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Fri Jun 8, 2012, 06:18 PM

Obama backtracks on comments that private sector is doing "fine"

Source: CBS

Just hours after President Obama said the "the private sector is doing fine" and Republican challenger Mitt Romney criticized him for being "out of touch," the president insisted that more work needs to be done to jump-start the economy.

"It's is absolutely clear that the economy is not doing fine, that's the reason I had the press conference," the president said Friday afternoon in response to a reporter's question.

During a news conference about the economy Friday morning, the president sought to explain how the European economic problems could impact the American recovery and pushed Congress to pass parts of his "to-do" list aimed to stimulate economic growth. But during a question and answer session, the president said the private sector is "doing fine," pointing to 27 months of job creation.

But the Romney campaign and other Republicans pounced, taking to Twitter to highlight the president's remark. And Romney told reporters in Council Bluffs, Iowa on Friday that "he's defining what it means to be detached and out of touch with the American people."

Read more: http://www.cbsnews.com/8301-503544_162-57449822-503544/obama-backtracks-on-comments-that-private-sector-is-doing-fine/



Top story on Google News right now.

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Reply Obama backtracks on comments that private sector is doing "fine" (Original post)
alp227 Jun 2012 OP
DallasNE Jun 2012 #1
dkf Jun 2012 #2
thesquanderer Jun 2012 #3
dkf Jun 2012 #8
thesquanderer Jun 2012 #12
dkf Jun 2012 #17
thesquanderer Jun 2012 #23
NorthCarolina Jun 2012 #16
coalition_unwilling Jun 2012 #18
NorthCarolina Jun 2012 #22
progressivebydesign Jun 2012 #5
Igel Jun 2012 #7
BadtotheboneBob Jun 2012 #10
dkf Jun 2012 #9
Coyote_Bandit Jun 2012 #13
coalition_unwilling Jun 2012 #19
progressivebydesign Jun 2012 #4
coalition_unwilling Jun 2012 #20
unkachuck Jun 2012 #6
may3rd Jun 2012 #15
BlueIris Jun 2012 #11
may3rd Jun 2012 #14
Blue_Tires Jun 2012 #21

Response to alp227 (Original post)

Fri Jun 8, 2012, 06:24 PM

1. When He Said That

I translated it to mean that corporate profits, overall, are high so corporate America is doing fine.

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Response to DallasNE (Reply #1)

Fri Jun 8, 2012, 07:43 PM

2. Well maybe the problem is he identifies the private sector as corporations when it is so much more.

 

I think he has exposed the problem with his economic emphasis...he cannot see small businesses who are the real job creators.

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Response to dkf (Reply #2)

Fri Jun 8, 2012, 08:33 PM

3. Consumers are the job creators

Until we are buying/consuming enough that businesses (big and small) need more employees, there won't be more jobs. That's why government spending is so important in lean times, it primes the pump, to break the chicken-and-egg cycle between consumers and businesses.

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Response to thesquanderer (Reply #3)

Fri Jun 8, 2012, 10:16 PM

8. We aren't the only consumers in the world you know.

 

The trick of wealthy nations is to export, not necessarily consume. There is a growing middle class in China and India that can easily dwarf the US population.

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Response to dkf (Reply #8)

Fri Jun 8, 2012, 11:32 PM

12. *Small* businesses tend to cater to domestic populations.

And U.S. products tend to be too expensive for typical Chinese and Indian consumers.

Regardless, what U.S. companies require in order to create more jobs is more demand. As long as they have enough employees to fill current demand, they have no need to hire more.

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Response to thesquanderer (Reply #12)

Sat Jun 9, 2012, 11:48 AM

17. China’s auto sales grows by 16 percent in May, showing signs of stabilization

 

BEIJING — China’s auto market revved to life in May despite the weakening economy, with vehicle sales jumping nearly 16 percent from a year earlier to 1.61 million units, industry figures showed Saturday.


But the auto sales data showed no strong improvement in sales of domestic brand vehicles, with most of the gains going to foreign automakers.

General Motors Co. and its joint ventures sold 231,183 vehicles in China in May, up 21 percent from the same month in 2011 and a slight improvement from April.

More than half were minivans sold by its SAIC-GM-Wuling joint venture, which saw sales soar 36 percent to 127,749 vehicles in May.

Ford Motor Co. reported its passenger vehicle sales climbed 23 percent from a year earlier to 34,550 units. Sales of both passenger and commercial Ford-brand vehicles rose 8 percent to 48,608, it reported earlier.

http://www.washingtonpost.com/business/chinas-auto-sales-grew-by-16-percent-in-may-showing-signs-of-stabilization/2012/06/09/gJQAOu7wPV_story.html

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Response to dkf (Reply #17)

Sun Jun 10, 2012, 02:24 AM

23. Two things...

First, car companies are not small businesses. Your argument seems to keep shifting!

Second, much of the car companies' success in these countries is from "joint ventures" -- i.e. products produced locally in those countries, with their cheap labor. So it's not like all those jobs from those auto sales are U.S. jobs, either.

(Also, I never said we don't sell anything to those countries, so I'm not sure what your point was in showing that American companies do sell things there. Okay, so I guess that was three things. )

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Response to thesquanderer (Reply #3)

Sat Jun 9, 2012, 11:34 AM

16. You're talking "Real World" stuff though...

that doesn't jive with American politics....either party.

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Response to NorthCarolina (Reply #16)

Sat Jun 9, 2012, 11:55 AM

18. OT, but I think you mean 'jibe' not 'jive' (unless you're

 

channeling your inner Richard Pryor

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Response to coalition_unwilling (Reply #18)

Sat Jun 9, 2012, 08:58 PM

22. Maybe I was

jive talk'in

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Response to DallasNE (Reply #1)

Fri Jun 8, 2012, 08:56 PM

5. everyone I know has purchased a new car this year.

