At the uhh incredible uhhh awful press conference yesterday, President Obama said, “The private sector is doing fine.”
But that’s not what he meant (from Weasel Zippers):
It’s “absolutely clear” that the economy not fine, he said in a brief appearance before cameras in the Oval Office following a meeting with Phillippine President Benigno Aquino.
Obama walked back that comment less than a few hours later after a barrage of rapid responses from Mitt Romney and the RNC:
James Pethokoukis was quick to point out exactly why the private sector is not “doing fine”:
1. Private-sector jobs have increased by an average of just 105,000 over the past three months and by just 89,000 a month during the entire Obama Recovery.
In 1983 and 1984, during the supply-side Reagan Boom, private sector jobs increased by an average of 292,000 a month. Adjusted for population, that number is more like 375,000 private-sector jobs a month
2. If the labor force participation rate for May had just stayed where it was in April, the unemployment rate would have risen to 8.4%. As it is, the U.S. economy is suffering is longest sustained bout of 8% unemployment or higher since the Great Depression.
3. Private-sector GDP rose just 2.6% in the first quarter, after rising a measly 1.2% last year.
By contrast, private-sector GDP rose 3.8% in 1983 and 6.5% in 1984 during the supply-side Reagan Boom.
4. The U.S. stock market is down 7% since early April.
5. Real take-home pay is down over the past year.
6. That first-quarter GDP report also showed that after-tax corporate profits dropped for the first time in three years. Major red flag.
No, Mr. President, the private-sector isn’t doing fine at all. And it certainly isn’t ready to deal with a fiscal cliff of tax hikes or a continued deluge of new regulation.
President Obama is ridiculously out of touch.