| Slowing Economic Growth Fuels Campaign Rhetoric |
| Jul-27-2012 |
| Keywords: quarter, gdp, economic, growth, slow, romney, obama, republican, democrat |
Today's report on economic growth is being used as a political football between the two presidential campaigns, as well as Democrats and Republicans on Capitol Hill.
The Commerce Department today reported the economy grew at a tepid rate of 1.5% in the 2nd quarter of the year. The growth tepid by historical measures but is slightly better than expected.
Alan Krueger, chairman of the president's Council of Economic Advisers said in a statement, "Today's report shows that the economy posted its twelfth straight quarter of positive growth. While the economy continues to move in the right direction, additional growth is needed to replace the jobs lost in the deep recession that began at the end of 2007."
His assertion that the economy is moving in the right direction is technically correct, the economy does continue to grow. But Mitt Romney's campaign pounced on the news, attempting to drive home the message that the president's policies are hampering job growth.
"It's a picture of a decelerating economy," said Romney economic adviser Dean Glenn Hubbard. "At that pattern, the economy simply will never return to full employment."
The Romney camp also launched an email campaign that continued to exploit the president's "you didn't build that" gaffe. The email was titled: "The Obama Economy: Barack Obama Built This" offers a number of not so flattering comments about the president's policies and how they are affecting the economy.
Click Here to View The Romney Email.
A campaign email with a snapshot of the gloomy GDP headlines also poked at Obama's recent "you didn't build that" gaffe. The email was titled: "The Obama Economy: Barack Obama Built This."
Locked in a battle with the White House and Democratically controlled Senate, House Speaker John Boehner also seized on the news to illustrate why the Bush-era tax cuts should be extended for all Americans, not just those making less than $250,000 a year.
"Today's GDP report is a troubling sign for the future of our economy, and it underscores the need to stop all of the looming tax hikes that will weaken it further," House Speaker John Boehner said.
Senate Democrats passed their version of the tax plan earlier this week, which calls for the rates to be extended only for households making less than $250,000 a year. A vote that was nothing more than political theatrics given that all tax related legislation must originate in the House of Representatives. House Republicans are expected to vote on a proposal to extend all the tax cuts sometime next week. |
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Posted by Lou Dobbs Staff at 12:00 PM Email to a friend |
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