Panic at the White House? From James Pethokoukis, Reuters :
Last night in a new report, Democrat-friendly Goldman Sachs dropped an economic bomb on President Obama’s chances for reelection (bold is mine):
Following another week of weak economic data, we have cut our estimates for real GDP growth in the second and third quarter of 2011 to 1.5% and 2.5%, respectively, from 2% and 3.25%. Our forecasts for Q4 and 2012 are under review, but even excluding any further changes we now expect the unemployment rate to come down only modestly to 8¾% at the end of 2012.
The main reason for the downgrade is that the high-frequency information on overall economic activity has continued to fall substantially short of our expectations. … Some of this weakness is undoubtedly related to the disruptions to the supply chainâ€”specifically in the auto sectorâ€”following the East Japan earthquake. By our estimates, this disruption has subtracted around ½ percentage point from second-quarter GDP growth. We expect this hit to reverse fully in the next couple of months, and this could add ½ point to third-quarter GDP growth. Moreover, some of the hit from higher energy costs is probably also temporary, as crude prices are down on net over the past three months. But the slowdown of recent months goes well beyond what can be explained with these temporary effects. … final demand growth has slowed to a pace that is typically only seen in recessions. .. Moreover, if the economy returns to recessionâ€”not our forecast, but clearly a possibility given the recent numbers …
Alarms bells must be ringing all over Obamaland today. Unemployment on Election Day about where it is right now? Sputtering â€” if not stalling â€” economic growth? To many Americans that would sound like the car is back in the ditch â€” if it was ever out. Maybe Goldman is wrong, but economists across Wall Street have been growing more bearish.
Are the Obami concerned about the dismal economic outlook? Not in the least. The Obami has never been concerned about the economy, from the phoney stimulus package, to job killing Obamacare to the EPA’s war on the economy, the Obami motivations have been strictly ideological. Better to have Cuba North than one more Bill Gates, or employed taxpayer. Obama has proposed nothing that would actually stimulate the economy. He simply does not care.
Spare the rod, spoil the child, from Wssley Pruden, Washington Times :
Every mom who has ever been at her wit’s end recognizes Barack Obama. The president who earlier nagged Congress that it was time for Americans to “eat our peas” finally threw his own peas to the floor and banged his spoon on his supper dish. Such a tantrum in a high chair is a familiar sight in a lot of kitchens.
The verdict of history, though on the way, is not quite at hand. The verdict of 2012 soon will be and looms over everything. It’s enough to make a president, swaddled with a bad situation he made much worse, bang his supper dish with his spoon and throw his peas on the floor.
Jimmy Carter redux, Barack Obama channels in inner Jimmy Carter. Laura Ingraham does the remix, video:
Hat tip: Doug Powers @ Michelle Malkin .
I’d rather be hiking:
ROCHESTER, N.Y. (AP ) â€” Between 20 and 30 spectators at an air show in upstate New York have been treated for heat-related emergencies, and some hospitalized for further treatment.
Read more: http://www.seattlepi.com/news/article/Dozens-at-upstate-NY-air-show-treated-for-heat-1469295.php#ixzz1SJeYykFF
And I was. With ninety degree heat, it is much more comfortable to be on dirt trail, rather on the level side with ample shade that standing the middle of an airfield with no shade and baking concrete.