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Obama Says “Private Sector is Doing Fine”

Posted by Steve Markowitz on June 12, 2012

During last Friday’s news conference, President Obama incredibly said of the economy that “the private sector is doing fine“.  This response was so far off the mark that it brings into question the President’s understanding of basic economic issues, his ability to see reality, or his willingness to misrepresent reality for political gain.

Even the President’s friends in the mainstream media stood at attention after hearing Obama’s statement.  On Sunday, CNN’s Candy Crowley was interviewing senior Obama adviser David Axelrod and asked the following straightforward question:  “Let’s start out with a really simple ‘yes’ or ‘no.’  Do you agree with the president that the private sector is doing fine?”  Axelrod sidestepped the question so transparently that Crowley pressed on and asked it two more times.  Irrespective of her appropriate journalistic effort, Axelrod would not answer the question, as seen in the video link below.

David Axelrod was unwilling to answer Crowley’s question for a simple reason.  Doing so would require him to admit that President Obama’s statement on the economy was flat out wrong.

To help the President and his advisers to understand the reality of the current private sector of the economy, below are posted data published in the Washington Post on June 11:

  • For May the economy added only 69,000, increasing the unemployment rate to 8.2%.
  • Between 2007 and 2010 American families’ median net worth dropped 40% from approximately $126,000 to $77,000.  This wiped out the amount of wealth it took 20 years for households to create.
  • 11% of American households are at least 60 days late paying bills.

Barrack Obama is starting to make his rather inept predecessor look more in tune with everyday Americans.

 

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One Response to “Obama Says “Private Sector is Doing Fine””

  1. […] Youthful Violence « Obama Says “Private Sector is Doing Fine” […]

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