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Obama's economic reboot

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    Will the president's new campaign pitch work?

  • Duration 6:44
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Presents a big shorts.

Between two home fundamentally different visions.

Of how to create strong sustained broke.

How to pay down our long term debt.

And most of all how to generate good.

Middle class jobs.

Welcome to The Journal Editorial Report I'm -- -- in this -- -- -- you go well.

It's a choice -- right and this week President Obama tried to sell Americans on four more years of his economic policies.

Calling a vote for Mitt Romney a return to the failed approaches of the past.

His retooled campaign pitch comes just days after the Federal Reserve reported almost 40% drop in the -- what the middle class families.

Putting most back what Iowa in 1992.

Joining the panel this week Wall Street Journal columnist and deputy editor Dan -- got columnist Mary Anastasia O'Grady and Washington columnist Kim Strauss.

Right -- the big speech on the economy was really -- policy reset.

Yeah I'm asking you could call this Obama campaign eight point oh or nine point out look store there's a lot of concern among Democrats that that this campaign is faltering this has been running him there and then they're trying to find something that sticks and resonates with the American people.

You know they've they've gone after -- Ronnie on Spain they've gone after Allen his Massachusetts record they've said that.

The economy's getting better they've said that actually it could have been worse so this was an attempt to reset in the argument now is as you heard there is a choice.

And implicit in this is a president's argument that he he decide who's gonna sort of -- history argued that.

Everything that is wrong in the economy today is -- the fault of bush policies and Republican philosophy.

And then make a case that Mitt Romney if you who were elected would take us back to that point so.

It's yet another attack on Mitt Romney -- framed in a way that the president hopes is a little bit more positive.

It may have been reset down but it's an important change of course wasn't probably you can change courts can't just repudiate three years of policy and change direction.

In theory he certainly could but he won't -- mean.

What Democrats are saying is that like Cory Booker the mayor new Newark, New Jersey he should run on his record let's run through the record the first thing he did was pass an 800 billion dollar stimulus to stimulate the economy.

We still that 8% employment -- past the Obama health care law.

The greatest thing the Democrats have won it since the since the new deal he won't talk about that -- -- Dodd-Frank which is too complex to talk about.

He raised spending to 2425%.

Of GDP which is not what the American people want to hear.

That's the Obama record and he won't talk about that and there's no nothing grand beyond that.

For him to talk about he's locked into what he's done the last three years and he is very Cleveland trying to sell it -- every anyway he can so -- -- the speech go get a full flash itself flat it got hand broadly but I Democrats who think there's some magic new policy that Obama should announce do win the election it.

Isn't -- there -- a -- memory how about this that the housing problem here because let's go back to about 40% drop in the net with the middle class families reported by the Fed.

That was largely because of the housing bust wolf what about housing with President Obama and the -- -- Yet it's more -- -- Stewart as if we needed it that the Federal Reserve cannot -- -- the housing market it's tried and basically.

The market has not repaired even -- Ben Bernanke has been putting out -- this.

Money.

And I think beyond that what's interesting this week is the increase -- sense that we are either headed for another recession or perhaps even in another recession.

And you know when -- it tells you something when the market rallies because you of bad economic news and we had some discouraging news on the employment front this week.

And why is the market rallying because it thinks well perhaps the Fed will get out there and print even more money.

And basically -- -- markets are saying look we want a change in fiscal policy.

And instructional policy and this is something that president Obama's not willing to do.

All we headed for recession than it looked like it.

Yes that's it does look like the economy is not growing it's been -- Both employment and economic growth have been going in a downward direction for the last two quarters and that's part of his problem there doesn't seem to be any lift out there at all for the president either in policy or on in the economy itself but -- gave -- the real problem.

-- that the president -- doesn't understand the relationship between risk taking and wealth creation.

And investors are not going to take risks when mayor in an environment where the government is so hot style to process -- you saying he does not understand private enterprise.

I think I have a hunch.

-- what's the politics of that speech it if he came across as a as a -- government man.

A man who wants more government spending not the rejuvenation of private enterprise does that sell politically in 2012.

Again you know this was make no mistake this was another attack on Mitt Romney just done in a different form.

One of the things that the president has struggled weapon and beat her hard day and say this is it.

Democrats a lot of people in this party and and some of the polling suggests it is big problem is -- -- He -- been so much time focusing on his opponent that nobody has a sense of what he would do next.

But this is where the presence in -- -- because what can he -- with -- keynesian they have spent all of their ammunition.

The president was reduced in that speech to talking about bill he had sent to congress last year which he says is a jobs -- actually stimulus in it by another name.

And so he doesn't have a lot out there to offer and you saw that failing in the speech.

In in the part of it which he talked about his own vision it was mostly a rehash of what -- done over the past three year.

-- Kim could he not have compromise offered a compromise to his Republican opponent since an -- maybe we won't tax the rich but I really wanna spend some more money.

He could no sign of compromise -- -- wind off.

Another isn't it because I think the time for that Stewart was long ago look at this -- where -- Bill Clinton and you know going back to the 1990s.

Over the past year he hit him he -- sat down with the Republicans -- -- -- done some sort of big.

-- whether it's corporate tax reform either way it was looking -- Bowles Simpson something to suggest he'd done the middle and he was willing to work with the other side.

He just isn't willing to work with the other side and that's another problem and -- is facing -- that the whole hope and change thing.

It hasn't proven now the last few years and can't run on that again either.

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