Last Updated:October 19 @ 10:11 pm

Economic report unwelcome news for Obama

By Tom Raum

(AP) - President Barack Obama's campaign team hoped that by now, the lethargic U.S. economy would be perking up as it had for President Ronald Reagan in the summer of 1984, setting the stage for Reagan's re-election rout.

But it is not to be.

New government figures show economic growth is slowing, not picking up speed - meaning Obama will continue to face economic headwinds.

The economy grew at an annual rate of just 1.5 percent from April through June, down from 2.0 percent the previous three months. While that showed it was still growing, if slowly, and not tottering back into recession, there was scarce other good news in the report for Obama - and plenty of ammunition for Republicans.

They piled on at once.

"It's a picture of a decelerating economy," said Glen Hubbard, economic adviser to GOP challenger Mitt Romney. House Speaker John Boehner saw "a troubling sign for the future of our economy."

"Clearly there's a lot more work that has to be done," acknowledged White House economist Alan Krueger.

Both sides know the statistics: Growth below 2 percent won't lower an unemployment rate now hanging at 8.2 percent, and no president since Franklin D. Roosevelt has been re-elected with the jobless rate over 8 percent.

Romney held more meetings in London on Friday and was attending opening ceremonies of the Summer Olympics. "It looks to me like London is ready," he proclaimed on NBC's "Today" as he sought to defuse a flap over his earlier comments questioning the city's preparations.

He goes next to Israel, an ally he accuses Obama of offending.

In what was hardly a coincidence, Obama on Friday released an additional $70 million for Israel as - with some fanfare - he signed a bill expanding US-Israeli ties. Later, he had fundraisers in town and in suburban Virginia.

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2 Comments

  1. Mort_fComment by Mort_f
    July 28, 2012 @ 11:01 am

    70M to Israel, how about 1.5B to the Moslem Brotherhood in Egypt? But more important would be the lifting of the embargo of spare parts for Israeli helicopters, the restrictive clauses in the F-35 deal, the prevention of Israeli access to the US radar in the Negev desert. One can surmise, if history is any guide, that all of that 70M is tied to direct purchases of US manufactured equipment, monies that will never leave our shores.

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  2. brightlightComment by brightlight
    July 29, 2012 @ 9:50 am

    Lets see.

    Create uncertainty and added burden of fuel costs
    Squash the XL pipeline proposals
    Regulate coal and oil industry out of existance
    Increase Regs of the EPA on manufacturing
    Refuse oil exploration permits
    Open the illegal immigration floodgate
    Increase the national debt
    Jobs council pres Imelt exporting jobs
    Create uncertainty and advocate tax increases
    Establishing a crippling health care tax
    Make negative,derisive examples of job creators
    refuse to take positive action on budget proposals
    Throw money to premature green business ventures
    create a no work incentive with welfare
    throw up legal obstacles blocking solutions to problems instead of using commonsence
    Giving billions to nations we no longer know

    This, of course, is just a partial list.Feel free to jump in and add to Obamas list of initiatives that to him are no surprise but rather an incomplete to-do list for which he needs more time to complete.Obama does not consider these Woes and we should be astute enough in just reviewing this partial list to know for sure where he is taking us in his perverted sence of bringing down the giant for his personal ideology.Saying whatever he can to continue and relying on our sence of propriety for the presidential office he unfortunately holds,his prowess for deceit will know no bounds
    until he is re-elected and allowed to create more schisms within our ranks.

    He needs to go NOW!

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