Romney Campaign Press Release - Democrats On The Obama Economy: "It's A Depression"

"From prominent Democrats on Capitol Hill to President Obama's own running mate, Democrats are increasingly leery about standing with President Obama's assessment that the private sector is 'doing fine.' With millions of Americans struggling for work and new warning signs from manufacturers and small businesses, Americans need a new direction and a new president." —Amanda Henneberg, Romney Campaign Spokesperson

With Disappointing Economic News Continuing To Mount, Democrats Increasingly Agree The Obama Economy Is Not "Doing Fine":

Leading House Democrat Henry Waxman: "The Economy Has Not Recovered. Some People Call It A Recession, I Think It's A Depression." (CSPAN's "Newsmakers," 7/1/12)

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Vice President Biden, On The Economy: "It's A Depression For Millions And Millions Of Americans." "Vice President Joe Biden today offered a blunt assessment of the plight of the unemployed, telling supporters at a campaign rally in Iowa that the economy remains "a depression for millions and millions of Americans." ... 'It's a depression for millions and millions of Americans,' he said." (Devin Dwyer, "Biden: Economy Feels Like A 'Depression For Millions'," ABC News, 6/27/12)

Former President Bill Clinton, On The State Of The Economy: "There's A Recession." "Former President Bill Clinton told CNBC Tuesday that the US economy already is in a recession and urged Congress to extend all the tax cuts due to expire at the end of the year. ... 'They're still pretty low, the government spending levels. But I think they look high because there's a recession,' [Clinton] said." (Jeff Cox, "US Already In 'Recession,' Extend Tax Cuts: Bill Clinton," CNBC, 6/5/12)

Why Are Democrats Increasingly Pessimistic About The Obama Economy? New Data Continues To Show "Economic Growth Is Slowing":

Manufacturing "Contracted Unexpectedly" In June To Its "Lowest Level In Almost Two Years." "Stocks dropped following news that the ISM manufacturing index dropped to its lowest level in almost two years and amid worries over weakness in China limited gains. ... On the economic front, the U.S. ISM manufacturing index contracted unexpectedly for the first time since July 2009, with the index sliding to 49.7 in June from May's 53.5. Economists had expected a reading of 52.0." (Jee Yeon Park, "Stocks Slide After Disappointing ISM Report," CNBC, 7/2/12)

•  The Associated Press: "A Troubling Sign As Evidence Builds That Economic Growth Is Slowing." "U.S. manufacturing shrank in June for the first time in nearly three years, a troubling sign as evidence builds that economic growth is slowing. ... Production fell to a three-year low and a measure of new orders plummeted by the most in more than a decade, suggesting the weakness will likely persist in the coming months." (Christopher Rugaber, "US Manufacturing Shrinks For First Time In 2 Years," The Associated Press, 7/2/12)

Average Weekly Wages Declined In 2011, "One Of Only Five Declines Since The Category Was Created In 1978." "Unemployment ebbs and flows, but one measure of the nation's economic health, average weekly wages, rarely dips. Until now. In the latest demonstration of the struggling economy that threatens President Obama's reelection, average weekly wages fell in 2011, one of only five declines since the category was created in 1978 by the Bureau of Labor Statistics." (Paul Bedard, "Wages Drop, Only 5th Time In 33 Years," The Washington Examiner, 7/2/12)

Small Businesses Are Increasingly Concerned The Economy Has Fallen Into "Another Mid-Year Slump" And Lowered Hiring Expectations. "Small businesses have lowered their hiring expectations as their confidence in the economy has fallen into another mid-year slump, a new survey showed on Monday. Vistage International, which represents small business owners, said its confidence index fell to 92.8 in the second quarter from 105.1 in the first three months of 2012, which had been its highest level in a year." (Anna Louie Sussman, "For Small U.S. Firms, Lower Hiring Expectations For Next 12 Months," Reuters, 7/2/12)

• "The Index Showed Confidence Suffering A Mid-Year Fall On The Back Of A Weakening Recovery And Concern About Economic Policies." "For a third year running, the index showed confidence suffering a mid-year fall on the back of a weakening recovery and concern about economic policies. The proportion of executives who expected the economy to improve over the year fell sharply to 30 percent, down 19 percentage points." (Anna Louie Sussman, "For Small U.S. Firms, Lower Hiring Expectations For Next 12 Months," Reuters, 7/2/12)

"Job Growth Has Tumbled, Consumers Are Less Confident And Europe's Financial Crisis Has Dampened Demand For U.S. Exports." "Job growth has tumbled, consumers are less confident and Europe's financial crisis has dampened demand for U.S. exports. Most economists don't see growth accelerating much from the first-quarter pace, although some are hopeful that lower gas prices could help lift consumer spending over the summer. (Christopher S. Rugaber, "Tepid Economic Growth Weighs On US Job Market," The Associated Press, 6/28/12)