Obama Tries Again: "It is Absolutely Clear that the Economy is Not Doing Fine."
Earlier today at a news conference, President Obama said, "The private sector is doing fine." That, despite tepid economic growth and the highest sustained unemployment rate since the Great Depression.
Obama, take two: "It is absolutely clear that the economy is not doing fine."
No clarification necessary, Mr. President. I think you already made yourself perfectly clear.
The remarks reveal the government-centric nature of Obama’s thinking. He just doesn’t give private enterprise very much thought, particularly when it comes to all the ways government can muck up the free enterprise system. It is just some theoretical construct he read about in a book one time.
To Obama, the private sector is always “doing fine,” so it really doesn’t matter if the public sector overloads it with too many taxes and too much regulation.
No wonder there’s been so little sense of urgency by the Obama White House to cut the sky-high corporate tax rate or so little consideration given to the impact on small business of letting the Bush tax cuts expire. The private sector is “doing fine,” after all. Unintended consequences? What are those?
The private sector isn’t just millionaire CEOs of America’s largest companies. It’s also workers (who bear most of the burden of high corporate taxes) and investors and entrepreneurs investing in the ingenuity and creativity and commitment to hard work of the American people.
But it seems when Obama thinks about the "private sector," images of Gordon Gekko or Monty Burns or Mr. Monopoly come to mind.
Apparently Obama thinks the only big flaw in the Obama recovery is that government isn’t hiring enough public union members. Everybody else is “doing fine.”
You know who really is doing fine? Washington. Federal spending is at record levels. Of course, it’s easy to be “doing fine” when you can just keep taxing the private sector.
But the real economy? It’s not doing fine at all.
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Comments:
Jul '11
Re: Obama Tries Again: "It is Absolutely Clear that the Economy is Not Doing Fine."
Well the president is rallying his supporters now. I just got an email.
An important message from our President to his supporters...نمي دان نور اگر رفت سايه. ر رفت سايه پيدا نيست نقش ديوار و چشم خيره ما\ نقش سايه دگر نمي دان نور اگر رفت سايه پيدا نيست ننور اگر رفت سايه پيدا
نيست نقش ديوار و چشم خيره ما نقش سايه دگر نمي دان نور اگر رفت سايه. ر
رفت سايه پيدا نيست نقش ديوار و چشم خيره ما نقش سايه دگر نمي دان نور
اگر رفت سايه پيدا نيست ننور اگر رفت سايه پيدا نيست نقش ديوار و چشم
خيره ما نقش سايه دگر نمي دان نور اگر رفت سايه. ر رفت سايه پيدا نيست
نقش ديوار و چشم خيره ما نقش سايه دگر نمي دان نور اگر رفت سايه پيدا
Mar '11
Re: Obama Tries Again: "It is Absolutely Clear that the Economy is Not Doing Fine."
I'm glad Mr Obama cleared that up - I was a little confused for a while.
Jul '10
Re: Obama Tries Again: "It is Absolutely Clear that the Economy is Not Doing Fine."
Well then, what happened Obama? We were doing just fine this morning and now this? Looks like a good time to explain what happened today that changed Yer perspective. Either the economy imploded today or it was Yer thinking. Which is it?
Dec '10
Re: Obama Tries Again: "It is Absolutely Clear that the Economy is Not Doing Fine."
This seems like a fine reintroduction for this week's podcast.
It included this sort of discussion about Obama's cluelessness, but also something quite different. Joe Escalante talked about his electoral defeat as a lost job opportunity, plus another public position as another miss.
Do you hear that, America?
Things are tough out here and my Galty self has also applied for public positions, to get some money coming in.
I am willing to move to North Dakota to do real consulting science in a produdctive capacity, and my fiancee is willing to hate me if I do that, but I have watched natural gas prices fall more than %75, due to lack of demand, and I suspect the Bakken formation is going to shut down soon, like a cute gal across the room being sent a beverage by,well, me!
Please pay attention folks, when I tell you that it is getting rough in the hinterlands and that it appears to be geting worse!
I do not think it is an exageration to say that the world is holding its breath and that few are chasing printed money. The world is looking at America.
Nov '11
Re: Obama Tries Again: "It is Absolutely Clear that the Economy is Not Doing Fine."
He's so bad at this.
Aug '10
Re: Obama Tries Again: "It is Absolutely Clear that the Economy is Not Doing Fine."
The economy will be "doing fine" until every single dollar of profit is gone to taxes, union contracts, or capital flight. And then it will be Bush's fault the whole thing tanked.
Mar '12
Re: Obama Tries Again: "It is Absolutely Clear that the Economy is Not Doing Fine."
Obama's original remarks reflect exactly what you would expect from someone who has spent the last 5 months flitting from one fund-raiser to another. He sees only the hedge fund, Hollywood, fashion, and Fortune 50 Corporate CEOs and that is the only information he needs to conclude that the "private sector is doing fine." Of course, none of these sycophants would be so gauche as to tell him what even some of them see of the real effects on business investment decisions of his energy, healthcare and always looming tax increases. So he lives in the kind of hermetically sealed world where he and no one on his staff would even see the problem with glibly announcing the private sector is doing fine, until 3 hours later, when Romney has pounced.
Re: Obama Tries Again: "It is Absolutely Clear that the Economy is Not Doing Fine."
He believes the private sector is like farmers: always complaining. They complain when it's wet. They complain when it's dry. Yet every year there's food. Whatever.
It's allowed to exist, so it's fine, and he'd be much happier if they'd just shut up, since gratitude for not being nationalized is apparently not forthcoming.
Note that in his walk back he clarified that the economy is not fine. Because the economy and the private sector are two completely different things, you see.
