Last week the focus of the presidential campaign was Congressman, Mitt Romney's pick for VP, and his budget plan to cut taxes and slash spending. This week it's back to the economy and President Obama's efforts to pull it out of the deepest recession since the Great Depression.
The latest data show GDP is no longer negative but growing at just 1.5% in the second quarter. Payrolls are no longer falling but increasing at a pace too slow to push down the unemployment rate below 8 percent. And the housing market still has not fully recovered, which is crucial for a wider economic rebound, though it may have hit bottom recently.
The former advisor to presidential hopefulwrites:
In his inaugural address, Obama promised "not only to create new jobs, but to lay a new foundation for growth." He promised to "build the roads and bridges, the electric grids, and digital lines that feed our commerce and bind us together." He promised to "restore science to its rightful place and wield technology's wonders to raise health care's quality and lower its cost." And he promised to "transform our schools and colleges and universities to meet the demands of a new age." Unfortunately the president's scorecard on every single one of those bold pledges is pitiful.
"Obama inherited an immense disaster… but the president didn't manage those expectations appropriately," says The Daily Ticker's Henry Blodget in the accompanying interview. "He over-promised on unemployment."
AGB100 ASKS: How can a man who's never even run a hot dog stand, never mind a large multinational, can run the world's largest economy? The anwser is rather obvious except to one who's deliberately deluding oneself. The other answer of course is to vote in a man who has run large corporations who actually has had success. Duh!
On that note, am I supposed to be more worried about how a former Massachussetts governor spends his money than how Obama spends mine?