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. Tracy

    Mike wrote:

    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.

    I am not an economist but I beleive the article and many experts state that the only reason we had growth last quarter was due to the stimulus checks (you know, money we borrowed from China to buy stuff made in China to make it look like we are not so deep in the hole). The stimulus package was a temporary fix and now that the fix is gone, the true nature of the economy is showing itself. Our economy hasn't been growing for some time- Bush and his Republican policies have just been hiding this fact very well.

    Mike- get your head out of Rush's behind and start thinking for yourself. The vast majority of Americans have seen NO GROWTH in their incomes or standards of living. Our economy is tanking and you are trying to state it isn't all that bad because it looks like we have had "growth"????

    Everyone- GET OUT AND VOTE, VOTE VOTE TUESDAY!!!!!!!!!!!!!!!!!!!!!!!

    October 30, 2008 11:01 am at 11:01 am |
  2. Bill the Blogger in NY

    Please Vote!
    McCain/Palin and Fox News are counting on the 'I don't have time to vote for Obama voters.'
    Polls are nice but it is the actual results that are deciding.

    Nov 4th I will do my part for my country,
    Obama/Biden in 08!

    October 30, 2008 11:02 am at 11:02 am |
  3. forrest kimbrough

    Stimulis package is a fancy name for spreading the wealth and giving Alaskans a check a month for the oil they drill there is socialism and we pay for it at the pump. Companies sending jobs over seas is anti american and those owners should loose their right to vote and should no longer be considered americans. The republican rich while saying they are patriotic needs to pay their share in taxes to help pay for the wars in Iraq and Afgahnistan..Freedom comes with a cost.

    October 30, 2008 11:02 am at 11:02 am |
  4. Illinois Blue Dog

    To "beyond the hype"
    -Your malicious lies about Obama show you to be nothing more than a sheep following the fringe elements of the right wing. Why don't you peel yourself away from the Rush Limbaugh radio show, go to snopes.com and find out the truth about your supposedly truthful Obama quotes. You are an idiot and a spreader of lies. Why don't you fact check things before you spout your hate

    October 30, 2008 11:02 am at 11:02 am |
  5. Vincent, Great Lakes, Illinois

    Beyond hype

    You didn't even read the books, you got this information from a junk e-mail. I read both books and by posting lies, you prove yourself to be an idiot.

    Fact check baby, fact check if you don't believe me and are too stupid to check things out BEFORE posting.

    October 30, 2008 11:02 am at 11:02 am |

    Why a bad economy helps Democrats is beyond me. It should hurt them. Every time we've raised taxes in a bad economy, it's gotten worse. That was done in 1929 and plummeted the country into the Great Depression. What a shame the general public, especially the looney left, is ignorant of this proven fact.

    October 30, 2008 11:02 am at 11:02 am |
  7. FLORIDA for Obama

    to Beyond the Hype

    Did you actually READ those books or are you just copying the neocon BS that was sent out in the same email I got?

    Maybe you should READ them and get everything in the right context BEFORE you message.

    October 30, 2008 11:03 am at 11:03 am |
  8. Eascogal

    Douglas Holtz-Eakin need to shift his economic philosphy to accommodate for the shifting circumstances and not continue on a model that brought on the calamity of our economic nose dive. He fails to understand that while Bush injected the current policies back when he did it cost taxpayers mounting costs that led to trillion dollar deficit for a zero ROI for all taxpayers and not just to the rich who got richer! How else can the government reel in fresh funds to reduce the deficit while improving the economy without MONEY! It takes money to make money, stupid! Stop thinking with the heart and start reacting with common sense!

    October 30, 2008 11:03 am at 11:03 am |
  9. Anonymous

    This is the very reason why one shold not vote for:


    October 30, 2008 11:03 am at 11:03 am |
  10. Dan

    beyond the hype,

    And McCain is the answer? I think his promises are a hell of a lot more ludicrous than Obama's (ie – "I know how to fix the economy ... I'll fix it" and "I know where Osama Bin Laden is ... I know how to get him ... I'll get him.") Does he really know where Bin Laden is? Really? He honestly sounds like a defensive fifth grader when he says that kind of stuff. Not to mention the fact that lately, he never seems to focus on what HE HIMSELF would do as president ... just on how potentially bad Obama would be.

    BTW, McCain looked awful on Meet the Press the past weekend. Someone needed to say it.

    October 30, 2008 11:03 am at 11:03 am |
  11. MaryJo Bruce Surprise, Ariz

    It does matter whos president concerning the economy. I don't care for either of the runners. However, Obama wants to raise taxes, start the death tax up again and multitudes of other taxes. This will ruin an already money starved public. Think about it. If you want more taxes and less jobs from Obama taxing businesses. Small businesses at that. And they will have to lay off people and increase prices to stay alive. McCain will be the only way to go at the present. Maybe you have lots of money and don;t care. But, I don't and most of my friends don't. WE DO NOT NEED MORE TAXES PERIOD!!!!!!!!!!!!!!!!

    October 30, 2008 11:03 am at 11:03 am |
  12. karen-phoenix

    This republican in AZ is voting for Obama/Biden for the future of The United States of America!!! God Bless Them!!!

    October 30, 2008 11:03 am at 11:03 am |
  13. Independent but Leaning

    Obama's response: "It's not that I want to punish your success, BUT... we gotta spread the wealth around."

    Raise taxes on business and capital gains? say buh-bye to jobs.

