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Obama says growth a sign of stimulus success

By Scott Wilson
President Obama warned in his weekly radio and Internet address Saturday that the U.S. economy is likely to shed more jobs in the coming days, but said the recent quarter of growth marked an important turning point in the country's recovery from deep recession.

He called his prediction that unemployment would rise, despite news this week that the gross-domestic product grew 3.5 percent in the most recent quarter, "a fact that is both troubling for our economy and heartbreaking for the men and women who suddenly find themselves out of work."

"But we will not create the jobs we need unless the economy is growing," Obama said. "That's why this GDP report is a good sign."

The positive GDP numbers marked the first quarter of growth in a year, but Obama and his senior advisers continue to worry about a so-called jobless recovery heading into next year's election season.

The unemployment rate may soon rise above 10 percent, a threshold that could dim the prospects of the president's Democratic Party in the 2010 mid-term Congressional elections if the economy doesn't improve.

Obama spoke after a second straight week of decline in the Dow Jones Industrial Average. Government data released Friday also showed that consumer spending fell in September from the previous month by less than one percent, a sign many Americans are still uncertain which direction the economy is heading.

But Obama used his address to say that the $787 billion stimulus measure he pushed through in February is driving the economic recovery. He said the bill, a mix of public spending and tax cuts, has "created and saved more than one million jobs."

Republicans have challenged that figure, and fiscal watchdog groups have said it is very difficult to estimate how many jobs would have been lost without the boost in public spending.

"As I've said many times, it took years to dig our way into the crisis we've faced," Obama said. "It will take more than a few months to dig our way out. But make no mistake: that's exactly what we will do."

By Web Politics Editor  |  October 31, 2009; 6:00 AM ET
Categories:  Economy  
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Comments

As I have said with the above headline growth a sign of stimulus success, cause me to believe that President Obama may need us to send him a scoop shovel as it must be getting pretty thick there at the White House!

Obama is blowing smoke rings and tossing peanuts again he'll likely find some more spying on your neighbor type of jobs? The best way he can create jobs is to resign from the presidency after he fires his complete Democrat House of Congress! Allow America to vote in some true patriotic Americans not afilliated with any Bilderberg, Trilateral Commission or Council on Foreign Relations or any other Global Elitist affiliation, who abide strictly in the Constitution of "The United States of America"! Then we need to Audit the Fed and abolish it under Senate Bill S604, be sure to make sure your Senator has sponsored this Bill before you vote for him or her! Let's get America back!

Take a look st this highly acclaimed video, "Fall of The Republic" ( The Obama Presidency ) that has in less than ten days received over 1,500,000 views! Learn what the Governments and the United Nations have planned for you, your family and friends!
http://www.youtube.com/watch?v=VebOTc-7shU

Posted by: PaulRevere4 | November 2, 2009 11:10 PM | Report abuse

Obama can take credit for stimulating the economy because he is in office, just as Clinton took credit for balancing the budget. Just as it took 18 years from the time people really started calling for a balanced budget until we got one, it will take several more years to see whether the economy is really moving in the right direction, or if it is more of the same up and down rollercoaster effect that we have had for the past two hundred twenty years under the Constitution.

Someone has pointed out that the recession is over, and they are currently correct, but we have not reached the stage in the recovery when the jobs start coming back. The real question is: Will the jobs come back?

Other questions that need to be looked at include: Do we have regulations in place and independent bodies reviewing the actions of the financial community? Can we continue to tolerate companies that are "too big to fail"? What is the status of the commercial real estate problem, and will it drop on us like the home mortgage problem did? Why does Congress want to tax healthcare, but is carefully avoiding the untaxed bonuses of executives of major corporations? Why do we get the same result, whether a Republican or a Democrat is in charge? Why do both parties continue to try to take away freedoms and gain government control over every aspect of our lives?

Could I go on, yes, but many of you have questions that should be added too.

Posted by: Tawodi | November 2, 2009 12:35 PM | Report abuse

LIES LIES LIES THAT IS ALL YOU GET OUT OF THIS "CORRUPT" GROUP OF MISFITS THIS CLOWN , THE INEXPERIENCED "CURIOUS GEORGE HAS ASSEMBLED FOR AMERICA.

Posted by: otisplumber | November 2, 2009 11:52 AM | Report abuse

How to stage manage a recovery?
Sub title: Only Treats for Halloween, no tricks this year for Halloween.

On Tuesday present to Congress a set of convoluted proposals that will not fix the house of cards financial system by the Secretary of the Treasury and pretend that financial systems are now safe.
On Wednesday have the President announce his full support of these proposals.
On Thursday have the government announce that the recession is over on the basis of GNP.
On Friday have the government announce that jobs were created by the Stimulus package.
On Saturday have a big Halloween party at the White House were only treats were handed out.

