Obama: Be Patient With the Economy


obama2President Obama yesterday continued to make his case for patience about the economic recovery following a spate of disappointing news last week that suggested a turnaround wasn’t as close as expected.

Job growth slowed sharply in May, unemployment inched up to 9.1 percent and housing prices dropped to a new low. Economic indicators also showed that manufacturers cut 5,000 jobs last month. Those were the first job losses in that sector in seven months.

In his weekly radio and online address, Obama said people need to be patient about the economic recovery and that training workers for manufacturing jobs will help with the turnaround.

“It’s going to take time,” he said, arguing that the recession didn’t happen overnight and won’t end that way, either.

Recent polling found broad disapproval with Obama’s handling of the economy as the 2012 presidential election takes shape. It reached 59 percent in a Washington Post-ABC News poll.

No president since World War II has won a second term with a jobless rate above 7.2 percent, and Obama’s options for achieving faster economic growth before the November 2012 election appear limited.

Obama scheduled a visit to Durham, N.C., on Monday for a session with his jobs council on how Washington can encourage private-sector hiring. Council members and administration officials also planned to hear from businesses in the region.

Last Wednesday, Obama announced an effort by the private sector, colleges and the National Association of Manufacturers to help half a million community college students become trained and certified for manufacturing jobs. They would get a credential guaranteeing that they are skilled.

“If you’re a company that’s hiring, you’ll know that anyone who has this degree has the skills you’re looking for,” the president said Saturday. “If you’re a student considering community college, you’ll know that your diploma will give you a leg up in the job market.”

Obama said other steps, such as providing students with a quality education and investing in new jobs in the clean energy sector, will aid economic growth.

In the weekly Republican message, also on jobs, Rep. Adam Kinzinger, R-Ill., recalled the administration’s promise that unemployment would go no higher than 8 percent after Obama pumped billions of dollars into the economy soon after taking office.

Kinzinger said the “road to refueling our economy and creating jobs” includes tackling government debt, simplifying tax laws, limiting regulations, passing free-trade agreements with Colombia, Panama and South Korea, and boosting domestic energy production.

“These are some of the steps we need to take to get government out of the way and let our economy grow and get back to producing jobs,” he said.

{FoxNews.com/Matzav.com Newscenter}


  1. Hey maybe the prez can call my landlord, kids’ menahel, grocery store, (wife), and tell them to be patient while he fixes the economy? Efsher Duch? Didn’t think so.

  2. Why should we be be patient. So far since he’s taken office, we only have seen the economy go DOWN DOWN and DOWN, why should we trust him? And why does he deserve any votes if he has not shown any economic recoverey, which is Americas main intrest??????

  3. IT HAS BEEN SHOWN there is a 13 KEY SYSTEM that has shown the winner of the popular vote for the last 150 years WITH NO EXCEPTIONS.
    Allan Lichtman from Brooklyn, NY.

