The Trail: A Daily Diary of Campaign 2008


The Daybook

POTUS Events: State of the Economy

President Obaman speaking at a Creigh Deeds for governor rally, Thursday, Aug. 6, in McLean, Va.
(AP Photo/Nick Wass))

By Sarah Lovenheim

President Obama starts his day with his routine briefings, followed by a meeting with senior advisers

At 1:15 p.m., he delivers remarks on the economy at Henderson Hall at Fort Myer. Four hours later, he meets with Sen. Chuck Schumer (D-NY) in the Oval Office.

White House press secretary Robert Gibbs holds the press briefing at 2:00 p.m. For a rundown of other noteworthy events around town, check out our Federal City Digest.

Posted at 8:30 AM ET on Aug 7, 2009  | Category:  The Daybook
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I did not say that there is a recovery but that there are signs that one may be coming. Even the President has said as much.

My fear is that any recovery will be stymied by this unsustainable level of spending that the President has embarked on. Recoveries are based to some degree on consumer confidence and the projected deficits if the Presidnet follows through on his spending plans tend to erode consumer confidence.

The CBO has said that the stimulus program will not create a recovery in itself. Even after all the spending of the New Deal it was World War II that brought the country out of the Depression. We are in a simular situation now though not as severe.

The President could do himself and the country a huge favor it he does not spend the bulk of the stimulus funds and for that matter defers the expensive national health plan into the future.

Posted by: danielhancock | August 10, 2009 11:49 PM

danielhancock as yet there is no recovery. Growth needs to reach 2.5% per year to have a chance of raising employment. The purpose of the stimulus is to increase employment. 7% unemployment is too much. Fortunately Obama's advisers are not focused on stopping the free fall but on recovery.

Posted by: Gator-ron | August 10, 2009 10:49 PM

Mr. President, the signs are out there that the recession may be moderating and you have only spent a small percentage of the stimulis funds. So just let the recovery happen and don't spend the remainder of the funds.

Then you can get credit for BOTH stabilizing the economy and reducing the projected deficits. It will be a political masterstroke. You will be invulnerable in 2012

But if you spend the rest it could drown the recovery in debt that will mean a slow economy and possible inflation. You will end up like Jimmy Carter in 1980.

Also some attempt to justify Obama's performance by citing economic statistics that were worse in the early years of the Reagan administration. This only serves to make the acheivements of RR more remarkable.

Besides, back then, we could look forward to unprecendented tax cuts that were on the way that brought the top marginal rate down from seventy to twenty-three percent.

What do we have to look forward to today except mountains of debt unless the President changes his course.

Posted by: danielhancock | August 10, 2009 3:21 PM

If, IF;

the Economy should somehow improve.


it was NOT because of this Dude and his Economy destroying Policies;


in SPITE of them, and Him!

Bad news though...

Fall, and a very Cold and dismal Winter are coming to a Destroyed America TOO SOON!

Posted by: SAINT---The | August 9, 2009 4:39 PM

Folks, the REAL unemployment figures are much higher!
The number of Americans who are not looking for work any more, and the ones who are under-employed are being left out!

O'Bomba and his lunatic Leftist ideologies are going to destroy what was left of any Dreams Americans once had!

Seriously: Just what part of "We have to get 20 MILLION Free-Loading, Job Stealing, Community Destroying, Illegally Invading, Sovereignty Usurping, and generally UNWANTED People OUT";

Doesn't this Clown and his Cohorts UNDERSTAND?!!!!

If they won't take action;

then don't prosecute Americans when we finally DO!

Ignoring criminal behavior should warrant ignoring Criminal Behavior!

Especially if it is being waged on the aforementioned Criminal Behaving!

Posted by: SAINT---The | August 9, 2009 4:36 PM

This was considered good news by the GOP when Bush was in office...

Posted by: parkerfl1 | August 7, 2009 9:48 PM

My posted link failed. Please try:

Posted by: JohnQuimby | August 7, 2009 9:30 PM

Reagan argued that a large dose of government spending coupled with tax cuts would stimulate economic growth and end the recession. (See PBS Commanding Heights

President Obama is proposing tax cuts on the working class (Reagan favored upper income brackets and bailed on the middle class). He proposes to lower the cost of health care to individuals (Reagan pushed for lower costs too - we got unregulated HMO's). And Obama proposes to increase spending on infrastructure to end the energy deficit (Reagan increased spending on defense to end the cold war).

The current Obama plan more closely resembles Ronald Reagan than Karl Marx.

Posted by: JohnQuimby | August 7, 2009 9:14 PM

The unemployment rate peaking out at 10.8% during Reagan's first term

I can find more links if you don't like this one Jake, in fact, Reagan had the highest average unemployment rate over any other President. He also took a 53 billion deficit and turned it into 3 trillion.

What's so great about that?

Posted by: JRM2 | August 7, 2009 6:07 PM

Employment recovery thanks to Obama policies...


Posted by: usadblake | August 7, 2009 5:49 PM

Keep in mind that current unemployment rates are not strictly comparable with prior years, which were also not adjusted for seasonal variation. For an explanation, see "Historical Comparability" under the Household Data section of the Explanatory Notes and Estimates of Error at

Posted by: JakeD | August 7, 2009 4:06 PM

I meant 9.7%

Posted by: JakeD | August 7, 2009 4:03 PM

The highest that unemployment got under Reagan was 9.6%:

Posted by: JakeD | August 7, 2009 4:02 PM

It is better than it going up, but yes, even the Whitehouse admits it will go over 10%.

So when it goes over 10.8% then we all can say that Obama is not as good in that regard as Ronald Reagan who had higher unemployment two years into his first term, and higher taxes too.

Posted by: JRM2 | August 7, 2009 1:16 PM

The state of the economy is not good. 9.6% was expected, but we are "only" at 9.4% unemployment. That's GOOD news?! Tell that to all those working UNDERPAID jobs, or those who have simply stopped looking for work. The economy will get worse before it gets better.

Posted by: JakeD | August 7, 2009 12:07 PM

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