In one week the government using announcements was able to handle the house of cards financial system, the recession, and unemployment.

Imagine what we can expect the week before April Fools day.

Posted by: bsallamack | November 1, 2009 7:57 PM | Report abuse

Growth?

The only thing growing is Pinocchio Odumbo's nose.

The dimwit lies more than Clinton.

Posted by: LarryG62 | November 1, 2009 7:29 PM | Report abuse

Some where someone in his administration has to find away to shut Odumbo up. Every time he opens his mouth we lose. stock market drops, jobs are lost. Salaries reduced, One lie after another. Is there not one person on his cabinet that has the common sense to duct tape his f%^king mouth??

Posted by: askgees | November 1, 2009 5:18 PM | Report abuse

WOW Obama and his party of incompetence will say anything. The people will speak clearly Tuesday. It will be interesting to hear what this nitw1t has to say Wen.

Posted by: askgees | November 1, 2009 5:06 PM | Report abuse

Yes, the growth in goods and services is as a result of government spending. Most of the 3.5% came from a) government (federal, state, and local) hiring b) cash for clunkers, and c) first time homebuyer tax credit.

Theoretically, we could drive GDP to a 10% increase by simply hiring more people to work for the government, re starting cash for clunkers, but giving everyone a $15K tax credit instead of the measly %4.5K they had before, and expanding the home buyer program to cover every home buyer, but up the tax credit to $50K. Of course, the stimulus spending Obama refers to, as well as the "enhanced" program I outline here is all funded with money borrowed from the Chinese and others who continue to buy U.S. debt.

Just remember what Margaret Thatcher said: "Socialism works fine until you run out of other people's money."

Posted by: Curmudgeon10 | November 1, 2009 4:39 PM | Report abuse

This slug lies do much he makes Clinton(either one) and Baghdad Bob look like pillars of integrity.

What a disgusting piece of feces he is.

Posted by: LarryG62 | November 1, 2009 2:18 PM | Report abuse

It would be funny if it weren't so pathetic.

Posted by: akwa01 | November 1, 2009 12:54 PM | Report abuse

We do not know how many jobs were saved by the stimulus and we do not know whether the stimulus was the right choice. If the economy shows that it is able to proceed without government stimulus that it worked. However to say that it was a failure at this point is to say that you lack sufficient objectivity to make any analysis of the economy.

Posted by: Gator-ron | November 1, 2009 10:53 AM | Report abuse

the only way to show how you really feel about obama and his economy is to not vote for any dem he endorses...
take away his power...
give it to a republican house and senate...
they will do what obama can't...
they can undo the damage obama has done...

Posted by: DwightCollins | November 1, 2009 6:10 AM | Report abuse

I love his hypocritical ways.....

"It's Bush's fault"...one week.

"I'm taking credit"...another week....

He thinks "we" are "dumb as a door nail"!

Posted by: analgesic33 | November 1, 2009 5:42 AM | Report abuse

Let's be objective?

King Obimbo needs to heat the house. His options are to:

A. Burn the dining room and all of the interior furniture,
or
B. Buy and burn wood or fuel?

If the objective is to "heat the house," and solution "A" is used, and the objective is met, this is called "Obama- Nomics."

The interior may be gutted, but we call it "heat" and everybody stays warm. Now, who gets stuck with the repair bill and the refurbishing bill? Not King Obimbo!!!

King Obimbo commands, "Let thems that works, pays for everybody, but suffer themselves, because they deserve it."

What did we do to the last monarch who only wanted a 3% tax???

Posted by: Computer_Forensics_Expert_Computer_Expert_Witness | November 1, 2009 3:46 AM | Report abuse

What a lying As$ hole.

This incompetent and his cabal of anti American leftists are destroying our economy, our security and apparently want to do the same to our health care system.

Posted by: LarryG62 | October 31, 2009 9:41 AM
--------
It seems that you LarryG62 are the lying As$ hole who in addition, is very stupid or has the memory capacity of a puppy.

Posted by: JRM2 | November 1, 2009 12:45 AM | Report abuse

Hope like bravery is a funny thing. It can give a man the courage and resolve he needs to succeed against all odds, or it can drive him deeper into land of the lost. The influence of hope on a man’s decisions is no less precarious. In the light of reason, a risk taken based on hope is simply a calculated risk. In the darkness of blind faith, however, we are at the mercy of pure chance. In both cases, failure as well as success is possible.

I am no economist, but from what I’ve seen over the last year there is a lot of educated guessing going on, and a lot of fingers being crossed in hopes that the solutions put into place work. In the short term, I think they are working, and with any luck the stimulus will bridge the current financial ravine we seem to be hovering over. In the long term, I seriously doubt, nor expect, the stimulus was intended to be a fix all. The free market must pull its own weight in the end.