    He should spread around some of the $600 million he brought in on by breaking his word. That would put a lot of underprivileged kids through college and pay for a lot of abortions.

    October 30, 2008 11:04 am at 11:04 am |
  14. Bill,ca

    McCain today introduced Joe the Plumber at his ralley in Ohio but you know what? Joe the Plumber was nowhere to be found hahahaha.

    Just a handfull of people showed up for this ralley and Cindy McCain had to fill in for Joe the Plumber.

    What a boring speech by McCain, nothing substantial only attacks on Obama.

    Oh well, so much for commander and chief, he lost it.

    Obama / Biden 08

    October 30, 2008 11:04 am at 11:04 am |
  15. omono

    i am not an america,but i wish i cld vote for obama,i dnt understand why americans wil queve 2 vite for mccain,i used 2 rate their inteligence so high,now i know they are not just as intelligent as i thought,mccain kips making useless decisions,suspending his campaign,chosing a retard for vp,lying even in the church,God and ppl want 2 vote for him 2 be d president of the united states of america,shame shame shame,for amy1 who queves for mccain

    October 30, 2008 11:05 am at 11:05 am |
  16. annette

    Yo, "beyond the hype" how many times have you been told you are a jerk, has it not penetrated your thick skull. Do you live in a hole along with all the other a..holes.
    You know I am reading Mr. Obamas book right now, and I do not find any of your doragatoris comments anywhere. Try another one.

    October 30, 2008 11:05 am at 11:05 am |
  17. Mavwreck

    beyond the hype-do you enjoy making yourself look stupid.? The actual quotes from the books do not resemble what you posted, and it is quite easy to verify that.

    October 30, 2008 11:05 am at 11:05 am |
  18. Marc

    I understand the negative feelings many of you have toward the Republican Party, but I don't understand your hero worship Of Sen. Obama. Yes, he doesn't look like the guys on the dollar bills, and he has talked a good game thus far. But, you really act like he's the second coming, and between the German crowds, the Greek columns, and the infomercials, I'm not so sure it hasn't gone to his head.

    October 30, 2008 11:06 am at 11:06 am |
  19. Illinois Blue Dog

    Well, at least this time McCain didn't say that "the fundamentals of our economy are strong;" not yet at least.

    October 30, 2008 11:07 am at 11:07 am |
  20. karen-phoenix

    PS: McCain may even loose AZ. McCain is ONLY 3 points ahead of Obama in Arizona!!! Even the republican out here know McCain is NOT good for the future–maybe the past–but not the future!!!!!
    We are in a global technological 21st century which will take high intellegence and education and McCain has neither and he is just toooo old and self centered!!!! God Bless Obama/Biden

    October 30, 2008 11:08 am at 11:08 am |
  21. Changeneedstohappen

    I am so sick of hearing about this! Everyday people are losing their jobs, homes are getting foreclosed!, and we are soon going to be a second rate nation! our troops are not home once again for the Holidays! and we think McCain and Palin will help us!

    Stop looking at race! Stop saying negative things! look at the facts and what we need to happen! How cares if the President knows about this about that it never matters b/c they seek out advise from their ADVISORS PEOPLE!!!! Change needs to happen I have said this before on here I have a MA degree and make oh $nothing an hour and I am back in school b/c I can't afford my student loans!

    oh by the way why don't you folks who believe McCain's health plan is best go to your HR department and ask them what is the monthly prem. to keep you insured I will tell you this for the year it will amount o more than $5000! So take your $5000 and use it to pay your light bill b/c it sure won't help you with your health care coverage!

    October 30, 2008 11:08 am at 11:08 am |
  22. He_Does_Not_Understand

    Obama simply does not understand it. Socialism, with big well-fare system, big government, more regulations, higher taxes, and less freedom for the people, simply does not work, in many Asian and European countries. Working people will be punished or taxed to "spread the wealth" or pay for the well-fare, and financ his big spending. Obama is the worst extreme leftist socialist, even worse than Jimmy Carter, Ted Kennedy, John Kerry and John Edwards. When Barack Obama cancels the tax-cut programs by George Bush, he will automatically raise all the taxes for all of us.

    October 30, 2008 11:08 am at 11:08 am |
  23. vahe

    obama 08!!!

    October 30, 2008 11:08 am at 11:08 am |
  24. Stooly

    What is so good about Obama's plan? Making employers provide insurance will cause more of them to leave or make more job cuts. "Spreading the wealth" that is about as unamerican as you can get. This is America people should be allowed to make a fortune that is why many come here. Oh well just forget the fundamentals of our Government and vote for a socialist. I am not rich but I am not jealous of people who have money. If you don't like your current economic status then do something about it. Take risks as most of the rich have, get an education, or just work more hours. The fact is most Democratic Americans are lazy and think the government or employers should be responsible for them! This is the land of the free and it should be kept that way take care of yourself and grow up. McCain is not a savior but he is a better alternative then voting for a radical that does not believe in the true meaning of America which is FREEDOM!

    October 30, 2008 11:09 am at 11:09 am |
  25. Charlie Bradley

    If McCain has such great plans for the economy and for that matter ending the war, why not talk them up instead of continually discrediting Obama.

    ***Don't forget to watch Sarah Phalin on Entertainment Tonight with Mary Hart tonight. if she can swep the floor with her the way Gibson and Couric have already done, I think that pretty much says it all.

    October 30, 2008 11:11 am at 11:11 am |
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