Romney campaign on GDP numbers: Economy is 'stuck'
(CNN) - Revised GDP numbers, which show slower second-quarter growth than originally thought, reveal the economy isn't going anywhere under President Barack Obama, Mitt Romney's campaign argued Thursday.
"The Obama economy is officially stuck in neutral," campaign spokeswoman Andrea Saul said in a statement.
- Follow the Ticker on Twitter: @PoliticalTicker
- Check out the CNN Electoral Map and Calculator and game out your own strategy for November.
Gross domestic product, the broadest measure of the nation's economic health, grew at an annual rate of 1.3% from April to June, the Commerce Department said Thursday, slower than the 1.7% rate the government last reported in August.
Both consumers and businesses spent less than originally thought, and the drought in the Midwest limited agricultural production.
The downward revision came as a surprise to economists who were largely expecting the figure to remain unchanged. It also marked slower growth than in the first three months of the year, when GDP accelerated at a 2% annual rate.
"It's clear our nation's job creators and manufacturers can't afford another four years like the last four years," Saul said. "As president, Mitt Romney will deliver a real recovery, with 12 million new jobs, higher take-home pay, and a stronger middle class."
The Republican National Committee also pounced on the numbers, releasing a research memo on the revision, titled "From Bad to Worse."
Alan Krueger, the chairman of Obama's Council of Economic Advisers, wrote in a post on the White House's website that the downward revision in GDP was due, in part, to the Midwest drought, the effects of which he said the Obama administration "continues to take all available steps to mitigate."
Some good news, however, came for the president Thursday. The weekly jobless claims fell to their lowest level since July–far better than economists were anticipating. Jobless claims are thought of as a measure of layoffs, which is why economists read a decrease as a encouraging indicator.
About 359,000 people filed jobless claims in the week ended Sept. 22, down 26,000 from the previous week, the Labor Department said Thursday. The number of people filing for first-time claims were unchanged in the prior week.
In his post, Krueger wrote the news "shows that we must do more to strengthen our economy and promote job creation."
"Over a year ago, President Obama proposed the American Jobs Act – a plan that independent economists have said would create up to 2 million jobs,' he continued. "The President will continue to push policies that will continue this progress we have made, including incentives to strengthen the American manufacturing industry, investments in our nation's infrastructure, and the extension of the tax cuts for 98 percent of Americans and 97 percent of small businesses."
- CNNMoney.com's Annalyn Censky and Emily Jane Fox contributed to this report.
GDP at the end of 2008 was -.4%.......GDP growth at the end of 2011 1.7% A full 2% point turnaround.
So GDP, are you better off now than you were 4 years ago?
Romney and republicans are doing the same old two step. Get some bad news, blame it on Obama....get some good news, it's in spite of Obama. That is why Romney is losing in Ohio. You can't have Kasich saying things are getting better in Ohio and Romney saying the exact opposite......on the same stage....minutes apart from each other.
truth hurts
AGAIN, I ask all the Obama clones in here, WHAT WILL HE DO DIFFERENTLY IN A SECOND TERM????
What he is doing HAS NOT WORKED!
NOBODY has been able to answer this question!
WHY sign up for 4 more years of misery with Obama?!!!
------------------------------------------------
@truth, you sound aggravated. In a second term, immigration reform will get passed, tax reform will be on the table front and center and the war in Afghanistan will come to an end. What the President has done HAS worked. We're not bleeding 800,000 jobs a month like we were when he stepped into office. Heck, I'll vote to re-elect him solely on the fact that he killed Bin Laden in the manner he said he would.
I am waiting to hear Romney's plan AND the groundswell of support it will get from both sides of the aisle in Congress AND the cooperation from our international trading partners that will make these promises possible.
But I'm 100% sure the numbers for July, August and September will show a surprisely strong UPTICK to over 2%, which of course will be revised DOWN to 1% AFTER the election.
WAKE UP AMERICA!!! You are being lied to and manipulated by the Obama administration.
Truth hurts... you're so out of touch ...I think you're on the wrong site... faux blues news is the other way. I have plenty of family that kept their jobs due to the auto bail out. Every auto maker that was bailed out has posted record profits. I myself has had 3 jobs and after I was able to graduate thanks to my president .. I'm making more money than.ever. reflubs are so upset that Obama is beating them at their own game. Robme is done ... y'all know it he is done!! Truth hurts! ! Ha!!!
Obama/Biden 2012
If anything is stuck in neutral, it's Team Romney and they just can't get that last GOP man(niquin) left standing to move in the polls.
Four and the Door, again with the tax cuts, deregulation gambit. Adding labor reforms (read: union busting) and trade reform and you have a slightly newer version of 2001-2008.