As with any recovery, there will be good days and bad days. And a true recovery without relapse can only be achieved with behavioral changes at the government, commercial, and consumer level. While I believe the government stimulus was needed, I fear that for some it reinforced a belief that the good things in life are deserved rather than earned.

My hope is that stimulus solved the problem more or less, and the finer points to the solution can be hashed out over time. If my hope is misguided, they have only slowed an inevitable market implosion, which we could be legitimately working our way out of now instead of borrowing against the future. Time will tell, and I hope we succeed.

Posted by: archfixxxer | October 31, 2009 10:43 PM | Report abuse


Do you believe Obama has saved one million jobs?


http://www.youpolls.com/details.asp?pid=6402

.

Posted by: usadblake | October 31, 2009 7:24 PM | Report abuse

And we’re just supposed to trust these Government “reports”?

How can they say we’re out of a recession when home foreclosures are surging still (see http://www.foreclosure.com) and auto repossessions are skyrocketing (see http://www.repofinder.com)?

I’ll trust my magic 8 ball over Government “reports”.

Posted by: dolomite2001 | October 31, 2009 6:14 PM | Report abuse

"Obama says growth a sign of stimulus success"

As well he had better. As it looks right now the bankers will be receiving their record breaking 2009 bonuses just as the rest of us are going in for our second dip of a double dip recession. Kind of like being tarred and feathered, again. I just wonder if Obama is really this stupid or if he is being ruined by his advisors on the matter. His handling of the banks is going to come back and bite him fairly hard fairly soon.

Posted by: jhadv | October 31, 2009 4:03 PM | Report abuse

Growth, What Growth other than weeds and empty buildings!

Obama's One-World Government
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"I have read that treaty," Monckton said, "and what it says is this: that a world government is going to be created. The word 'government' actually appears as the first of three purposes of the new entity. The second purpose is the transfer of wealth from the countries of the West to Third World countries in satisfaction of what is called, coyly, 'climate debt' -- because we've been burning CO2 and they haven't. And we've been screwing up the climate and they haven't. ... And the third purpose of this new entity, this government, is enforcement. How many of you think that the word 'election' or 'democracy' or 'vote' or 'ballot' occurs anywhere in the 200 pages of that treaty? Quite right, it doesn't appear once."
Take the Red Pill by watching the video as in the Matrix to become acquainted to the reality: http://www.youtube.com/watch?v=VebOTc-7shU

Posted by: PaulRevere4 | October 31, 2009 3:17 PM | Report abuse

Obama has his version and we have ours. To bad Obama seems to be suffering some sort of delusion There's NOTHING indicating the recession has ended or to support the idea we're in recovery. Over the past 2 weeks the stock market has dropped. Unemployment is still rising. Retailers have already accepted they will have a slow holiday season. Obama and his administration say they have created or saved a million jobs, How ever they have revised the estimates 3 times thus far and cannot provide ANY NUMBERS to substantiate their argument. According to data available the US tax payer is spending 161,000.00 per EACH so called new or saved jobs. Cash for clunkers (a complete failure) only shifted the problem down the road a few months. Car sales are flat no one is buying cars. The US tax payer paid approx. 16,000.00 per clunker (autos worth between 2000.00 - 4000.00) and then crushed them?? instead of recycling them (so much for Obama and his false claims regarding the environment No their trying to reform healthcare but the TRUE COSTS are being kept from us. Swine flu pandemic LOL another Obama made catastrophe Soldiers dying in Afghanistan and Iraq while he flip flops and fails t make the tough decisions he's been elected to make. In the 45 years I've been alive Obama has proven his self to be the weakest most out of his league president I've seen even surpassing Carter. Obama has done what Cater did in 4 years in only 10 months.

Posted by: askgees | October 31, 2009 2:30 PM | Report abuse

LOL! :-D

The phony Messiah seems to be lacking his entourage of vacuum-headed followers today!

I was going to go out tonight as the "National Deficit".

But, I simply don't have anything near that large to wear! ;~)

Maybe I'll dress up as the Grim Reaper, with a Sickle chopping the US!

Socialism embodied! :-(

Posted by: SAINT---The | October 31, 2009 2:09 PM | Report abuse

Huh? Obama has created misdirection, lies and half-truths. What jobs has he created? All he keeps telling us is that employment is a lagging indicator to recovery, but that growth in certain sectors indicates we are in fact in recovery. He must think that people take him seriously. The only thing that has influenced a very slight uptick, is the billions of tax-payer dollars pumped into the likes of GM, Citi, BofA, AIG, etc, etc. Next it will be healthcare. Take away the props, and the house of cards collapses. Please, Mr. Obama, take your socialist policies, and go far, far away. And please take your entire entourage of Biden, Clinton, Jarrett, Frank, Dodd, Pelosi, Emanuel, Gibbs, Reid, and Axelrod with you.

