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. KT

    This ad was a great use of money. It was on major networks for 30 min and was viewed across the USA. Many people will have seen it. It was worth far more than ads in several states and it gave people a clear message that could never be conveyed in a 30 second ad. This will also be replayed on the news and by pundits so it will hold the headlines longer. A very strategic decision and it maximized the use of $3 million. This could not have been better spent. The message conveyed hope and purpose. It clearly outlined Obama’s policies and beliefs. It showed that America can unite and can achieve greatness.
    Even if you disagree with Obama’s message, this presentation shows that America needs to work together—no that’s not socialism it is unity. Right now, America needs to vote.

    October 30, 2008 11:11 am at 11:11 am |
  2. Annie, Atlanta

    John McCain's answer: Take "Joe the Plumber" on tour with him, and let Sarah talk about Foreign Policy today. If this wasn't so pathetic it would be funny.

    October 30, 2008 11:12 am at 11:12 am |
  3. BJGT

    The Economist Endorses Obama

    The Economist does not have a vote, but if it did, it would cast it for Mr Obama. We do so wholeheartedly: the Democratic candidate has clearly shown that he offers the better chance of restoring America’s self-confidence. But we acknowledge it is a gamble. Given Mr Obama’s inexperience, the lack of clarity about some of his beliefs and the prospect of a stridently Democratic Congress, voting for him is a risk. Yet it is one America should take, given the steep road ahead.

    http://www.economist.com/world/unitedstates/displayStory.cfm?story_id=12516666&source=features_box_main

    October 30, 2008 11:12 am at 11:12 am |
  4. Dan, TX

    Trickle down, or VOODOO Economics as George Bush called it, has failed. It is fine to do the experiment, but the data is now in. It has failed. Trickle up certainly is no better. Obviously it is both that make a good economy. And that is what we had with Reagan and Clinton. Reagan proposed trickle down and everyone making over $350,000 a year paid 38.9% as the highest tax rate. Clinton moved it to 39% to balanced the budget, grow the economy and help everyone with controlling spending.

    Obama proposes 39%. Maybe that is too high, maybe it should be 38.9% like Reagan had. Perhaps if we sit down and compromise. Start with raising taxes back to 38.9% on the rich from the 33% it is now and certainly not the 28% that John McCain wants for the rich. And let's see how it works out.

    October 30, 2008 11:12 am at 11:12 am |
  5. mike

    everybody's telling "beyond hype" to check his facts. Very good everyone should check the facts. Everyone should also "do the math". the math in this article says "GROWTH" (2.7% GROWTH), the article however does not. Is this news reproting or political spin.

    October 30, 2008 11:12 am at 11:12 am |
  6. PULEEEZZZ!! lets tell some truth

    What is with this JOE thing? HOW TOTALLY DUMB.. a typical Republican move.. HEY BROWNIE, NICE JOB!! but in fact, JOE IS A PHONEY, PALIN is not a Christian, and there IS NO REAL PROOF THAT McCAIN WAS EVER TORTURED. HE was stupid enough to get caught, while he dropped bombes on innocent people.. AND THIS SHOULD GIVE HIM THE RIGHT TO BECOME PRESIDENT!!!! WHAT DONT I GET HERE???

    October 30, 2008 11:12 am at 11:12 am |
  7. Winnie Hussein . . . in Montana

    Hmm, seem McCain should be happy his buddies at Exxon Mobil made so much money. Maybe he could decide NOT to give them the billion or so in tax breaks he wants to.

    Fact – McCain plans to give each CEO of Fortune 500 companies $700,000 in tax credits. That is EACH. Nevermind that these guys make over a million dollars a year and that they don't NEED a tax break on their individual income taxes.

    Fact – Sen. Obama has NEVER set the bar at $300,000 as I saw some incompentent commentor note in another post.

    Fact – McCain is buddies with G. Gordon Liddy, look him up. Sarah Palin is pals with Ted Stevens and the Alaskan Independence Party. Look 'em up.

    Fact – the world is watching us to see if we make the right decision. If we let McCain and Palin's fear tactics win this election all of our enemies will see how easily influenced we are by fear. Trust me, the attacks will get worse.

    October 30, 2008 11:12 am at 11:12 am |
  8. tim o

    NOBAMA!

