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Candidate Reaction: GDP Decline

Sens. Barack Obama and John McCain this morning rapidly issued statements responding to news that the economy had retracted .3 percent in the third quarter of the year, evidence of an economy in recession. With the presidential election days away, McCain used the news to again press his attack on Obama as a job-destroying income redistributor, while Obama took a more measured tone while seeking to lay the economic news at the feet of President Bush's philosophy and policies, which Obama said McCain shares and will continue.

McCain: "Today's announcement that third quarter GDP fell at a 0.3 percent rate confirms what Americans already knew: the economy is shrinking. Barack Obama would accelerate this dangerous course. According to the independent Center for Data Analysis, Barack Obama's new policies will destroy nearly 6 million jobs over the next decade.

"Barack Obama's ideologically-driven plans to redistribute income will impose higher taxes on families, small businesses, and investors; expensive, rigid, job-killing health mandates on employers; energy policies that fail to promote domestic oil, natural gas, and coal, and will impose a massive Washington-driven regulation of everything from home furnaces to factories; isolationist trade policies that endanger one out of every five jobs; and massive new spending plans that that will burden the economy and saddle our children with debt. Barack Obama is change Americans cannot afford.

"John McCain's comprehensive reforms will clean up Wall Street, clean up Washington, and create nearly 2 million more jobs over the same period. John McCain offers a new direction and a real choice: lower taxes and under control spending; lower health care costs and portable insurance; an energy policy that declares independence from dangerous and unstable sources, values the environment, and supports growth; serious reforms to taxes, education, and trade to promote global competitiveness, and short-run plans to help the seniors, savers, homeowners, and workers hurt by the financial crisis."

Obama: "This morning, we learned that GDP has fallen for the first time this year, which means America is producing less and selling less and our economy is shrinking. American consumers were especially hard hit, experiencing their largest decline in spending in 28 years as wages failed to keep up with the rising cost of living. The decline in our GDP didn't happen by accident - it is a direct result of the Bush Administration's trickle down, Wall Street first, Main Street last policies that John McCain has embraced for the last eight years and plans to continue for the next four. These policies didn't work then, they won't work now, and I'm running for President to end them. We need to grow our economy by creating jobs, providing tax relief for middle class families, and helping people stay in their homes, and that is exactly what I will do as President."

By Web Politics Editor  |  October 30, 2008; 9:55 AM ET
Categories:  Barack Obama , Economy , John McCain , Primary Source  
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Next: Study: Campaign Financing Not an Issue for Voters

Comments

Washington Post.
Why are you not covering the story of Barack NOT ELGIBLE for the Presidency?
Why is that not a bigger issue?
He was a citizen of Indonesia when dual citizenship was not allowed?
Why is this not bigger news??!!??

Posted by: sidneywicks | November 3, 2008 5:38 PM | Report abuse

seems2me wrote "This tax money is needed to pay for programs to repair infrastructure and fund new industry that will create millions of new jobs"

Agreed.....ONLY if tax increase is used to fund government programs that improve infrastructure, etc. that is fine. Providing checks to individuals who do NOT pay income taxes at all is a transfer payment - this is a bad investment both for the country and the individual.

Posted by: jhpbriton | October 30, 2008 3:35 PM | Report abuse

Aj2008:

No can do. We already sent in our ballots.

Posted by: JakeD | October 30, 2008 3:17 PM | Report abuse

JakeD...Don't endorse Obama, say I will vote for HIM!

Posted by: AJ2008 | October 30, 2008 2:36 PM | Report abuse

The mccain response is juvenile and snarky - the Obama response is adult and responsible. Tough choice.

Posted by: notfooledbydistractions | October 30, 2008 2:30 PM | Report abuse

The McCain campaign claims they received their dire predictions on the economic impact of an Obama presidency from an "independent" Center for Data Analysis is just another right-wingnut lie. The Center for Data Analysis is part of the Heritage Foundation and is hardly non-partisan or "independent".

Posted by: elawjag | October 30, 2008 12:59 PM | Report abuse

Once again Obama responds in a Presidential manner and McCain just keeps up the politics of the past. I was driving back to where I was staying from the Obama rally in Fort Collins, Colorado on Sunday afternoon. The Sunday afternoon hate monger on KOA in Denver put the crowd at 25,000. He called the attendees Obamatons and you could hear the hate in his voice. He knows the Republican hate machine has failed this time. He has to call us some derogatory made up name … reminds me of George Allan in Virginia. I don’t care because in the change is coming in five days. Oh I already knew he was lying on the crowd size. We expected 20,000 so we had printed 40,000 informational forms for the attendees. We ran out of forms and still had a five block line four deep of people waiting to get in. It makes me so proud to be an American where I can be part of movement of hope and can reject the politics of hate. GOD BLESS AMERICA AND BARACK OBAMA!

