Don't worry. Obama says economy is 'doing fine'
The Kansas City Star
President Obama’s latest verbal goof was the sort that will resonate for some time. In his news conference Friday, he said “the private economy is doing fine,” which would be news to the millions of people out of work.
The remark recalled the flap that surrounded the first President Bush in 1992, when he supposedly expressed astonishment at retail barcode scanning technology while visiting a grocers’ convention. Much of the media decided that this showed that the president was completely out of touch with the challenges facing American workers.
Like Obama, Bush was dealing with an anemic economy. He was also facing an aggressive challenger — Bill Clinton — who portrayed a less-than-zippy recovery as close to economic collapse. Bush got tagged as the fall guy for a “jobless recovery” and lost the election.
The difference here is that the rap on Bush was inaccurate. He was not unfamiliar with scanning technology and the whole flap was ginned up by a New York Times reporter, working from a pool report.
Obama’s quote, however, is not in doubt, and it’s revealing because he went on to say that while the private sector has created more than 4 million jobs over the last couple of years (he didn’t mention the 8 percent jobless rate), local and state government remains a weakness, because “governors or mayors … are not getting the kind of help that they have in the past from the federal government…”
So, Treasury should borrow more from the Chinese so the feds can shovel more money to state and local governments? I think we already did that. It was called the stimulus package.
Obama seems to believe that economic growth stems mainly from government. Many people have wondered whether this president understands the basic process of wealth creation. Here’s another bit of evidence that on that score, he is clueless.
UPDATE: Commenters have pointed out that a word is wrong in the Obama quote. What he said: “The private sector is doing fine.”