President Obama: Economic Recovery Is Like Recovering From Illness – ‘You Get a Little Bit Stronger Each Day’
EmailABC News' Karen Travers and David Kerley report:
President Obama continued to strike a balance between optimism about the nation heading in the right direction and realism that the economic recovery is slow and will take time.
“We've made progress. But, let's face it, the progress hasn't been fast enough,” Obama said at a town-hall style event in a Columbus, Ohio, family’s backyard.
Obama reiterated that his administration is trying to create a cycle where Americans begin to feel better about the economy.
“We're not going to get all 8 million jobs that were lost back overnight. It's going to take some time,” he said. “And a lot of it's sort of like recovering from an illness. You get a little bit stronger each day and you take a few more steps each day. And that's where our economy's at right now.
Obama came to this middle-class, Democratic-leaning neighborhood in Columbus to talk about the economy and take questions. Ohio natives Rhonda and Joe Weithman welcomed the president into their home, sitting down at their kitchen table for a brief chat about their experiences in the economic downturn and their backyard for remarks and a question and answer session with their friends and neighbors.
Weithman and a business partner own a small architecture firm that saw a decline in business when the economic worsened. His wife Rhonda lost her job in 2009 but was able to keep her health insurance due to COBRA subsidies from the Recovery Act. The family said this was necessary because the family was under her insurance at that time and their 11-year-old son, Josh has a pre-existing condition.
The White House said that the Weithmans invited their friends and neighbors to participate in the town hall event and that they did no prior screening of the audience.
Obama also got in a few acknowledgments of the local rabid fan-base of The Ohio State University.
Obama asked one well-built, middle-aged man in the audience if he played football for the Buckeyes. The man politely told the president that he actually played on a national championship football team at Eastern Kentucky University.
“You look like you could — we could put you on the line right now,” the president said.
“Oh, that's what they all say,” the Ohio man said to laughter from the small crowd in the Weithman’s backyard.
After concluding his remarks, Obama said that the Weithman family made him the “O” in the spelling out of O-H-I-O, a tradition among die-hard Ohio State Buckeyes fans. He said this was caught on camera – not by the White House press corps, but the White House official photographer.
-Karen Travers and David Kerley
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There is more than one problem with Obama’s admission that the ‘recovery’ is not as fast as expected.
The projections that were used to estimate future federal deficits assume a faster rate of growth than we have now; in the absence of that growth, many of the projections used to support the passage of recent legislation are false.
The result is that the rate of US economic growth would have to be even faster in the future simply to meet government’s projections. This is bad news, because we are capable of predicting today that growing at those elevated rates are increasingly unlikely.
It is naive and self-serving for the President to brush off his failed predictions with using ‘not fast enough’ as an excuse. The current lack of growth has serious consequences for our future.
Obama uses other excuses to diminish the consequences of the policies he supports, such as claiming that the US would be worse off if if it were not for him. Everyone knows that this is akin to moving the goalposts during the football game, but Obama has never seen it that way. Instead, he mut believe that it is wise politics to move the goalposts — anyways, how could he be wrong, it’s only rhetoric?!
Posted by: Mike, CO | August 18, 2010, 2:25 pm 2:25 pm
Agreed. Obama’s tax cuts were totally unnecessary, and the stimulus should have gone to job creation instead.
Posted by: Flash Override | August 18, 2010, 2:33 pm 2:33 pm
Damn, should have voted for Hilliary!
Posted by: CBA | August 18, 2010, 2:53 pm 2:53 pm
Mr. Obama will be a one-term President, unless Mrs. Palin or Levi Johnston wants to run for President.
Posted by: young_voter | August 18, 2010, 3:26 pm 3:26 pm
Obama: “Let’s face it, the economic recovery hasn’t been fast enough.”
Economic recovery for the banksters, Big Banks, Big Insurance & Big Pharma (HCR bill), and all those receiving a bailout was fast.
But econmomic recovery for average Americans is slowing than a snail. They give those in the upper crust like them the first cuts, the choicest cuts from the side of beef, while the common folk get the bread and water.
Posted by: Ray | August 18, 2010, 3:30 pm 3:30 pm
Obama: “We’ve made progress.”
Yeah, you just keep saying that, Mister 41% Approval Rating.
