Contribute
CONNECT:

research

State Of Disappointment

- August 19, 2011

While Obama Begins His Vacation On Martha’s Vineyard, Americans Continue To Lose Jobs And Hope In The President

AS AMERICANS WAIT FOR OBAMA TO RELEASE HIS JOBS PLAN, STATE UNEMPLOYMENT RATES CONTINUE TO CLIMB

In July, 28 States Saw Unemployment Rate Increases And 19 States Lost Jobs. (Bureau Of Labor Statistics, BLS.gov, Accessed 8/19/11)

  • Bureau Of Labor Statistics: “Ten States Reported Statistically Significant Over-The-Month Unemployment Rate Increases In July.” (Bureau Of Labor Statistics, “Regional and State Employment and Unemployment Summary,” BLS.gov, 8/19/11)
  • Bureau Of Labor Statistics “Nevada Continued To Register The Highest Unemployment Rate Among The States, 12.9 Percent In July. California Recorded The Next Highest Rate, 12.0 Percent.” (Bureau Of Labor Statistics, “Regional and State Employment and Unemployment Summary,” BLS.gov, 8/19/11)

Illinois’ Unemployment Rate Increased From 9.1 Percent In June to 9.5 Percent In July. (Bureau Of Labor Statistics, BLS.gov, Accessed 8/19/11)

  • Illinois’ Unemployment Rate Now Exceeds The National Rate For The First Time In 10 Months. “The state’s jobless rate now exceeds the national rate, the first time that’s happened in 10 months.” (Francine Knowles, “Illinois Unemployment Rate Jumps To 9.5 Percent In July,” Chicago Sun-Times, 8/18/11)

Minnesota’s Unemployment Rate Increased From 6.7 Percent In June To 7.2 Percent In July. (Bureau Of Labor Statistics, BLS.gov, Accessed 8/19/11)

THE DISAPPOINTING JOB NUMBERS REFLECT THE DETERIORATING ECONOMIC SITUATION ACROSS THE NATION

Morgan Stanley: America Is “Dangerously Close” To A Recession. “In its report, Morgan Stanley lowered its global growth forecast to 3.9 percent this year from 4.2 percent, and to 3.8 percent in 2012 from 4.5 percent. It also said the United States and Europe were "dangerously close" to a recession over the next 6 to 12 months.” (Mark Meimero, “U.S. ‘Dangerously Close’ To Recession – Morgan Stanley Report,” CNN Money, 8/18/11)

Moody’s: “Significantly Weaker” Prospects For The American Economy. “Moody's analytics on Monday lowered its outlook for growth in the U.S. economy this year and next, saying it sees ‘significantly weaker’ prospects for the economy than just a month ago as the country struggles to avoid another recession.” (“Moody’s Lowers US Economic Outlook Through 2012,” The Associated Press, 8/15/11)

  • ·          Mark Zandi, Chief Economist For Moody’s: The Economy Will Not “Add Jobs Fast Enough To Keep The Unemployment Rate Stable.”  “‘The odds of a renewed recession over the next 12 months, already one in three, will increase if stock prices continue to fall,’ Mark Zandi, chief economist for Moody's Analytics, says in the report. He said the economy must grow 2.5 percent to 3 percent a year to add jobs fast enough to keep the unemployment rate stable -- something that won't happen soon.” (“Moody’s Lowers US Economic Outlook Through 2012,” The Associated Press, 8/15/11)

Federal Reserve Bank Of Philadelphia: “Growth In The U.S. Economy Is Predicted To Be Slower In The Short Run Compared To The Forecast Of Three Months Ago.” “Growth in the U.S. economy is predicted to be slower in the short run compared to the forecast of three months ago, according to 37 panelists surveyed by the Federal Reserve Bank of Philadelphia. Our panelists expect real GDP to grow at an annual rate of 2.2 percent this quarter, down from the previous estimate of 3.4 percent. On an annual-average over annual-average basis, the forecasters have also revised downward their forecasts of real GDP growth. The forecasters see real GDP growing 1.7 percent in 2011, down from their prediction of 2.7 percent in the last survey. The forecasters predict real GDP will grow 2.6 percent in 2012, 2.9 percent in 2013, and 3.1 percent in 2014.” (Tom Stark, “Third Quarter 2011 Survey Of Professional Forecasters,” Federal Reserve Bank of Philadelphia, 8/12/11)