Posted by: jemvbcarmagh06 | October 31, 2009 1:56 PM | Report abuse

The only jobs this empty suit and Joe Biden can claim are the twenty servants appointed by Michelle Obama to help her bathe, groom, clothe, and fawn over, and the various czars appointed as "advisors" to the Oval Office. With leaders like Reid and Pelosi, a new Titanic is about to hit an iceberg!

Posted by: nmg3rln | October 31, 2009 1:52 PM | Report abuse

Millions for defense but not a cent for tribute.
'Toast at the dinner given by Congress at Philadelphia, 18 June 1798.' Claypoole's 'American Daily Advertiser,' 20 June 1798. A. J. Beveridge's 'Life of John Marshall,' vol. ii.

Posted by: edtroyhampton | October 31, 2009 1:37 PM | Report abuse

$787,000,000,000 stimulus "saved or created 1,000,0000 jobs" = $787,000 per job.

Posted by: mail7 | October 31, 2009 11:14 AM | Report abuse

3 years and 2 months before obama and his buddies join the bread lines. The unemployment numbers are over 12% and he knows it. And yet we spend 3 billion a DAY on two unwinnable wars and Wall Street and the banks are giving millions of dollars in taxpayer bonuses. At some point the people say enough is enough.

Posted by: KBlit | October 31, 2009 10:19 AM | Report abuse

People in the private sector who use the kind of creative accounting that the administration is using would go to jail. Created or saved jobs, my foot.

Posted by: Lilycat11 | October 31, 2009 10:14 AM | Report abuse

what obama says is at the expense of the American taxpayer...
30 plus million will stay unemployed and eventually homeless...
and obama will have done nothing...
but it's not all his fault...
it's also the fault of the leadership in the house and senate...
other than the ineffective stimulis bill...
or extension of unemployment...
is there a bill that would even the odds for the taxpayer and help them lead fully employed lives...

Posted by: DwightCollins | October 31, 2009 9:45 AM | Report abuse

What a lying As$ hole.

This incompetent and his cabal of anti American leftists are destroying our economy, our security and apparently want to do the same to our health care system.

These irresponsible morons need to be sent home ASAP.

Posted by: LarryG62 | October 31, 2009 9:41 AM | Report abuse

Fleeting growth thanks to the cash-for-clunkers and first-time home buyers boondoggles, which taxpayers underwrote along with China.

When will Obama begin to recognize that people are jobless and are losing their homes? His hope-and-change ballyhoo has lost its luster along with his "urgent" stimulus bill and his health-insurance and cap-and-tax swindles.

Mr. Cool has no compassion, no sense of reality.

Posted by: judithod | October 31, 2009 9:33 AM | Report abuse

It is truly amazing how one interprets data based on where one is. Reminds me of the joke about a CEO interviewing for a new CFO... Oh well, one can always dream that people will stop being Republicans and Democrats and start being good citizens.

Posted by: thinking1962 | October 31, 2009 9:15 AM | Report abuse

Ha Ha Hee Hee Ha Ha Ha Hee Hee the economy's getting better ? Ha Ha Ha Ha Hee Hee

Posted by: votingrevolution | October 31, 2009 8:41 AM | Report abuse

We have a large portfolio, so we can gauge the performance of the economy reflected in the stocks we hold.

A couple things:

o money has been reinvested in Asian and 'foreign' companies;

o money has been partially converted into EURO's and YUAN;

o money has been redeployed into some energy sectors.

What I've noted is that corporate performance has improved as 'fat' is trimmed including a variety of people no longer needed and poorly performing programs.

The other part of this is that LOCAL GOVERNMENT has survived this 'fat trimming' with the help of stimulus monies....EDWEEK calls the impending day of reckoning driving off the cliff.

Does OBAMA have enough money left to continue to prop up State and local government?

Will foreign lenders provide money to prop up State & local government?

What Bloomberg regards as the 'economy' and Obama, with his political redefinition are very different things...and with a very different perspective, i.e. pending inflation.

Posted by: Common_Cents1 | October 31, 2009 7:58 AM | Report abuse

Has anyone noticed that nearly all of those jobs are in the food service industry? ("Do you want LIES with that?") I think the presidents statement is sort of like, "Mission Accomplished" from an earlier administration.

Posted by: tdp123 | October 31, 2009 7:55 AM | Report abuse

wow! this fool obama is starting to believe his own lies...whats next? obama stops global warming by revealing its a al gore lie.

Posted by: JWx2 | October 31, 2009 6:53 AM | Report abuse

you can Start your career by earning a degree in Crime Scene Investigation check http://bit.ly/3fyWG4

Posted by: leonahope3110 | October 31, 2009 6:16 AM | Report abuse

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