Obama: No fears of double-dip recession
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WASHINGTON (AP) -- After a spate of discouraging economic reports, President Barack Obama insisted Tuesday he's not afraid of the country slipping into a double-dip recession. But at the same time he displayed some impatience that the pace of the recovery has "got to accelerate."
"Obviously, we're experiencing some headwinds," Obama said at a joint news conference with visiting German Chancellor Angela Merkel. He said it was unclear whether the latest unemployment report, which showed a slowdown in job growth, was a one-month disappointment or part of a longer trend.
But Obama said his administration was taking a range of steps to boost the economy, and that the nation is bound for long-term economic growth.
"We are on the path of a recovery but it's got to accelerate," he said.
Taking note that economic turmoil has roiled both sides of the Atlantic, Obama added: "Recovery from that kind of body blow takes time."
"Our task is to not panic, not overreact."
The economy is the overarching issue as Obama heads into a 2012 re-election campaign, and a Washington Post-ABC News poll released Tuesday found that disapproval with how Obama is handling the economy and the deficit has reached a new high.
Mindful of that sentiment, Obama tried to project both confidence and empathy for those still feeling economic pain: "I'm not concerned about a double dip recession. I am concerned about the fact that the recovery that we're on is not producing jobs as quickly as I want it to happen."
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20 Reasons Economic Crisis Is NOT Over
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#1 During the 23 months of the “Obama recovery”, an average of about 23,000 jobs a month have been created. It takes somewhere in the neighborhood of 150,000 jobs a month just to keep up with population growth. So shouldn’t we hold off a bit before we declare the economic crisis to be over?
#2 During the “recession”, somewhere between 6.3 million and 7.5 million jobs were lost. During the “Obama recovery”, approximately 535,000 jobs have been added. When will the rest of the jobs finally come back?
#3 Of the 535,000 jobs that have been created during the “Obama recovery”, only about 35,000 of them are permanent full-time jobs. Today, “low income jobs” account for 41 percent of all jobs in the United States. If our economy is recovering, then why can’t it produce large numbers of good jobs that will enable people to provide for their families?
#4 Agricultural commodities have been absolutely soaring this decade. The combined price of cotton, wheat, gasoline and hogs is now more than 3 times higher than it was back in 2002. So how in the world can the Federal Reserve claim that inflation has been at minimal levels all this time?
#5 Back in 2008, banks had a total of 27 billion dollars in excess reserves at the Fed. Today, banks have a total of approximately 1.5 trillion dollars in excess reserves at the Fed. So what is going to happen when all of this money eventually hits the economy?….
#6 If the U.S. economy is recovering, then why are shipments by U.S. factories still substantially below 2008 levels?
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