    In March 2010 Allan Lichtmann has once again publicly predicted the party that will win the next election popular vote. The passage of the health care bill sealed the lid when he predicted it. He has done so correctly at least a year before the event for every presidential election since and including 1984 – the last 7 elections.
    On March 2010 Allan Lichtman predicted that Obama would wins re-election in 2012.
    This is from his recent article…
    “Although the next presidential election is some 32 months away, this is an appropriate time to issue my earliest prediction yet; enactment of the landmark health care reform bill nearly guarantees President Barack Obama’s re-election in 2012.
    I developed the Keys to the White House in 1981, in collaboration with Volodia Keilis-Borok, a world-renowned authority on the mathematics of prediction models. Retrospectively, the keys accurately account for the results of every presidential election from 1860 through 1980. Prospectively, the keys predicted well ahead of time the popular-vote winners of all seven presidential elections from 1984 through 2008.
    History shows that the choice of a president does not turn on debates, advertising, speeches, endorsements, rallies, platforms, promises or campaign tactics. Rather, presidential elections are primarily referenda on the performance of the party holding the White House.
    The Keys to the White House consist of 13 true-false questions that gauge the performance and strength of the incumbent presidential party. Each key is phrased so that an answer of true always favors re-election of the incumbent party (see table, below). When five or fewer keys are false or turned against the party holding the White House, that party wins another term in office. When six or more are false, the challenging party wins.
    With the health care bill now on the books, the party in power now has only four keys likely turned against it for 2012, two short of the fatal six negative keys. Thus, President Obama could endure an additional setback and still win re-election.
    The following nine keys currently favor the incumbent Democratic Party.
    1-The lack of any likely nomination challenge to President Obama secures Incumbent Party Contest Key 2.
    2-Obama’s virtually certain nomination locks up Incumbency Key 3.
    3-The absence of any likely third-party challenger with chances of winning at least 5 percent of the vote gives the Democrats the Third-party Key 4.
    4-The economy will probably be in the recovery stage in 2012, gaining Short-term Economy Key .
    5-The enactment of the health care bill, perhaps the most significant social legislation since the mid-1960s, secures Policy Change Key 7. The popularity of the legislation is not relevant to the KEY turning in favor of the incumbent party.
    6-Even with the tea party protests, the absence of sustained, violent upheavals like those of the 1960s avoids loss of the Social Unrest Key.
    7–It is unlikely that Obama will suffer a scandal comparable to Teapot Dome in the 1920s or Watergate in the 1970s, averting the loss of Scandal Key 9.
    8- Despite the on-going wars in Iraq and Afghanistan, the president is not likely to suffer a major foreign policy or military failure, comparable to Pearl Harbor or losing the Vietnam War, keeping Foreign/military Failure Key in line.
    9 -No Republican challenger matches the charisma of Theodore Roosevelt or Ronald Reagan, keeping Democrats from losing the Challenger Charisma/Hero Key.

    The following 4 keys now count against the incumbent party ( the democratic party):
    10-The party’s prospective losses in the 2010 midterm elections probably will cost it Mandate Key.
    11-The weak economy during Obama’s first year in office portends the loss of Long-term Economy Key.
    12-Despite winning the Nobel Peace Prize, Obama has not gained the major triumph abroad needed to secure the Foreign/military Success Key.
    13-Obama has not regained the magic of his campaign, and now falls short of gaining the Incumbent Charisma/hero Key.

    The early verdict is that the president will secure re-election in 2012.

    The Keys are stated to favor the re-election of the incumbent party. When five or fewer are false, the incumbent party wins. When six or more are false, the other party wins.
    KEY 1 (Party Mandate): After the midterm elections, the incumbent party holds more seats in the U.S. House of Representatives than it did after the previous midterm elections. (FALSE)
    KEY 2 (Contest): There is no serious contest for the incumbent-party nomination. (TRUE)
    KEY 3 (Incumbency): The incumbent-party candidate is the sitting president. (TRUE)
    KEY 4 (Third party): There is no significant third party or independent campaign. (TRUE)
    KEY 5 (Short-term economy): The economy is not in recession during the election campaign. (TRUE)
    KEY 6 (Long-term economy): Real per-capita economic growth during the term equals or exceeds mean growth
    during the previous two terms. (FALSE)
    KEY 7 (Policy change): The incumbent administration effects major changes in national policy. (TRUE)
    KEY 8 (Social unrest): There is no sustained social unrest during the term. (TRUE)
    KEY 9 (Scandal): The administration is untainted by major scandal. (TRUE)
    KEY 10 (Foreign/military failure): The administration suffers no major failure in foreign or military affairs. (TRUE)
    KEY 11 (Foreign/military success): The administration achieves a major success in foreign or military affairs. (FALSE)
    KEY 12 (Incumbent charisma): The incumbent-party candidate is charismatic or a national hero. (FALSE)
    KEY 13 (Challenger charisma): The challenging-party candidate is not charismatic or a national hero. (TRUE)
    True: 9 Keys; false: 4 Keys. Prediction: Incumbent Obama wins in 2012