Obama: “We’re not going to get all 8 million jobs that were lost back overnight.”
Wait a minute. At a June fundraiser in Milwaukee, VP Joe Biden said “There’s NO possibility to restore 8 million jobs lost in the Great Recession.”
Posted by: Libs and the Lying Liars Who Elect Them | August 18, 2010, 3:52 pm 3:52 pm
“President Obama: Economic Recovery Is Like Recovering From Illness – ‘You Get a Little Bit Stronger Each Day’………. “Except in this case Dr Obama is substituting arsenic for medicine!
Posted by: pauldia | August 18, 2010, 4:37 pm 4:37 pm
Obama is an abject failure in his policies. What slow improvement? His financial policies and unlimited spending is more like terminal cancer.
Posted by: Downwithsocialism | August 18, 2010, 5:02 pm 5:02 pm
Really? Then why have we had increasing job losses each of the last 3 mos?
Posted by: Rick McDaniel | August 18, 2010, 5:35 pm 5:35 pm
If Obama thinks that the economic recovers is like recovering from an illness, and he’s leading the way to recovery, then I sure don’t want his health care plan.
Posted by: Frank | August 18, 2010, 5:48 pm 5:48 pm
Not only is unemployment 10%++, but now our healthcare premiums are Increasing, ours increased 28%, and we’re already paying over $1,000/Month.
Obamacare did absolutely nothing to reduce or contain healthcare costs. Big, big mistake, because that means we have even less money to spend now!
This certainly won’t help the economy recover!
Posted by: paul | August 18, 2010, 5:48 pm 5:48 pm
Not only is unemployment 10%++ . . .
Posted by: paul | Aug 18, 2010 5:48:44 PM
According to the Bureau of Labor Statistics, the latest unemployment rate is at 9.5%.
Posted by: Tom | August 18, 2010, 7:27 pm 7:27 pm
I am sure it will take some time like years since this imposter took office he ruined the country.timee for him to get the h;;; out.
Posted by: flaguyxx | August 18, 2010, 9:21 pm 9:21 pm
Be patient Tom.It is going up.
Posted by: Nephron | August 18, 2010, 9:53 pm 9:53 pm
Any efforts to improve the economy without major incentives to business is like cutting frts in the wind. Our leaders are stupid.
Posted by: Manitu | August 18, 2010, 10:08 pm 10:08 pm
‘You Get a Little Bit Stronger Each Day’
Unless you get worse and die…
Posted by: Quo Warranto? | August 18, 2010, 10:20 pm 10:20 pm
ATLAS IS SHRUGGING!!!
Posted by: Temagami | August 18, 2010, 10:21 pm 10:21 pm
Dr Obama is loosing the economt after a sucker recovery!
Posted by: tillyerkt | August 18, 2010, 10:38 pm 10:38 pm
Obama has a different diagnosis now that he has full responsibility.
The sad part is how much it is costing us to flit him about on these junkets to tell us how great he is.
But the national debt looms. I have seen two different numbers for the interest only payment in 2010, 164 billion and 184 billion. If the government had to follow the rules imposed on the credit card companies the 4% minimum payment would be 520 billion dollars, but even with that it would take 50+ years of such payments and balanced budgets to resolve the debt.
If we had a watchdog media as it likes to think wouldn’t the media be asking these questions? Tell someone!
Posted by: Ed Taylor | August 18, 2010, 11:39 pm 11:39 pm
Heady start, big hopes …
Summer heat melting the dreams
“This is really hard” …
Posted by: Quo Warranto? | August 18, 2010, 11:44 pm 11:44 pm
Is it finally time for Mr. Obama to admit that being President is a lot harder than criticizing a President…
Is is finally time for Mr. Obama, the apologizer-in-chief, to apologize to Mr. Bush for his harsh words as Senator and candidate…
An honorable man would do it…
Posted by: Quo Warranto? | August 19, 2010, 1:11 am 1:11 am
Happening now… The Governor of California is set to furlough 150,000 state workers…
Why, you might ask… because state taxes and regulations have forced businesses out of business or out of state… resulting in a great decrease in tax revenue, resulting in a decreased ability to pay state workers…
But it won’t help… the eventual default of the State of California is inevitable… imagine the shock when one of the World’s largest economies goes belly up…
California is not alone… there is a vast tidal wave of public debt cresting, about to wash over our entire economy…
No one will escape the consequences… not one, not me, not you…
Alas…
Posted by: Quo Warranto? | August 19, 2010, 1:49 am 1:49 am
“And a lot of it’s sort of like recovering from an illness. You get a little bit stronger each day and you take a few more steps each day.” – President Obama
And then you have a relapse.
