Stocks are in the toilet, unemployment claims on the rise and first-quarter economic growth was revised down from 2.2 percent to 1.9 percent and the Obama campaign is selling economic recovery.
Let’s be clear. Regardless of what President Barack Obama’s re-election camp says, the downsizing of the country’s gross national product coupled with another weak jobs report from payrolls processing company ADP suggest a stalled economy - not a continuing economic recovery.
"We're not there yet," the latest Obama campaign ad announcer laments. "It's still too hard, for too many. But we're coming back. Because America's greatness comes from a strong middle class. Because you don't quit, and neither does he."
But where are the specifics in Obama’s never-ending campaigns? What is the President’s economic plan? The Democrat-led Senate hasn’t got one. They haven’t even produced a budget in 3 ½ years and Senate Leader Harry Reid recently said he doesn’t intend to produce one again this year.
The American people are concerned, and have every right to be. Europe’s economy is crumbling, global markets are crashing left and right… and what are Obama and Reid campaigning on? More government spending and raising the spending ceiling. Meanwhile, tax increases, penalties and Medicare cutbacks are coming as Obamacare blossoms over the next two years.
Mr. Obama has raised the national debt a record-busting $6 trillion during his current term and is campaigning to raise the debt ceiling again this year, even though he has no budget. Leadership?
“On balance, the disappointing tone of this report is consistent with the overall trend in the recent data flow, which continue to show weakening growth momentum,” said Millan Mulraine, at TD Securities in New York, about recent economic data.
Mulraine is way too nice. Obama’s campaign is sugarcoating a lemon and offering voters a bite. The Obama camp is not “coming back,” it’s lost in the economic wood. The American people are looking for real answers, not campaign jingles. I would suggest that Obama’s campaign has no real answers, only empty promises. Speaking of promises, Obama promised to “cut the deficit in half during my first term.” Compare that to reality.
ADP reports the private sector created only 133,000 jobs in May. Additionally, April’s already pathetic report was downwardly revised to 113,000. Friday, government payroll data comes out and most analysts say that report may further disappoint because government is scaling back at all levels to deal with crushing debt.
So why does Mr.Obama claim we’re “coming back?” Could it be for the same reason he promised to cut the deficit in half in his first term. Could it be that he simply doesn’t know what he’s talking about?
Analysts say the current economic picture suggests a fundamental weakness in the economy. The American people do not want hope and promises of change wrapped in campaign jingles. They want real economic development right here in the USA.
This opinion article was written by an independent writer. The opinions and views expressed herein are those of the author and are not necessarily intended to reflect those of DigitalJournal.com