When it comes to the economy, the man is saturated with third-stage Rumsfeldism: nothing but unknown unknowns.
Dec '10
Re: Obama Tries Again: "It is Absolutely Clear that the Economy is Not Doing Fine."
"When it comes to the economy, the man is saturated with third-stage Rumsfeldism: nothing but unknown unknowns. "
That's a remarkably charitable outlook. There is no reason that I can grasp, for believing that is true.
No policy, or statement, from this administration has ever been calibrated towards buoancy towards America, or the world's economy.
I believe we are in a race against someone that is running headlong towards a comeuppance economic destruction and well aware that we will be reluctant to admit that, out of our own civility, or incredulity.
There is nothing, aside from our own decency, that may preclude that conclusion. Including, perhaps, his complete abandonment by most of his political and economic allies.
Why is everybody else gone, except for Geithner and Holder? Even Clinton is probably against him, even though she is an Alinskyite from Illinois.
Unknowns? Only to about half the people that voted for him.
Re: Obama Tries Again: "It is Absolutely Clear that the Economy is Not Doing Fine."
Well that is exactly what Tim Geithner said a while back, business is always complaining about taxes or regulations or whatever.
James Lileks: He believes the private sector is like farmers: always complaining. They complain when it's wet. They complain when it's dry. Yet every year there's food. Whatever.
It's allowed to exist, so it's fine, and he'd be much happier if they'd just shut up, since gratitude for not being nationalized is apparently not forthcoming.
Note that in his walk back he clarified that the economy is not fine. Because the economy and the private sector are two completely different things, you see.
When it comes to the economy, the man is saturated with third-stage Rumsfeldism: nothing but unknown unknowns. · 2 hours ago
May '10
Re: Obama Tries Again: "It is Absolutely Clear that the Economy is Not Doing Fine."
This is the first time (his comment) that I'm concerned he is losing his mind. There is no politically non-suicidal interpretation of what he said (or truthful substantive one).
By the way, Dennis Prager offered a great, simple analogy for the "4 million jobs" Obama has supposedly created: it's like going to Vegas, losing, say $5000, and then the next day, winning $400, and telling everyone "I won $400 in Vegas!"
Edited on June 9, 2012 at 4:28amApr '11
Re: Obama Tries Again: "It is Absolutely Clear that the Economy is Not Doing Fine."
Obama simply cannot admit that things aren't going well. Most normal politicians under the same circumstances would say something to the effect that things aren't going well enough until everyone who was looking for work could find it and that he's fight for that. But it would require the guy who thinks he ranks up there with Washington, Lincoln and FDR to concede that his administration is earning less than a B+. He may well lose the election because he can't get his ego out of the way.
Jun '11
Re: Obama Tries Again: "It is Absolutely Clear that the Economy is Not Doing Fine."
Sir, Mr. P., you are the man. I enjoy you're work distilling the picture. Thank you.
Today was the most unbelievable day in politics I can remember in the past 20 years. In fact, the week has been remarkable.
Our president today was the most non-professional performer in the White House I have ever seen.
Our president is not a proud American.
Edited on June 9, 2012 at 5:20amMay '10
Re: Obama Tries Again: "It is Absolutely Clear that the Economy is Not Doing Fine."
Jim, I disagree with the premise of your piece (President and administration is utterly clueless) and many of the comments above. I believe that from the Obama perspective, the private sector of the economy IS doing fine. Look at the impressive list of accomplishments during his first term:
Take over of a significant portion of the automotive industry (preserving a failed business model to solidify his base), virtual take over of the healthcare industry, severe restrictions on any carbon based energy exploration/production on Govt. lands, foundation laid for crippling the coal industry, take over well underway of finance, where only the those to big to fail can effectively compete given the cost of Dodd-Frank regulations in the making - and they depend of Govt./Fed largess, severe restriction of small business development given uncertainty in every important cost factor (benefit cost, regulation, economy dependent on money printing, tax rates), a general and increasing dependance on govt. in almost every sector of the economy.
I think he feels he has done an outstanding job in the private sector. We simply do not take him and his appointees at their word. Similar to Hitler prior to the war.
Dec '10
Re: Obama Tries Again: "It is Absolutely Clear that the Economy is Not Doing Fine."
CJRun: . . . I have watched natural gas prices fall more than %75, due to lack of demand, and I suspect the Bakken formation is going to shut down soon . .
Please pay attention folks, when I tell you that it is getting rough in the hinterlands and that it appears to be geting worse!
I do not think it is an exageration to say that the world is holding its breath and that few are chasing printed money. The world is looking at America.
You are not alone in seeing everyone holding their breath at the moment.
A fat lot of good all that oil and gas does you if there's nothing to use that energy to produce (because everyone is flat ass broke).
Until we loosen the noose (or ideally, cut it off our necks), the blood will not flow.
And just like a man dangling from a rope, we've got a limited amount of time in which to act before our economy and our country, choke to death.
Come on November . . .
May '11
Re: Obama Tries Again: "It is Absolutely Clear that the Economy is Not Doing Fine."
This from Jonathan Chait this morning: "Republicans in Congress oppose Obama’s jobs plan and utterly deny the consensus beliefs of the macroeconomic industry."
A consensus! Ah, the time for debate is over. Again. When did the word "consensus" come to mean "shut up and accept whatever Dems want"?
Of course, Chait lives in the alternate universe where there are no consequences to stomping on job creators, because there are no "job creators." Jobs don't get "created." They just magically appear when the President passes a "jobs bill." The BEST kind of jobs. Government jobs. With big pensions. Well, the promises of big pensions. Someone else will pay for them. Later. As they used to say in the Soviet Union, "they pretend to pay us, and we pretend to work."