Romney Campaign Press Release - President Obama's Magical Misery Tour

"During his Magical Misery bus tour this week, it is unlikely President Obama will speak with unemployed Americans, to near-bankrupt business owners, or to families struggling to survive in this economy. He is more interested in campaigning in swing states than working to solve the economic crisis that is crushing the middle class. Turning this economy around will require real leadership and the experience of someone who has actually worked in the private sector." –Mitt Romney

As The Economy Slows "To A Near-Stall" And Unemployment Hovers Above 9%, Consumer Confidence Has Plunged To Levels Not Seen Since The Carter Administration:

• The Associated Press: S&P's Downgrade Has "Only Added To The Tension" Over Jobs And Economic Growth. "Anger at the nation's leaders for taking so long to strike a debt-ceiling deal has turned into high anxiety over jobs and the economy amid growing fears of a new recession. The news that credit rating agency Standard & Poor's downgraded the nation's credit rating a notch for the first time ever only added to the tension. ... [S]tock markets around the world tumbled during the week as grim new economic figures suggested the U.S. recovery has stalled and as debt default tensions climbed in Europe." (Tom Raum, "Job Worries Surge As Debt-Limit Issue Recedes," The Associated Press, 8/6/11)
• "Recent Reports Suggest The Economy Is Slowing To A Near-Stall ... At Such A Sluggish Pace, Job Creation Can't Even Keep Up With Population Growth." "Recent reports suggest the economy is slowing to a near-stall. The U.S. gross domestic product grew at less than 1 percent in the first six months of 2011. Adding to the woes: Manufacturing has slowed and so has consumer spending. At such a sluggish pace, job creation can't even keep up with population growth. GDP growth needs to be above 3 percent to push down unemployment significantly." (Tom Raum, "Job Worries Surge As Debt-Limit Issue Recedes," The Associated Press, 8/6/11)
• Last Week, The Federal Reserve Confirmed That "Economic Growth So Far This Year Has Been Considerably Slower" Than Expected, Citing "A Deterioration In Overall Labor Market Conditions." "Information received since the Federal Open Market Committee met in June indicates that economic growth so far this year has been considerably slower than the Committee had expected. Indicators suggest a deterioration in overall labor market conditions in recent months, and the unemployment rate has moved up. Household spending has flattened out, investment in nonresidential structures is still weak, and the housing sector remains depressed." (Board of Governors of the Federal Reserve System, Press Release, 8/9/11)
• The University Of Michigan's Consumer Confidence Index Fell Far Below Expectations To Levels Not Seen Since May 1980. "A gauge of consumer sentiment tumbled in August to the lowest level since May 1980, according to a report released Friday, as a volatile stock market, weak employment and worries about federal debt took their toll. Consumer sentiment dropped to 54.9 from 63.7 in July, according to preliminary University of Michigan/Thomson Reuters index released Friday. ... 'This is an extraordinarily weak reading on consumer sentiment,' wrote analysts at RDQ Economics in a research note." (Ruth Mantell, "August Sentiment Drops To Lowest Since 1980," MarketWatch, 8/12/11)

Despite Our Economic Troubles, President Obama Is Offering No New Ideas And Is Pivoting To Campaign-Style Politics Rather Than Focusing On Job Creation:

• Reuters: President Obama's "Unmistakable Campaign Style" Trip Will Include "No Plans ... To Roll Out New Initiatives For Growth." "The White House says the president is on listening tour to hear from Americans about the economy and to talk about how to boost jobs and hiring. There are no plans for a major policy speech to roll out new initiatives for growth. The unmistakable campaign style of the trip will help Obama, a Democrat, test his organization and grassroots support as the Republican presidential field begins to take shape." (Alister Bull, "Obama Embarks On Campaign-Style Midwest Tour," Reuters, 8/14/11)
• President Obama Is Sticking To A Series Of "Ideas [That] Are Not New And ... May Not Be Enough To Jump-Start The Economy." "[Obama] is promising a central focus on jobs, pressing for completion of free-trade deals with South Korea, Panama and Colombia that have been stalled for years, and an extension of payroll tax cuts and unemployment insurance. While these steps would be helpful, the ideas are not new and they may not be enough to jump-start the economy." (Steve Holland, "Analysis: Under Fire, Obama Struggles To Instill Confidence," Reuters, 8/10/11)
• Last Week, Signaling The End Of Governing And The Start Of Campaigning, President Obama Characterized Americans' Frustration With Washington As "Good News." "President Barack Obama says there's some good news from the bitterly partisan debt debate — it made people so frustrated with Washington that Democrats will be able to draw a clear divide with Republicans heading into the 2012 election. ... 'The good news is that I think there has been enough frustration at Washington, sort of reached a fevered pitch last week, that we're now looking at 16 months in which there's going to be a clear contrast and a clear choice,' Obama said at a campaign event." (Erica Werner, "Obama Sees Political Opportunity In Debt Crisis," The Associated Press, 8/8/11)

Because Of President Obama's Failed Policies, American Workers Need Jobs – Not More Campaign Rhetoric And Finger-Pointing:

• The National Unemployment Rate Was 9.1% In July – The 30th Consecutive Month That Unemployment Has Been Over 8%. The unemployment rate was 7.8% when President Obama took office. (Bureau of Labor Statistics, www.bls.gov, 8/5/11)
• More Than 25 Million Americans Are Now Unemployed, Underemployed, Or Have Stopped Looking For Work. In July, 13.9 million people were unemployed, another 8.4 million were underemployed, and another 2.8 million were marginally attached to the workforce. (Bureau of Labor Statistics, www.bls.gov, 8/5/11)
• More Than 6 Million American Workers Have Been Out Of A Job For 6 Months Or Longer. "The jobs report Friday showed 44.4% of unemployed Americans, or 6.2 million people, were out of work for more than six months in July. The longer someone is without a job, the harder it is to find work." (Luca di Leo and Jeffrey Sparshott, "Payrolls Grow As Unemployment Ticks Down," The Wall Street Journal, 8/5/11)
• "The Share Of The Eligible Population Holding A Job Declined To 58.1 Percent [In July], The Lowest Since July 1983." "The jobless rate declined as 193,000 people left the labor force and the number of unemployed dropped by 156,000. The share of the eligible population holding a job declined to 58.1 percent, the lowest since July 1983." (Bob Willis, "U.S. Payrolls Rose In July; Jobless Rate At 9.1%," Bloomberg, 8/5/11)