In July, Josh Gerstein of Politico reported that “President Barack Obama’s Jobs Council hasn’t met publicly for six months, even as the issue of job creation dominates the 2012 election.” Their failure to meet seems representative of the administration’s attitude toward the economy. The president — and his team — would rather focus on other things.
They seemed quite confident that passage of the “stimulus” would lead to a robust recovery and yet when the economy rebounded, it did so with a whimper, with growth anemic and not enough jobs created to make up for (what would be) an expanding labor market (if so many people weren’t dropping out of the workforce). In not one single quarter, in not one single month since the $800 billion dollar bill passed has unemployment fallen below the level Obama’s own economic team forecast had Congress failed to pass his “recovery plan”.
And yet, as Ed Morrissey reported in June, the Democrat kept talking about pivoting back to jobs and the economy, but never seeming to do so. The Democrat’s focus has never been on matters on economic. New economic numbers came out yesterday, suggesting that the economy might be sliding back into recession. The government needs take action, yet it seems clear that the incumbent is reluctant to face up to the bleak economic situation.
He just doesn’t seem all that interested.
Yesterday, we learned of steep drop in durable goods orders and a downward revision of GDP in the second quarter. Suggesting that “2012 may be the worst non-recession, non-depression year in the history of the United States”, James Pethokoukis reports that “Commerce Department data goes back to 1930. Since then, there has been no single year with GDP growth as weak as 2012 that wasn’t in recession.”
In an another post, Pethokoukis also cites “research from the Fed which finds that since 1947, when two-quarter annualized real GDP growth falls below 2%, recession follows within a year 48% of the time. And when year-over-year real GDP growth falls below 2%, recession follows within a year 70% of the time.“
With signs suggesting the economy is heading back into recession — after an anemic recovery — we wonder at the failure of this president to focus on the issue at the top of voters’ concerns. “It is up to Romney”, Jennifer Rubin writes “to point out what choices Obama made and the consequences of those choices (e.g. a credit rating downgrade, enormous debt, anemic growth).” He’s got a good economic plan and an interest in matters economic.
The Republican now needs hit the president hard on his failure to put into place economic policies which foster growth.