More Bad Economic News--President Obama Built That

RNC Communications - July 23, 2012

The Hill Poll: Majority Of Voters Blame President For Bad Economy. The Hill: “More blame President Obama than anybody else…It found that 66 percent believe paltry job growth and slow economic recovery is the result of bad policy. Thirty-four percent say Obama is the most to blame.”

Most US States Trail Pre-Recession Job Levels. Associated Press: “Three years since the recession ended, 43 states have yet to regain the jobs they lost in the downturn. The figure is a reminder of how weak the nation's job market remains. The states that are the furthest behind in job growth are those that were hit hardest by the housing bust: Arizona, Florida and Nevada. Overall, the U.S. economy has 3.5 percent fewer jobs than it did before the Great Recession, which began in December 2007.”

US Poverty On Track To Rise To Highest Since 1960s. Associated Press: “Poverty is spreading at record levels across many groups, from underemployed workers and suburban families to the poorest poor. More discouraged workers are giving up on the job market, leaving them vulnerable as unemployment aid begins to run out. Suburbs are seeing increases in poverty, including in such political battlegrounds as Colorado, Florida and Nevada, where voters are coping with a new norm of living hand to mouth.”

Earnings Show Recession May Be 'Fast Approaching.' CNBC: “Estimates for the third and fourth quarters have been dropped to levels not seen since the days of the 2008 financial crisis, below even the muted 2 percent expected level of inflation. That's an ominous recession sign for an economy that has barely managed to attain positive growth this year even with the strong level of earnings beats, according to an analysis by Nicholas Colas, chief market strategist at ConvergEx in New York.”

Fragile Economic Recovery Shows Growing Cracks. USA Today: “When the job market began to crack in April, most economists said they weren't worried about the recovery. They're worried now. As the recovery slows, optimism is giving way to caution, with undercurrents of something darker. Economic forecasts are coming down all over Wall Street: Goldman Sachs and Deutsche Bank both cut forecasts of second-quarter growth to just over 1%.”

Unemployment Rises In Six Of 10 Battleground States. Wall Street Journal: “Unemployment rose in June in six of 10 battleground states that could play a pivotal role in the presidential election, reflecting job cuts in some cases and weak payroll growth in others. The jobless rate climbed a 10th of a percentage point last month in Michigan, Pennsylvania, Colorado, Iowa, New Hampshire and Virginia, the Labor Department said in a report released Friday.”

Data Show U.S. Economy Mired In Weakness. Reuters: “The slowdown in the U.S. economy persisted early in the third quarter with factory activity in the U.S. Mid-Atlantic region contracting in July for a third straight month and new claims for jobless aid surging last week. Other reports on Thursday showed home resales slumped to their lowest level in eight months in June and a gauge of future economic activity slipped last month, more evidence the economy has slowed significantly in recent months.”

Economy, Budget Woes Threaten U.S. Non-Profit Hospitals: Moody's. Reuters: “’The increased proportion of downgrades is driven by the continued slow economic recovery, increasing pressure on state budgets, and a large and growing federal deficit that may lead to reductions in Medicare and Medicaid which translate into weak volumes and revenue declines,’ Moody's said in a statement, noting that it is maintaining its long-standing negative outlook on the sector.”


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