Romney Campaign Press Release - A Grossly Disappointing Presidency

"I think it's very disappointing for the future of the economy. It's about half of what potential growth actually is in the American economy and recoveries should be much more vigorous even after a financial crisis. If we keep up at this rate, over the next year or two, we will simply never get back to full employment. It's not good news." — Glenn Hubbard, Romney Campaign Economic Adviser

Today, The Obama Economy Reported Another Disappointing Month Of Economic Growth:

The U.S. Economy "Expanded At A Slower Pace In The Second Quarter" With GDP Falling To 1.5%. "The U.S. economy expanded at a slower pace in the second quarter as a softening job market prompted Americans to curb spending. Gross domestic product, the value of all goods and services produced, rose at a 1.5 percent annual rate after a revised 2 percent gain in the prior quarter, Commerce Department figures showed today in Washington." (Shobhana Chandra, "Economy In U.S. Grows At 1.5% Rate As Consumer Spending Cooled," Bloomberg, 7/27/12)

"Economic Growth Pulled Back Further During The Second Quarter Of The Year As Consumer Spending Slowed..." "U.S. economic growth pulled back further during the second quarter of the year as consumer spending slowed--a reading that suggests domestic fiscal worries may becoming a more significant drag." (Eric Morath and Sarah Portlock, "U.S. Growth Slows In 2nd Quarter," The Wall Street Journal, 7/27/12)

"The Slowest Growth In A Year Adds To Worries That The Economy Could Be Stalling Three Years After The Recession Ended." ("Economic Growth Slowed To 1.5 Percent Rate In 2nd Quarter, Slowest In A Year," The Associated Press, 7/27/12)

The Wall Street Journal Headline: "U.S. Growth Slows In 2nd Quarter" (Eric Morath and Sarah Portlock, "U.S. Growth Slows In 2nd Quarter," The Wall Street Journal, 7/27/12)

But You Wouldn't Know The Economy Is Struggling By Listening To President Obama — He Claims His Economic Plan "Worked":

President Obama: "We Tried Our Plan -- And It Worked." OBAMA: "Just like we've tried their plan, we tried our plan -- and it worked.  That's the difference.  (Applause.)  That's the choice in this election.  That's why I'm running for a second term." (President Barack Obama, Remarks, Oakland, CA, 7/23/12)

President Obama: "A Step In The Right Direction." "President Obama said at a campaign event on Friday that the June jobs report shows the economy has taken 'a step in the right direction.'" (Donovan Slack, "Obama On Jobs Report: 'Step In The Right Direction'," Politico, 7/6/12)

President Obama: "The Private Sector Is Doing Fine." (President Barack Obama, Press Conference, Washington, DC, 6/8/12)

And The Disappointing GDP Report Is Just The Latest In A String Of Bad News For The Obama Economy:

"Businesses Placed Fewer Orders For Most Long-Lasting Manufactured Goods In June, Suggesting Many Are Losing Confidence In The Slumping U.S. Economy." (Christopher S. Rugaber, "US Economy Looks Weaker, Business Confidence Dims," The Associated Press, 7/26/12)

"The Most Alarming Sign Thursday Was A Report From The Commerce Department On Business Orders For Durable Goods..." "The most alarming sign Thursday was a report from the Commerce Department on business orders for durable goods, items expected to last at least three years. While overall orders rose 1.6 percent in June from May, the increase was driven mostly by a surge in volatile aircraft orders. When excluding aircraft and other transportation equipment, orders fell 1.1 percent — the third decline in four months. And orders for so-called core capital goods, which indicate business investment plans, dropped 1.4 percent, also the third decline in four months. Businesses placed fewer orders for industrial machinery, computers, and autos in June." (Christopher S. Rugaber, "US Economy Looks Weaker, Business Confidence Dims," The Associated Press, 7/26/12)

"A Slump In June Orders For Equipment Such As Computers And Machinery Signals U.S. Business Investment Will Probably Cool In The Second Half Of The Year And Contribute Less To The Economic Expansion." (Shobhana Chandra, "Orders Signal Slowdown In U.S. Business Spending: Economy," Bloomberg, 7/26/12)

New Home Sales "Tumbled 8.4 Percent" In June — The Largest Percent Decline Since February 2011. "New single-family home sales in June fell by the most in more than a year and prices resumed their downward trend, suggesting a setback for the budding housing market recovery. The Commerce Department said on Wednesday sales tumbled 8.4 percent to a seasonally adjusted 350,000-unit annual rate, the lowest rate in five months. The percent decline was the largest since February 2011." (Lucia Mutikani, "New Home Sales Post Biggest Drop In Over One Year," Reuters, 7/25/12)

"Growth In The U.S. Manufacturing Sector Slowed In July To The Second-Weakest Level Since The Country Emerged From Recession..." "Growth in the U.S. manufacturing sector slowed in July to the second-weakest level since the country emerged from recession, according to a survey released Tuesday. The Markit flash U.S. manufacturing purchasing managers index dropped to 51.8 from 52.5 in June, which is the worst level since December 2010 and second-worst since late 2009. Any readings above 50 indicate an improvement from the prior month." (Steve Goldstein, "U.S. Manufacturing Growth 2nd-Worst Post-Recession," MarketWatch, 7/24/12)

Earnings Estimated For The Third And Fourth Quarters "Have Been Dropped To Levels Not Seen Since The Days Of The 2008 Financial Crisis." "While this quarter's earnings reports have crossed a substantially lowered profit bar, future expectations through the year indicate a recession could be on the way. 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." (Jeff Cox, "Earnings Show Recession May Be 'Fast Approaching'," CNBC, 7/22/12)

"Consumer Confidence Has Fallen Four Straight Months In The Face Of Scant Hiring And Weak Economic Growth." (Paul Wiseman, "Global Economy In Worst Shape Since 2009," The Associated Press, 7/22/12)

"Three Years After The Great Recession Officially Ended, The American Economy Can't Maintain Momentum." "The United States, by far the world's biggest economy, has long pulled the global economy out of slumps. Now it needs help. Three years after the Great Recession officially ended, the American economy can't maintain momentum." (Paul Wiseman, "Global Economy In Worst Shape Since 2009," The Associated Press, 7/22/12)