“In the week ending Aug. 14, the advance figure for seasonally adjusted initial claims was 500,000, an increase of 12,000 from the previous week’s revised figure of 488,000. The 4-week moving average was 482,500, an increase of 8,000 from the previous week’s revised average of 474,500.”
Source: US Department of Labor
This isn’t a double-dip recession. It’s just one big recession. And by December it’ll be three years and technically called what we already know it is, a DEPRESSION.
How’s that 3-1/2 years of Democrats running Congress working for you?
Posted by: Mary | August 19, 2010, 10:15 am 10:15 am
President Obama will only be a one term President since it is proven that he would do better as the General Manager of Monday Night Raw since he loves the TV. We need to have Donald Trump go to Washington and Fire all the career Politians as well. GO Hilliary in 2012 and win.
Posted by: Thomas Calandra | August 19, 2010, 11:11 am 11:11 am
The title of this article…no simpler, truer words could have been uttered by our President on this topic. Too bad we could not have gotten more accomplisehed on health care reform, financial regulation reform and had campaign reform not thwarted. But when the opposite side represents the very wealthy and believes in “obstruction” (thank you Mitch McConnell for your definition of the word and your quote)…what do you expect?
Posted by: CND FOX | August 19, 2010, 11:51 am 11:51 am
If my Grandpa were alive, he’d say have some common sense and buy American.
Really, people, think about it. If you want to create jobs and wealth the secret is putting Americans to work. Then they have money to buy your company’s products.
Sure, there are a lot of products not made here anymore. But every little bit helps.Take the time when food shopping to check that your frozen vegetable weren’t grown in China. If you are buying clothing, check the labels so at least some of what you buy was made here. Every American job we save or grow, helps that family’s economy, the local economy and our national economy. Remember, like the food chain, everything is connected to everything else. So the job you save by buying American-made, may work out to be your own.
Posted by: Lydia | August 19, 2010, 12:49 pm 12:49 pm
I thought the oceans were supposed to recede and he was supposed to heal everyone instantly. obama is a charlotan and a fraud
Posted by: DJ | August 19, 2010, 12:50 pm 12:50 pm
DJ, only an immature person could expect miracles, rather the reality of the cold, hard slog to repair the damage cause by decades of Republican policies aimed at helping the rich and corporate profits(really the same thing since the wealthiest 10% owns 90% of all stocks and property) at the expense of the average American, our economy and our environment.
I’m a realist and I support Obama. His policies are all about long-term positive goals for the American people.
Posted by: Lydia | August 19, 2010, 12:59 pm 12:59 pm
CND FOX: “But when the opposite side represents the very wealthy…”
From the WSJ article “Democrats’ New Worry: Their Own Rich Voters” (7/20/09):
“Election gains in some of these affluent regions have helped give Democrats big majorities in the House and Senate. Of the 25 richest districts, 14 are represented by Democrats, according to Congressional Quarterly. In 1995, Democrats represented just five of those districts.”
In fact, DEMOCRATS are currently the party of the rich. Also, there are more multi-millionaire Democrats in Congress than Republicans. And that was true during Bush’s eight years as well. As for Democratic leadership…
From Wikipedia:
“The Pelosi family has a net worth of nearly $12.5 million as of 2008, largely from investments. In addition to their large portfolio of jointly owned San Francisco Bay Area real estate, the couple also owns a vineyard in St. Helena, California, valued between $5 million and $25 million. Pelosi’s husband also owns stock, including $1 million in Apple Inc., and is the owner of the Sacramento Mountain Lions of the United Football League. Pelosi continues to be among the richest members of Congress.”
