June 8th, 2012
03:37 PM ET
10 years ago

'The economy is not doing fine,' Obama clarifies

Washington (CNN) - President Barack Obama, walking back his assertion at a press conference the "private sector's doing fine," acknowledged Friday that "it is absolutely clear that the economy is not doing fine."

The struggling economy, he clarified, is "why I had the press conference."

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"That's why I spent yesterday, the day before yesterday, this past week, this part month, this past year talking about how we can make this economy stronger," Obama said in the Oval Office. "The economy is not doing fine. There are too many people out of work. The housing market is still weak, there are too many homes underwater."

In the press conference Friday morning, Obama touted job growth in the private sector of the economy, describing the public sector - state and local governments - as the weight dragging the economy.

"The truth of the matter is that, as I said, we created 4.3 million jobs over the last two, 27 months, over 800,000 just this year alone. The private sector's doing fine," Obama said. "Where we're seeing weaknesses in our economy have to do with state and local government, oftentimes cuts initiated by, you know, governors or mayors who are not getting the kind of help that they have in the past from the federal government and who don't have the same flexibility as the federal government in dealing with fewer revenues coming in."

CNNMoney: Obama to Congress: Do something

Republicans wasted little time on Friday hammering Obama for his remark. GOP presidential candidate Mitt Romney asked at a campaign event in Utah if the president was "really that out of touch."

Filed under: President Obama
soundoff (353 Responses)
  1. marg

    Who is to blame for the public sector failing. Not Washington but local government who consistently screws up and look for BAILOUTS from Washington. In order for a rise in the economy to take place houses must be cleaned out. START WiTH LOCAL GOVERNMENT. If the majority of people living in poverty can make due with what they have to stay afloat, why shouldn't local government do the same. Afterall, when they get the funds from Washington very little spent in a way for one to PROGRESS an contribute back to society to help maintain the strength of ths COUNTRY OR ECONOMY. YOU CAN NOT BUILD A BUILDING FROM TOP FIRST. THE GROUNDWORK STARTS AT THE BOTTOM ALWAYS.

    June 9, 2012 10:40 am at 10:40 am |
  2. Sue

    Unfortunately, President Obama is no match for the sliminess and smarminess exuded by the the republicans. He is more intelligent by far, kinder, more caring, and wants what is best for our country. I never realized just how many ignorant people there are who believe every lie the republicans manage to formulate. People are in a for a real shock if Romney gets in and it will be well-deserved by anyone that voted for him.

    June 9, 2012 10:48 am at 10:48 am |
  3. Ann

    Why is CNN in the tank for Romney?

    Because they realize the stupidity done 4 years ago when they helped Obama bashed Hillary.

    June 9, 2012 10:58 am at 10:58 am |
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