    The American people don't want things worst than they are!
    McCain is the answer. His record shows it.

    October 30, 2008 11:13 am at 11:13 am |
  9. Tom

    Hey, CNN, why no comment thread on that lame-o lovefest between McCain and Larry King? THAT gets a headline on your front page? A few softball questions that give McCain the chance to lie unchallenged on national TV? Is Larry doing a news show or a celebrity love-in? Meanwhile, you have virtually nothing on Obama's unprecedented program last night, which is getting plenty of play on all the other media outlets because of its positive, constructive focus on the actual issues. Remember those?

    October 30, 2008 11:14 am at 11:14 am |
  10. Read Obamabots and you may learn

    Beyond the Hype:

    I did read both of Obama's books (I wanted to be informed). Was a Hillary girl (still am)

    He did express those viewpoints and a heck of a lot more. Those who have tasted the Kool-aid won't believe it nor will the MSM follow up on anything that may talk against "The One". You would think we were electing a King not a President.

    Our founding fathers would roll over in their graves if they saw just how bias will buy a Presidency.

    October 30, 2008 11:14 am at 11:14 am |
  11. Independent but Leaning

    Wow- I have never seen people clamoring for socialism like I see on here. You guys should study how well it worked in Cuba, Nazi Germany, and presently in Venezuela.

    I'm not being extreme; that's where this is headed. Compare Obama's policies and what you are calling for with the policies of those regimes.

    Remember, the journey of a thousand miles starts with a single step. That goes for Socialism as well as anything else.

    October 30, 2008 11:14 am at 11:14 am |
  12. ScoobyDoo

    Spread the wealth!!

    October 30, 2008 11:14 am at 11:14 am |
  13. Concerned Voter

    Thats because everytime Obama surges in the polls, our market tanks. Small businesses everyehere are preparing to shut down if Obama is elected. The Liberals teach socialism but the conservatives provide the jobs.

    October 30, 2008 11:15 am at 11:15 am |
  14. Dallas, TX

    It's amazing to me how much the liberals "HATE", they claim that McCain is running a mud slinging campaign and all I see if the Dems hating everything that America represents such as the hard working man (Joe the Plumber, Tito the Builder, etc.) and their treatment of Sarah Palin is shameful!

    The trust is that Americans want to believe anything from Obama, he's not the 2nd coming of christ folks, so don't expect that your life is going to change from bad to outstanding overnight. Wake up!!

    Get informed and read between the lines.

    October 30, 2008 11:15 am at 11:15 am |
  15. Bob, NY

    Spread the wealth!!

    October 30, 2008 11:15 am at 11:15 am |
  16. T. Holmes

    Its unbelievable. McCain has this "Joe the plumber" guy actually campaigning for him. This guy knows not the first thing about foreign policy or economics yet is sharing the stage with a man purporting to solve these problems for us. First Palin "the diva" and now Joe.
    We have gotten used to Pres. Bush's extremely low standards in choosing people as advisors. Just how much lower can McCain get??!

    October 30, 2008 11:15 am at 11:15 am |
  17. European guy resides in VA

    To all McCain & Palin Supporters,

    And for those who think Senator Obama will raise taxes on middle income families. First ask yourselves, did you really look at both candidates tax relief proposals and compare them based on different income brackets?
    If you have not, please do, and at the end if you could still say McCain's tax relief plan is better for the average American household (who makes between $38K and $66K), go and vote for Senator McCain.
    Also ask yourself, how does a government generate revenue? In order to serve its citizens better, how can a government possibly finance / pay for all its public projects and services for its citizens to improve their quality of life?
    I am a permanent resident in this country and I make over $200K a year. Like every responsible person, I pay my taxes to the government so the government can invest my tax dollars for my kids and for the future generations of this country in the form of better education, healthcare, research and development, conservation and public services.
    Senator McCain claims that Senator Obama wants to spread the wealth around by taking money from average Americans and give it to the poor. Do you really think his argument has valid points? Well here it goes… according to Senator Obama's tax plan; middle income families (Average Americans) get the biggest tax relief, if so how is it possible for Senator Obama to take "Joe the plumber's money" –if Joe the plumber is an average American as senator McCain claims and makes between $38K to $66K- and spread around? Senator McCain's claim is totally false and misleading.
    What senator Obama wants to achieve is that by raising the taxes only on individuals who make more than $250K and on Corporations that make billions of dollars, the government can invest into the programs such as education, health care, research and development, new sources of energy, and projects such as infrastructure improvements, housing and urban developments. These investments would not only create millions of jobs but also strengthen the economy, improve the quality of life of American people, save the future of next generations, give a fighting chance to even the littlest guy to be somebody by attending to the best schools in the world or working hard and realize the American dream. This is the way how this country came out of great depression and this is how the great society was formed, and unfortunately we are far from it today.