And many of my neighbors, too. My realtor can't even get 8 hours of sleep lately, as she's been selling homes every day with multiple offers and bidding wars. My husband's company has added 15 NEW positions in the past two years, and their sales are on trac to break records this year. People I know have bought second homes, giant tvs, taken trips to Fiji. My neighbors have been remodeling their homes.

Trying to figure out exactly why no one else sees that recovery that I see every single day. When I was looking for a job in 2007/2008 there were literally 12 jobs a day on Craigslist in my rather large community.. now there are hundreds. No, the recovery is not complete because of the scumbags in Congress that refuse to finish the job stimulus, but I cannot fathom how reasonably intelligent people can expect someone to fix eight years of disaster (here and globally,) in four years, with a hostile Congress and Supreme Court. Boggles the damn mind.

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Response to progressivebydesign (Reply #5)

Fri Jun 8, 2012, 09:48 PM

7. Depends where you are and what you do.

On the way to church, just a few miles away, I pass help-wanted signs for decent jobs. CNC machinist, welder, that sort of thing. Unemployment rate for skilled or white collar workers is very low where I live.

Hop over a city or two and the situation's completely different.

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Response to Igel (Reply #7)

Fri Jun 8, 2012, 10:31 PM

10. CNC is hot in many areas right now...

... I became one (CNC Machinist) in the early-90's when it was just ramping up and worked at it steady until I had to medically retire in '98. It's a great job. Highly technical and precise. Not what people would think of a 'shop job'. Programming and setting up $500k+ machining centers. Our company made very precise profile rail bearings that were used on the Hubble space telescope to move the cameras. Also huge ball-screws for the aircraft industry for flaps and landing gear. No widgets for us!

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Response to progressivebydesign (Reply #5)

Fri Jun 8, 2012, 10:17 PM

9. Wow where are you?

 

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Response to progressivebydesign (Reply #5)

Sat Jun 9, 2012, 09:23 AM

13. That's nothing like what I see here

I know several highly skilled, experienced and well educated folks who have been looking for employment for years. The folks I know who feel fairly secure in their jobs are pinching their pennies and living frugally. Government services are still being reduced here because of revenue shortfalls.

That stimulus package didn't do much to improve our economy here. True, there was a lot of roadwork done here that was financed with those stimulus funds. But the crews that were contracted to do that work were all from surrounding states. Most of those workers had a 1 to 2 hour commute and largely took those stimulus funds home to their families, their community and their state.

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Response to progressivebydesign (Reply #5)

Sat Jun 9, 2012, 12:03 PM

19. Unemployment rate in California is currently holding at about 11%. And then

 

there are, of course, those us found guilty of being over 50 in an under-50 work zone.

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Response to alp227 (Original post)

Fri Jun 8, 2012, 08:52 PM

4. Umm.. the private sector has added jobs every month for the past three years...

.. what exactly is the problem here??? Oh I know, the media is incapable of actually looking things up for themselves, instead they need to feed the manufactured outrages of the fuckheads that sent the jobs overseas, and continue bleeding the States and local municipalities dry.. so that Mittens can have that car garage.

So is it official? Did we finally hit the Idiocracy stage? Anyone with even an 8th grade education KNOWS what he meant.

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Response to progressivebydesign (Reply #4)

Sat Jun 9, 2012, 12:06 PM

20. I don't know where you live and I'm happy that your region of the

 

country seems to be flourishing.

But the private sector has not added enough jobs to keep up with natural growth of the work force, at least not last month, when only 69,000 jobs were added but 150,000 were required just to keep even with natural growth of the work force.

I'm speaking nationally, of course, and not about your region.

My region, California, is in a dead-cat-bounce oscillation pattern right now.

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Response to alp227 (Original post)

Fri Jun 8, 2012, 09:42 PM

6. 'Just hours after President Obama said the "the private sector is doing fine"...'

 

....c'mon, Team Obama, stop playing games and start kicking puke ass....

....propose a simple, direct, job creating package of legislation aimed at the middle-class that the pukes will reject....then blame slick-willard for 'being out of touch' and the pukes for destroying jobs and the rising unemployment....quit letting the pukes have their way and allowing them to define the debate....

....even a dumb-fuck like me understands you can't win playing on their turf....or maybe you're satisfied with being a one-term president?

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Response to unkachuck (Reply #6)

Sat Jun 9, 2012, 09:39 AM

15. that's typical broke politics as usual

 

sound bytes are always twisted for political gain.
the true message is ignored for a campaign slogan that appeals to the party donors .

I do believe with half the US population drawing some type of state benefit, the US economy has reached a tipping point that doesn't favor the shrinking working class taxpayer.

But, politicians will continue to fiddle...

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Response to alp227 (Original post)

Fri Jun 8, 2012, 10:46 PM

11. The economy is fundamentally sound.

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Response to BlueIris (Reply #11)

Sat Jun 9, 2012, 09:31 AM

14. ...yes, sounds like trouble to me too

 

...the economy is not doing fine...

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Response to alp227 (Original post)

Sat Jun 9, 2012, 01:04 PM

21. The companies HAVE been doing fine; it's the American worker that's getting pissed on...

Asia and India can't build stuff fast enough to keep up with U.S. demand for outsourcing...

And what about the Dow Jones?? All the talking heads were apocalyptic back when it was under 8,000 but Wall Street still cries poverty when it's over 11,000?

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