And Romney's economics pretty much depends on a few big ifs. His 12 million new jobs came from an estimated number economists came up with. Show us the report that doing any of this will make the numbers work. But assuming the jobs appear, he assigns an income tax increase without assuming the type of jobs created (low, middle or high wage). So by assuming the 12 million jobs comes thru AND that they are high paying jobs on average, then revenues will increase. Therefore justifying the tax cuts. In other words:
I'll gladly pay you Tuesday for a hamburger today.......
@ Four and The Door
"As president, Mitt Romney will deliver a real recovery, with 12 million new jobs, higher take-home pay, and a stronger middle class."
_____________________________________________________________________________________________
And the difference is that Mitt Romney is capable of keeping his promises. By now Obama has no credibility. He blew his credibility many times over. The message from voters in November will be accountability. Romney/ Ryan 2012.
____________________________________________________________________________________________
Can you PLEASE tell us what Mitt message is and the details of how he will create those jobs since you seem to be the only 1 that knows right now.. because he has yet to tell anybody else.. We the American people are still waiting to hear it.. I mean he has been running for 6 yrears now and he still has not told us yet...
The economy is declining. The numbers are actually being manipulated by the Obama administration.
@truth hurts – WAKE UP AMERICA!!! You are being lied to and manipulated by the Obama administration.
---------------------------
Lied to and manipulated by whom?? The REAL truth is that there's way too much parrotting of the Faux noise cool-aid here. And your misinformed, miisguided statements are a sad reflection on how ignorant the right wing voter has become. You live on sound bites, not the big picture. Come out from under your rock and look around. You might be surprised that there are many others who have seen what the Republican Party has become. It ain't pretty!
Since republicans like to throw around unemployment % being up during Obama's term, why aren't they mentioning that the GDP growth is also up during his term?
truth hurts, that is one sign. How about housing prices rising? Ask Ohioans how bad things are. Simply put, 1-8 jobs tied to the automotive industry that republicans would have let go under. But of course, they had no problems at all funding Wall St.
That is 3 things that show things are getting better under Obama. All things republicans are either spinning or denying Obama credit for. You guys can only have so many excuses. And we think you are just about all out.
Ryan/Romney seem to be stuck - on just plain stupid.
ghostriter
Four and the Door, again with the tax cuts, deregulation gambit. Adding labor reforms (read: union busting) and trade reform and you have a slightly newer version of 2001-2008.
_______________________________________________________________________________________________
Basic economics. Something the Obama Administration has ignored for 3 1/2 years. How is that working for Americans across the country so far?!?! Obama practices politics, not economics. Look at what this has done to Washington DC.
The economy isn't stuck. It's moving. Moving quickly. Downwards. How far down will it go with another 4 years of Barack Obama? Even the most cautious gambler would bet that anyone else would do a better job than the most inept President of modern times.
Four and The Door
rs
...Really? Mr. Romney is so delusional, he believes this will happen simply if he is elected- he doesn't need to do a thing.
Come on- he hasn't been able to give one simple policy, step or regulation to get to that 12-million job mark.
________________________________________________________________________________________________
Apparently either you have not been paying attention or you have had your liberal blinders on. Mitt Romney's plan to help create 12 million new jobs involves a broad array of tactics that will allow American businesses to grow and hire. These include regulatory, tax, labor and trade reform–DEBUNKED AS UNTRUE. He understands what it takes–HE'S ONLY INTRESTED IN HELPING THOSE IN HIS $ BRACKET. THE OTHER 47% ARE MOOCHERS. He is not confused by economics the way Obama is–HE'S CONFUSED ON EVERYTHING SINCE HE CAN'T MAKE UP HIS MIND ON ANY ISSUE . He has a record of success in both private and public sectors–TAKING GOVT $ FOR THE OLYMPICS AND CLAIMING HE SAVED IT. SENDING JOBS OVERSEAS–SUCCESS ALLRIGHT He is absolutely qualified to deliver on his promises–WHAT PROMISES? HE KEEPS CHANGING OPINIONS ON A DAILY BASIS. And he will–. Romneyy/ Ryan 2012–HEADING BACK TO LAJOLLA AND WISCONSIN AS LOSERS ON 11-7.
---------------------------
after four years without a president america's economy is in its worse condition since the 1930's!
@ bob – romney should have taken all that money he got when he sold all those plants & factories & businesses, and INVESTED Here, in the good 'ol U.S. of A. but instead, he INVESTED all the buyouts – in the caymans. This also tells you he in dis-ingenious, he says that we should "invest" here, how come he didn't ? ( with the money he took with all those buyouts)
Vote Democrat - 2012 ( for us "working" middle class) ( making Under 50K per yr)