#DoingFine and uhhh Walking It Back

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.

Related Links:

Celebrity “experts” advise Obama

Pic of the Day: The First Gay President Inexplicably Shoots Pocket Pool While Greeting Girl Scout Gold Award Winners in Oval Office

Obama’s Celebrity Strategy Only Shows How Out of Touch He Is


About A.P. Dillon

A.P. Dillon is a freelance journalist and is currently writing at The North State Journal. She resides in the Triangle area of North Carolina. Find her on Twitter: @APDillon_
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4 Responses to #DoingFine and uhhh Walking It Back

  1. Pingback: New Obama Slogan: “Incredibly Awful” | Lady Liberty 1885

  2. Pingback: The Morning Links (6/11/12) | Lady Liberty 1885

  3. Focus on the gaffe, not the message. In comparison to consumer spending, the private sector is doing fine. Compared to state and local governments, the private sector is doing fine. Compared to Europe, the private sector is doing fine. Comparing our economy to Reagan”s is incongruous. He didn’t arrive at the Oval Office on the heels of the worst economic disaster since 1929.


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