; he's rich.

    All the "Joe" crap is just more GOP ploy to whine and complain without uttering a word of policy or present ideas. It's just dumb show.

    October 30, 2008 10:48 am at 10:48 am |
  18. Dianne

    Yes GDP fell, and Exxon Mobil posted it's highest quarter ever! Third quarter posted a profit of $14.83 Billion. Seems to me they also cried poor and got their fines reduced for the Exxon Valdez disaster!

    Listening to McCain this morning and he's peddaling the nonsense he's been tested. He's been tested alright & he FAILED.

    You've had 2 tests, John.

    Your VP selection & your lack of Leadership on the Economic Crisis.

    October 30, 2008 10:48 am at 10:48 am |
  19. Patriot

    I'm "Joe The Security Officer," and I'll be getting a tax cut under Obama's plan.

    Under McCain's plan, "Joe The Oil Executive," "Joe The Wall Street Trader," and "Joe The Corporate Lobbyist" will be getting even bigger tax cuts than they have under Bush.

    We all know who will look out for the Middle Calss. VOTE OBAMA!

    October 30, 2008 10:49 am at 10:49 am |
  20. Debbie in Missouri

    I find it difficult to believe anyone would want to campaign with Joe the unlicensed plumber.

    The plumber would do better with Obama as President. He is just to dumb to realize it.

    We would all do better with Obama as President: our children, the environment, greeen energy, healthcare, college affordability, taxes, and jobs.

    October 30, 2008 10:49 am at 10:49 am |
  21. AK

    MCCain can not help America right now period! He hasn't the ability and intellect.
    Obama should be the Next President because he has a better plan.
    Everyone, get out there and Vote for OBAMA/BIDEN if you haven't already.
    Thats how we can end the decline in America's economic growth.

    October 30, 2008 10:50 am at 10:50 am |
  22. Leah

    And now we know why Bush isn't on the campaign stage with McCon. Obama can proudly stand on the stage with Clinton!! Vote the Democratic ticket!!

    October 30, 2008 10:50 am at 10:50 am |
  23. KenB, MI

    uh...many corp.s have moved or buying outside of the country...its called high unemployment.

    October 30, 2008 10:50 am at 10:50 am |
  24. william robinson

    CHECK OUT MY BLOG.............. billmrobinson.com

    October 30, 2008 10:50 am at 10:50 am |
  25. Scott in Atlanta

    Alice Brinkley:

    Take your ball and go home. You haven't changed much since childhood and we don't expect much more of you.

    October 30, 2008 10:50 am at 10:50 am |
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