Pelosi, a staunch “union supporter”, has received the Cesar Chavez Award from the United Farm Workers Union and has received more money from the Hotel Employees and Restaurant Employees unions than any other member of Congress in recent years. Of course she doesn’t herself employ any union labor at her multi-million dollar Napa vineyards and winery. Too expensive. The extra profit she earns is more than she gets from labor unions.
The reaction from Progressives? (Crickets)
Posted by: Mary | August 19, 2010, 1:15 pm 1:15 pm
Has anyone heard of an investigation concerning corporate personnel being ordered to only hire those who are already employed, to ignore applications from unemployed people?
I live in the Northeast and so many people I know have had this experience, or observed it where they work.
Could this be a way for the rich to ensure unemployment remains high so the people they donate to can regain power?
If you are unemployed, think about using a friend’s small business, with their permission, as a reference that you work there, and see if you get that job interview. Good luck!
Posted by: Lydia | August 19, 2010, 1:24 pm 1:24 pm
The reaction from Progressives? (Crickets)
Posted by: Mary |
I recall the post from progressive mama where she bragged that more and more rich were becoming progressives. She called it a secret. I think she means that you are not supposed to tell the progressive base.
Posted by: Foghorn Leghorn | August 19, 2010, 1:31 pm 1:31 pm
Could this be a way for the rich to ensure unemployment remains high so the people they donate to can regain power?
If you are unemployed, think about using a friend’s small business, with their permission, as a reference that you work there, and see if you get that job interview. Good luck!
Posted by: Lydia |
You think that is how Barry got elected?
Counseling people to lie on their job applications is the kind of advice I would expect from acorn.
Posted by: Foghorn Leghorn | August 19, 2010, 1:36 pm 1:36 pm
Posted by: Lydia | Aug 19, 2010 12:59:38 PM
The top 1% have become wealthier under Obama.
Posted by: Mary | August 20, 2010, 12:16 am 12:16 am
If you are unemployed, think about using a friend’s small business, with their permission, as a reference that you work there, and see if you get that job interview. Good luck!
Posted by: Lydia
—
At one time that interviewer had to verify in writing that the interview took place. So not only would they be dropping a big hammer on said SB owner UA would cut off their benefits.
Posted by: smartlillena | August 20, 2010, 2:33 pm 2:33 pm
Hmm, this Weithman dude was a pretty good part of ABC’s story but not one word was said about the lies Obama told about Weithman and the stimulus money he supposedly recieved to design a police station. There is no stimulus money and no police station. Every bit of that story is a damn lie.
Posted by: smartlillena | August 20, 2010, 2:42 pm 2:42 pm
According to the Bureau of Labor Statistics, the latest unemployment rate is at 9.5%.
Posted by: Tom
—
LOL, distinguishing between 9.5% and 10% unemployment is like trying to tell the difference between -10 degrees and -20 degrees.
Posted by: smartlillena | August 20, 2010, 2:48 pm 2:48 pm
more rich were becoming progressives
—
And they don’t pay the yard man or the maid a nickel more than they can get away with. And send them a 1099 every January if they have a SS number.
Posted by: smartlillena | August 20, 2010, 3:14 pm 3:14 pm
More signs that the Obama/Biden Recovery Summer has taken hold! Or not.
From CNN Money (8/20/10):
Withdrawals from 401(k) retirement saving plans saw their biggest spike in over ten years, Fidelity Investments said on Friday, in the latest sign of a dismal economy.
Fidelity reported that 62,000 Fidelity participants made hardship withdrawals from their 401(k) workplace plans during the second quarter. That’s up from 45,000 participants during the prior quarter, a 37% increase. That means that 2.2% of Fidelity customers took a hardship withdrawal in the second quarter, compared to 2% in the same period last year.
Fidelity also said that 11% of participants took out loans from their 401(k) over the past 12 months, an increase of two percentage points from the prior year. The average loan amount was $8,650 at the end of the second quarter.
The top reasons people took loans and made withdrawals were to prevent foreclosure or eviction, pay for college, or purchase a home, according to the firm.
“The current economy has forced some workers to borrow from their 401(k) accounts in order to pay for critical living expenses, ultimately jeopardizing their future retirement,” said James MacDonald, president of workplace investing for Fidelity Investments.
Posted by: Mary | August 20, 2010, 3:28 pm 3:28 pm