    October 30, 2008 11:15 am at 11:15 am |
  18. Barbara - 65 yr old white female in NC

    Stooly – you're an idiot – political party \affiliation does not denote American or not American. You sound as uneducated as Palin acts.

    October 30, 2008 11:15 am at 11:15 am |
  19. Rick

    Obviously, Obama doesn't even understand the stock market. He showed that when he claimed the recent declines inthe market were the final verdict for the last eight years. Guess what Barack, the market is a leading indicator, not a lagging indicator. It doesn't move based on what has happened but instead, it moves based on what investors foresee for the future.

    The Dow is down over 2,000 points since it became clear in late-September (according to most polls) that Obama was going to win this election. Not a vote of confidence for an Obama presidency.

    October 30, 2008 11:16 am at 11:16 am |
  20. GARY

    YOU NAIVE MORONS THAT SUPPORT OBAMA BETTER COME TO REALITY AND GET OUT OF FANTASY LAND. YOUR A BUNCH OF PUPPETS FULL OF HATE . OBAMA,S BIG CHANGE IS TURNING HISTORY BACK 100 YRS. OR MORE. RACIST ,HATE AND DIVISION. SO YOU NAIVE MORONS BETTER START THINJKING ABOUT WHO HAS BEEN THERE THATS FAUGHT ALREADY AND IF ELECTED WILL HAVE SAY OVER BUSH ,AND THAT IS MCCAIN.OBAMA HAS DONE NOTHING FOR THIS COUNTRY AND VOTED AGAINST EVERYTHING THAT REALLY MATTERED. HE VOTED AGAINST THE MILITARY HAVING MORE DEFENSE WHILE IN WAR. THAT IS VERY UN AMERICAN. MCCAIN IS RIGHT. HE WANTS OUR MEN TO LOOSE THE WAR. MCCAIN WAS RIGHT ON THE SURGE AND ALL THE GENERALS KNOW IT. YOU MORONS BELIEVE A CHICAGO CON MAN OVER THE MILITARY. THATS WHAT KIND OF IDIOTS YOU ARE.ROCK BANDS AND MONEY ISN'T ENOUGH TO RUN OUR COUNTRY. OBAMA IS JUST BS.

    October 30, 2008 11:17 am at 11:17 am |
  21. Nelson Colorado Springs Co

    Both Sen McCain and Sen Obama fell asleep at the wheel on the nation's economy. But Sen McCain was there when it started. America elected Bush 2000 it has been down hill every since. the nation debt gone from let say 3.9 Billion to 2.5 Trillion in less than 8 years on John McCain and Bush watch. TIME FOR CHANGE. Go Obama/Biden

    October 30, 2008 11:17 am at 11:17 am |
  22. Tony, NC

    Tough economic news?? But it's only been two years of the Harry and Nancy show... You ain't seen anything yet.

    October 30, 2008 11:18 am at 11:18 am |
  23. jeff in MA

    Maybe Joe the Plumber can help formulate a economic solution for McCain... oah wait is solution to taxes is not to pay them. Who people ally themselves with speaks volumns. Perhaps Joe the Plumber is an attempt at making Palin seem smarter, the old put the short guy next to shorter guy trick. Might work?

    October 30, 2008 11:18 am at 11:18 am |
  24. ATLian

    And the Oil companies smile while America burns.

    October 30, 2008 11:18 am at 11:18 am |
  25. A Canuck

    As usual Obama wil remain cool and thoughtful.......and McCain will be walking in small ciircles mumbling to himself.......have no fear...vote for Obama& Biden and vote early !!!!!!

    October 30, 2008 11:18 am at 11:18 am |
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