  • “The Outlook For The Labor Market Has Deteriorated.” “The outlook for the labor market has deteriorated. Unemployment is projected to stand at an annual average rate of 9.0 percent in 2011, 8.6 percent in 2012, 8.1 percent in 2013, and 7.6 percent in 2014; each is higher than the forecasts from the last survey.” (Tom Stark, “Third Quarter 2011 Survey Of Professional Forecasters,” Federal Reserve Bank of Philadelphia, 8/12/11)

OBAMA’S ECONOMIC “PLAN” SEEMS TO BE TO WIN ANOTHER TERM, BUT AMERICANS ARE DISPLEASED WITH HIS PERFORMANCE AS PRESIDENT

Administration Officials Believe “That The Best Thing Mr. Obama Can Do For The Economy May Be Winning A Second Term.” “Administration officials, frustrated by the intransigence of House Republicans, have increasingly concluded that the best thing Mr. Obama can do for the economy may be winning a second term, with a mandate to advance his ideas on deficit reduction, entitlement changes, housing policy and other issues.” (Binyamin Appelbaum and Helene Cooper, “White House Debates Fight On Economy,” The New York Times, 8/13/11)

Only 26 Percent Of Americans Approve Of Obama’s Handling Of The Economy. “A new low of 26% of Americans approve of President Barack Obama's handling of the economy, down 11 percentage points since Gallup last measured it in mid-May and well below his previous low of 35% in November 2010.” (Lydia Saad, “New Low Of 26% Approve Of Obama On The Economy,” Gallup, 8/17/11)

The Buffalo News: Americans Are Giving Obama A Vote Of No Confidence. “Obama is a great speaker, but his rhetorical skills seem limited to the enthusiasm he has for spending money on entitlement programs. He is unable to ratchet up his content and the delivery to the level necessary to inspire confidence. Meanwhile, Americans are giving him a vote of no confidence. In the English parliamentary system, that means the prime minister steps down.” (Editorial, “Can Obama Succeed?” The Buffalo News, 8/16/11)

  • “He Campaigned On How He Would Change Washington. It's Changed, But For The Worse.” (Editorial, “Can Obama Succeed?” The Buffalo News, 8/16/11)
  • “It's Impossible To Understand Why The President Has Done Nothing Given The Condition Of The Country And People's Declining Faith In Him.” (Editorial, “Can Obama Succeed?” The Buffalo News, 8/16/11)
  • “A Year And A Half Ago, Obama Told ABC's Diane Sawyer He'd Rather Be A Good One-Term President Than A Mediocre Two-Term President. He Hasn't Even Managed Mediocre.” (Editorial, “Can Obama Succeed?” The Buffalo News, 8/16/11)

Previous post

Battleground State Blues

Next post

They Said It! Liberal Economist Jeffrey Sachs Says Obama Never Had A Plan
Republican National Committee

Connect With Us

Republican National Committee
Chairwoman Ronna McDaniel
News & Videos
  • 310 First Street SE, Washington, DC 20003
  • 202-863-8500

By providing your phone number, you are consenting to receive calls and SMS/MMS msgs, including autodialed and automated calls and texts, to that number from the Republican National Committee. Msg&data rates may apply. Terms & conditions/privacy policy apply 80810-info.com.

Paid for by the Republican National Committee. Not Authorized By Any Candidate Or Candidate's Committee. www.gop.com

By providing your phone number, you are consenting to receive calls and SMS/MMS msgs, including autodialed and automated calls and texts, to that number from the Republican National Committee. Msg&data rates may apply. Terms & conditions/privacy policy apply 80810-info.com.

Paid for by the Republican National Committee.
Not Authorized By Any Candidate Or Candidate's Committee. www.gop.com