As the presidential campaign calendar moves inexorably toward theNovember election, the economy increasingly becomes a politicalproblem for President Obama. The recovery creeps along and may be stalled. And the further intoObama s first term the nation gets, the more Americans are likelyto fault him rather than the Republican George W. Bush underwhom current economic difficulties began. The strategies for Obama and Republicans couldn t be moredifferent.
Obama: Yes, things are tough and the recovery is too slow. Plus,there are factors beyond any president s control, namely economicturmoil in Europe and international oil prices. And besides, youguys are dragging your heels on my ideas to boost employment, likeinfrastructure repair. Republicans: Obama s failed policies have made high unemploymentand a weak economy the sad new normal for families and smallbusinesses, as House Speaker John Boehner put it Friday whenMay s dismal employment figures came out.
As grim as those jobs figures were just 69,000 jobs created andan unemployment rate that ticked up to 8.2 percent that may nothave been the worse news for Obama. Even more troubling than the unemployment rate for Obama could bethis week s revision in the growth rate of the gross domesticproduct for the first quarter from 2.2 percent to 1.9 percent, the Boston Globe reported. A president seeking reelection hashistorically needed to head into the fall with a GDP growth rateover 3 percent to have a good chance at victory, according toProfessor Larry Sabato of the University of Virginia. This is Obama s worst day yet in the 2012 campaign, Sabatotold the Globe. Semi Trailers Parts
Obama has a to-do list for Congress, especially the Republic-ledHouse: Reward American jobs, not outsourcing Expandrefinancing for responsible homeowners Invest in tax credits forsmall-business jobs Invest in clean-energy manufacturing Create a veterans jobs corps. “My message to Congress is get to work,” Obama said in his weeklyradio address Saturday. I sent Congress a jobs bill last September full of the kinds ofbipartisan ideas that would have put our fellow Americans back towork and helped reinforce our economy against those outsideshocks, Obama said. Since then, Congress has only passed a fewparts of that jobs bill, like a tax cut that s allowing workingAmericans to keep more of your paycheck every week. Right now, Congress should pass a bill to help states preventmore layoffs, so we can put thousands of teachers and firefightersand police officers back on the job, Obama continued. China Semi Trailer King Pin
Congressshould have passed a bill a long time ago to put thousands ofconstruction workers back on the job rebuilding our roads and ourbridges and our runways. Instead of just talking a good game aboutjob creators, Congress should give small business owners a taxbreak for hiring more workers and paying them higher wages. Let sget that done. Speaking for Republicans Saturday, Sen. China Special Fasteners
John Cornyn of Texas warnedof a Taxmageddon unless current tax rates are extended. Thatincludes the so-called Bush tax cuts for wealthy Americans as wellas the payroll tax cut that Obama and Congress agreed to earlierthis year. Unless Congress and the President act, January will bring us thelargest tax increase in American history a tax increase ofroughly $500 billion, Sen. Cornyn said. Make no mistake: everysingle working American will see his or her taxes go up on January1st absent action.
Family budgets will be squeezed even tighter.Disposable income will shrink. And many jobs will be destroyed. This would be a body blow for our economy and it could easilypush us back into a recession, Cornyn warned. Everyone knowsthat, including the President, who seems to prefer campaigning togoverning, demonstrating a disappointing unwillingness to lead.
The preferred remedy for the GOP? Electing a new president inNovember. At the moment, Obama and presumptive GOP nominee Mitt Romney areneck-and-neck in the polls. If there s any good-news glimmer forObama, it s that some key battleground states (like Ohio,Colorado, and Virginia) are doing better than the nation as awhole.