Posted by: bradcpa | October 30, 2008 12:41 PM | Report abuse

Once again Obama responds in a Presidential manner and McCain just keeps up the politics of the past. I was driving back to where I was staying from the Obama rally in Fort Collins, Colorado on Sunday afternoon. The Sunday afternoon hate monger on KOA in Denver put the crowd at 25,000. He called the attendees Obamatons and you could hear the hate in his voice. He knows the Republican hate machine has failed this time. He has to call us some derogatory made up name … reminds me of George Allan in Virginia. I don’t care because in the change is coming in five days. Oh I already knew he was lying on the crowd size. We expected 20,000 so we had printed 40,000 informational forms for the attendees. We ran out of forms and still had a five block line four deep of people waiting to get in. It makes me so proud to be an American where I can be part of movement of hope and can reject the politics of hate. GOD BLESS AMERICA AND BARACK OBAMA!

Posted by: bradcpa | October 30, 2008 12:37 PM | Report abuse

Once again Obama responds in a Presidential manner and McCain just keeps up the politics of the past. I was driving back to where I was staying from the Obama rally in Fort Collins, Colorado on Sunday afternoon. The Sunday afternoon hate monger on KOA in Denver put the crowd at 25,000. He called the attendees Obamatons and you could hear the hate in his voice. He knows the Republican hate machine has failed this time. He has to call us some derogatory made up name … reminds me of George Allan in Virginia. I don’t care because in the change is coming in five days. Oh I already knew he was lying on the crowd size. We expected 20,000 so we had printed 40,000 informational forms for the attendees. We ran out of forms and still had a five block line four deep of people waiting to get in. It makes me so proud to be an American where I can be part of movement of hope and can reject the politics of hate. GOD BLESS AMERICA AND BARACK OBAMA!

Posted by: bradcpa | October 30, 2008 12:37 PM | Report abuse

"Israel is USA's number one friend"

That is about as distorted a comment as any since just a month or so ago we busted Israeli spies on America.

With friends like that, who needs enemies.

http://www.washingtonpost.com/wp-dyn/content/article/2008/01/14/AR2008011402725.html

http://www.washingtonpost.com/wp-dyn/content/article/2005/10/05/AR2005100501608_pf.html

http://www.theinsider.org/news/article.asp?id=566

Posted by: gatorskinz2000 | October 30, 2008 12:07 PM | Report abuse

Posted by: pastor123 | October 30, 2008 11:41 AM | Report abuse

Obama2008:

Not at all (because endorsing him does not mean I have to do anything to support him. I didn't vote for Obama. That would be crazy ; )

Posted by: JakeD | October 30, 2008 11:33 AM | Report abuse

Heehee. Palestinians for Obama??

The whole world is rooting for Obama!!

:-)

Posted by: toritto | October 30, 2008 11:24 AM | Report abuse

The way this presidential campaign has been run on the red side of the isle is a clear testimony to the fact that EXPERIENCE without a healthy psyche and a solid maturity of mind, is meaningless and in fact could be downright dangerous. No other nation in this world has the racial diversity America has, alas, a sizable population of Americans still suffer palpable xenophobia despite gazillion years of experience in racial co-existence. This is a simple example of how flawed and dangerous EXPERIENCE can be. Can it be a reliable benchmark for qualifying a candidate for president? Nada

Posted by: bpowerful2005 | October 30, 2008 11:19 AM | Report abuse

Palin - Plumber 2012!

Posted by: crawfam | October 30, 2008 11:19 AM | Report abuse

Palin - Plumber 2012!

Posted by: crawfam | October 30, 2008 11:18 AM | Report abuse

The way this presidential campaign has been run on the red side of the isle is a clear testimony to the fact that EXPERIENCE without a healthy psyche and a solid maturity of mind, is meaningless and in fact could be downright dangerous. No other nation in this world has the racial diversity America has, alas, a sizable population of Americans still suffer palpable xenophobia despite gazillion years of experience in racial co-existence. This is a simple example of how flawed and dangerous EXPERIENCE can be. Can it be a reliable benchmark for qualifying a candidate for president? Nada!

Posted by: bpowerful2005 | October 30, 2008 11:17 AM | Report abuse

JakeD:

Are you being sarcastic? :-)

Posted by: Obama2008 | October 30, 2008 11:03 AM | Report abuse

This person with id "sonnychiba72" needs to be removed from the comments. This persons is making allegations without any evidence and spreading rumors without any base. We have to live in this country after the election irrespective of the results of the elections. Let's not destroy this country and solidarity for the sake of one election win.

Find a way to continue debate in civil way, we happened to be nation of civilized society.

