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Grading Obama on the economy

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    All-Star panel weighs in

  • Duration 4:28
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We are a poorer country today.

That is the result of a Federal Reserve study -- -- -- recession took a big told pretty much top to bottom if you look at the median net family worth you can see from 2007 to 2010 -- was drop of almost 40%.

The median family income.

A little bit obviously less -- seven point 7% drop and family savings a drop of seven point 8%.

Now the administration says that they see a silver lining since 2010.

But we're back with the panel.

This comes on a series of pretty bad news on the economy -- for the Obama campaign for this president.

Why don't -- -- speaks of his -- I mean clearly these numbers -- over spare time which most of which he was not present the United States and misses his bad news for the United States and for everybody who's.

Trying to -- some wealth and looking -- forward to.

Pensions -- retirement it's not so much that it hit that older age brackets that hit people who were are still in of working age and therefore still planning and they suffered a big loss.

Primarily break in terms of their house and the value of their houses.

That's you don't think this has an effect.

And the direction I think has -- this to this extent that it makes people feel bad about you know their well their level of economic advancement in this society and at that -- negatively the political liability for.

The incumbent okay that's that's something to say but.

So the larger story is here that we went through a terrible recession took a big chunk out of all of us in terms of our well.

Steve that national.

Head to head between President Obama and Mitt Romney's is still tight to the real clear politics average of polls has its.

At 46 point five to 44 point six but there are several polls coming out.

Including one out in Pennsylvania that -- and independents are flocking on the economy.

Overwhelmingly to Mitt Romney in a state that that was going to present -- right and there's a Reuters poll out.

This afternoon that shows President Obama who was up plus seven.

A month ago nationally is now basically tied so yeah this is having an effect look I don't I don't think we needed a Federal Reserve.

Study to tell us that people have lost lost a significant amount of wealth over the past four years nobody in Toledo Ohio needs offense -- -- To tell them that they already feel that I think the problem and the reason you're seeing president Obama's numbers he -- -- that's it because he campaigned as the man to fix it.

He -- specific speeches at specific times as a candidate promising to fix the economy.

He came in he had a democratic congress for two years he passed what he said he was going to do to fix the economy.

And here we are three years later.

And it hasn't turned around that's why I think he'll be held responsible I guess the question that we brought beginning was because it was so staggering number almost 40% for the average family 40% of your networks.

Gone over a span of you know for a half -- here.

-- that I think is where we learn from of the Federal Reserve everybody -- it was.

It was a hard hit but that is a staggering amount of money and I hate to say because it pains me and I think Juan is right on this.

This is.

Clearly not something that you would lay at the feet of Obama.

He did say he'd fix the economy but the most that you can do after a bubble like this and -- collapse of assets housing and remember the stock market.

Which -- losing your house you lost in the 401K.

Where the market basically lost half of its value in about a year or lesson here.

So I mean that that is clearly the result of a bubble that was not Obama's doing.

The best he could have done which he didn't over the -- he could have done is restore the economy to some level of functioning high level of functioning.

Which still would not have -- down the loss so well that is a permanent thing.

That was done it before him when administration.

To administration is although it back to the 1990s.

But -- present is the one who gets the blame no matter.

-- -- causes for the state of the economy one way or the other.

Quickly want -- the private sector doing fine starting to -- or is this going to be with us for the rest of this campaign.

I think you'll be used by Republicans who will make it out as if the economy he said the economy is doing finally -- these -- the private sector.

It's just the kind of thing that would invite derision and I think his opponents will be.

Glad to do it by the way -- my heart is being fast I've never.

Through an agreement with -- I've only been very happy and you definitely have to reconsider thank you doctor that's --

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