    Allan Lichtman is a professor of history at American University and a national political analyst. His e-mail address is lichtman@american.edu.summary of keys as per 2012 below:
    1. Party Mandate: After the midterm elections, the incumbent party holds more seats in the U.S. House of Representatives than after the previous midterm elections.
    As the Republicans took over Congress in 2010, this key falls.
    2. Contest: There is no serious contest for the incumbent party nomination.
    Despite what some on the far left believe, there will be no primary challenge to Obama. Yes the “professional left” is unhappy with Obama, but there isn’t anyone out there like Ted Kennedy was in 1980 to challenge Jim Carter. As there is likely to be no primary challenge this key stands.
    3. Incumbency: The incumbent party candidate is the sitting president.
    Unless Obama decides not to run again this key stands.
    4. Third party: There is no significant third party or independent campaign.
    Ralph Nader got 2.74 of the vote in 2000, but didn’t topple the key. The last candidate who did was Ross Perot. At this point there is no viable third party candidate out there. Maybe Trump would run, but he would probably fade out as the election gets closer. So this key stands.
    These four keys above are the most predictive of them all. In 1996 Clinton had lost only two. Bush had them all in 2004. Reagan had three out of the four in 1984. Bush the father had only three out of the four against him in 1992. Generally, with the exception of two-term president having left office, being any more than two keys down is bad at this stage. Being down three, as Bush was in 1992 and Humphrey was in 1968, is all but a recipe for loss.
    5. Short term economy: The economy is not in recession during the election campaign.
    This key stays with Obama at this point, as there is no recession right now accordingly to the official definition. If the economy falls into recession during the 2012 campaign it will turn against Obama.
    6. Long term economy: Real per capita economic growth during the term equals or exceeds mean growth during the previous two terms.
    I don’t have the economic date in hand. However, the economy had negative growth during Bush’s last few months. But I will assume that this key falls just to be conservative because growth in the last quarter slowed down to 1.8%
    7. Policy change: The incumbent administration effects major changes in national policy.
    This is a tough one for me. The healthcare reform bill, despite what some people here think, was a major step forward. No president had succeeded at getting any healthcare bill passed at all since the early 1900s. The President also eliminated DADT, another major change, since gays have not been allowed to serve openly.
    But at the same time there was no public option nor single-payer plan. The plan still kept the insurance system. Getting rid of DADT was a big deal, but it falls short probably of FDR’s New Deal or Reaganomics.
    To be conservative I will say that the key falls.
    8. Social unrest: There is no sustained social unrest during the term.
    I don’t think this key has turned since the Vietnam era. No protests seem to be on the horizon, so this key stands.
    9. Scandal: The incumbent administration is untainted by major scandal.
    No Whitewater equivalent has emerged with Obama. Quite frankly I’m somewhat surprised that the right hasn’t filed pointless lawsuits against Obama. But there is no Ken Starr, Paula Jones, or Monica Lewinsky on the horizon. This key stands.
    10. Foreign/military failure: The incumbent administration suffers no major failure in foreign or military affairs.
    Yes the wars in Afghanistan and Iraq continue unabated. However, there has been no equivalent of Somalia. And had the raid to get OBL failed this key would have almost certainly turned. The wars continue, but there haven’t been any significant setbacks. . So Obama keeps this key.
    11. Foreign/military success: The incumbent administration achieves a major success in foreign or military affairs.
    The death of OBL wins Obama this key. An event like the unification of North and South Korea, the final settlement of the Israeli/Palestinian Conflict, or Castro falling in Cuba would also win this key. Quite possibly OBL’s death provides Obama with insurance against one of the other keys falling. This key stands.
    12. Incumbent charisma: The incumbent party candidate is charismatic or a national hero.
    Obama isn’t JFK or Ronald Reagan. This key falls.
    13. Challenger charisma: The challenging party candidate is not charismatic or a national hero.
    And, on the GOP side, none of their candidates rises to that level. This key stands.
    So, going into 2012, Obama has lost Keys 1, 6, 7, and 12. Even if I turn key 5 against him, he is still up eight to five. Assuming that I am wrong on six, Obama might only have Keys 1, 7, and 12 against him.
    The capture of OBL has provided him with insurance going into 2012. Without it Obama would have less room for error. But Bush also lost in 1992 after winning Gulf War I, but Bush had three out of the first four Keys against him even before going into the rest off the remaining nine.

    So Obama is the favorite for 2012. Even if both economic keys turn against him, based on the math above, he still has enough to win.
    This analysis is relevant as of today. Future events could easily turn these keys against Obama, especially should Afghanistan become extremely violent.

  4. if he stops being narcissistic and spending so much on himself, I might be able to consider that. but how he is doing it doesnt give much chance to feel hope….besides all his other concerns

  5. Easy to urge patience when he has none of the day-to-day worries that the rest of us have. Prices up, salaries down, home equity shrinking, no access to credit or better paying jobs.