President Obama told reporters that "the private sector is doing fine," as he attributed the high unemployment rate to a lack of government jobs.
"Overall, the private sector has been doing a good job creating jobs," Obama told reporters this morning. "The big challenge we have in our economy right now is state and local government hiring has been going in the wrong direction," he explained, citing for Congress to avert the layoffs of police, firefighters, and other public employees that have taken place at the state level.
Standard & Poor’s affirmed its long-term credit rating on the United States at AA+ and said its outlook remains negative.
The credit agency made the announcement after Obama's said Friday morning that the private sector is "doing fine" and that the GOP Congress is slowing down the economy. It was immediately pounced on by Mitt Romney and other Republican leaders, resulting in the president backpedaling by the afternoon.
Obama said late Friday it is "absolutely clear" that the U.S. economy is "not doing fine." He also said there has been some "good momentum" in the private sector but Congress needs to act to help boost jobs in the public sector.
I can explain it to you but I can't understand it for you.
"Any man who thinks he can be happy and prosperous by letting the Government take care of him; better take a closer look at the American Indian." - Henry Ford
Corruptissima re publica plurimae leges; When the Republic is at its most corrupt the laws are most numerous. - Publius Cornelius Tacitus
The very last thing we need now are more jobs in the public sector that have to be paid for with revenue removed from the economy to support the various levels of government and fewer dollars being spent at the federal level instead of a negligent decrease to the amount it is being increased every year.
"The truth of the matter is that … we've created 4.3 million jobs over the last 27 months, over 800,000 just this year alone," he said in response to a question. "The private sector is doing fine. Where we're seeing weaknesses in our economy have to do with state and local government," which, he said, isn't getting the support it needs from Washington.
Later this morning (06-08-2012)
Within minutes, Republicans including House Speaker John Boehner of Ohio and Sen. Mitch McConnell (R., Ky.), the Senate minority leader, reacted.
Mr. Obama's Republican presidential challenger, Mitt Romney, called the comment "an extraordinary miscalculation and misunderstanding" by the president. "I think he's defining what it means to be detached and out of touch with the American people," Mr. Romney said at a campaign stop in Council Bluffs, Iowa.
Later this afternoon (06-08-2012)
Mr. Obama sought to clarify the remarks later in the day, saying "it is absolutely clear that the economy is not doing fine." He nonetheless again noted the rebound in private-sector job growth and corporate profits to contend that the private sector has "not been the biggest drag on the economy."
I think we can all agree that this is an Etcha sketch teachable moment. Consult campaign advisers and teleprompter before sticking foot in mouth.
Actually I think he has evolved some from his earlier slips on "not really shovel ready jobs" and the problem is... ATM machines stealing bank teller jobs. His 4-years of on-the-job training are showing impressive progress.
If you want to be, press one. If you want not to be, press 2
Republicans are red, democrats are blue, neither of them, gives a flip about you.
Seriously VL, both Obama and Romney suck IMO, I can't get behind any of them really. I may not vote this time, "none of the above". It really doesn't matter, we are hosed. Enjoy what's left while it lasts.
If you want to be, press one. If you want not to be, press 2
Republicans are red, democrats are blue, neither of them, gives a flip about you.
Too much blow by Odumbo since high school. Have you noticed he can't remember anything.
You make a good point LOL/Joe they both suck and we are hosed. The only thing that keeps me hanging on is that i have to hope that Rumney and Congress can see the precipice and try to correct. Can't count on Odumbo doing that. He is still veering straight for it.
IN NOVEMBER 2014, WE HAVE A GOLDEN OPPORTUNITY TO CLEAN OUT THE ENTIRE HOUSE AND ONE-THIRD OF THE SENATE! DONT BLOW IT!
“When white man find land, Indians running it, no taxes, no debt, plenty buffalo, plenty beaver, clean water. Women did all the work, Medicine man free. Indian man spend all day hunting and fishing; all night having sex. Only whit man dumb enough to think he could improve system like that.” Indian Chief Two Eagles
akilina wrote: Too much blow by Odumbo since high school. Have you noticed he can't remember anything.
You make a good point LOL/Joe they both suck and we are hosed. The only thing that keeps me hanging on is that i have to hope that Rumney and Congress can see the precipice and try to correct. Can't count on Odumbo doing that. He is still veering straight for it.
Hard to take you seriously, seriously.
When you plant ice you're going to harvest wind. - Robert Hunter