Posted by: yeda924 | October 30, 2008 11:02 AM | Report abuse

This person with id "sonnychiba72" needs to be removed from the comments. This persons is making allegations without any evidence and spreading rumor with any base. We have to live in this country after the election irrespective of the results of the elections. Let's not destroy this country and solidarity for the sake of one election win.

Find a way to continue debate in civil way, we happened to be nation of civilized society.

Posted by: yeda924 | October 30, 2008 11:01 AM | Report abuse

OK guys, you finally got me:

I Endorse Barack Obama.

Posted by: JakeD | October 30, 2008 10:53 AM | Report abuse

Where do these people come from?? They actually have evidence that Obama is contracting Palestinian terrorists to phone for pledges to his campaign?? Or perhaps this is some weird e-mail message or a call to the Rush Limbaugh program? Really, you can criticize or support either candidate (criticisms seem much more popular) without sounding really weird.

Posted by: Sutter | October 30, 2008 10:44 AM | Report abuse

sonnychiba72:

Still stuck in the mud, eh?

SSRI's will help. Better stock up!

Posted by: thenotoriousflavio | October 30, 2008 10:42 AM | Report abuse

Same old, same old from McCain. Negative, fear, distortion et al. FDR said "We have nothing to fear, but fear itself". He never met McCain or he'd have added his name plus Palin's.

Posted by: NotBubba | October 30, 2008 10:22 AM | Report abuse

TARGETING OF AMERICANS BY GOV'T AGENCIES
A ROOT CAUSE OF WALL STREET MELTDOWN?

Once again, Congress rushed through emergency legislation -- socializing the capital markets, ceding effective control of the economy to the government.

Officials continue to blame lax lending policies on the part of the mortgage industry for spawning this crisis.

But were lenders ORDERED to offer "easy credit" to people "targeted" by government agencies?

Is government "extrajudicial targeting" of American citizens a root cause of the mortgage meltdown that spawned the broader financial crisis?

And is there a disinformation campaign underway to blame the Democrats, instead of ideologues who have hijacked federal agencies as their tool of "social engineering?"

Consider this:

http://www.nowpublic.com/world/targeting-u-s-citizens-govt-agencies-root-cause-wall-street-financial-crisis OR
members.nowpublic.com/scrivener

Posted by: scrivener50 | October 30, 2008 10:21 AM | Report abuse

"We need to grow our economy by creating jobs, providing tax relief for middle class families, and helping people stay in their homes, and that is exactly what I will do as President."
B. Obama

?????????????

The difference in Obama's Middle Class tax Cut and McCain's is exactly $900...but Obama's comes with incresed taxes on 50% of small business income- because it is the successful small businesses that EMPLY people, and on big business, which is free to move jobs overseas in response. He also has an unprecidented elimination of the cap on Payroll taxes, which Bil Clinton in 1988 called "REGRESSIVE". Even John Kerry in 2004 advocated cutting corporate taxes to improve employment! Obama's tax policies only are in line with Herbert Hoover's, the last president to raise taxes in a Recession.
BUT DON'T BELIEVE ME- LOOK BACK ON CLINTON AND KERRY TO SEE HOW FAR TO THE LEFT YOUR CANDIDATE IS RUNNING! (all for an extra $900)

Posted by: thecannula | October 30, 2008 10:13 AM | Report abuse

This is the Obama, the one for America!
I am not surprised Palestinians are going ga-ga over Barack Obama. It seems that when not engaged in orchestrating suicide bombings against Israel, they are busy working the phones on Obama's behalf.
Why do they do this? Maybe because he declared their mortal enemy, Israel to be a perpetrator of genocide against the Palestinian people…

On Oct. 28, 2008, a young Palestinian in a Gaza refugee camp is doing his part to get out the vote for Barack Obama. With a little help from the Internet, 24-year-old Ibrahim Abu Jayab is cold calling random American families from his parent’s home imploring them to vote Obama.

So let me understand this, Barack Obama is outsourcing some of his campaign’s work abroad, to Palestine no less… I am sure that violates a few FEC rules, but doing things by the book has never been Obama’s way, has it?

The source? Major news websites around the world are carrying this story. The Third Movement has known this type thing for some time about Barry Soetoro Obama. He is the most un-American candidate to run for President or any other higher office in the history of America.

For once, I would like to see Obama's supporters address this post and other's like it without deflecting the issue to Bush, McCain and Palin. How can a man who wants to be the US President rub elbows with Palestinians to help him be elected in America? Israel is USA's number one friend. Now, Obama has clear ties to Hamas and to Hezbollah. The Third Movement has known this all along.

Posted by: sonnychiba72 | October 30, 2008 10:02 AM | Report abuse

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