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Politics of US economic outlook

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    All-Star panel weighs in

  • Duration 5:05
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This was really disappointing news for the economy because the one area that has really been doing well.

Over the last couple years has really rebounded and hiring workers.

Has been -- manufacturing sector of the economy now we're seeing that area slowdown so you wonder where the growth is gonna come from and the economy.

If -- even manufacturing has slowed down.

Stephen Moore of the Wall Street Journal talking about the contraction American manufacturing the first in three years we're back with our panel AB is this a result of what's going on in Europe.

Have we here in the United States cut the contagion.

This is what contagion looks like not only is -- Arizona crisis and no one is confident it's going to be repaired.

Not soon enough to make a difference.

But the Chinese economy is contracting they are buying fewer of our goods.

And because sound the dollars we can't see -- our products are more expensive when they buy them.

We are not looking at estimates for for good growth for a long time let alone before the next election.

And if I could repeat myself.

We do have this fiscal cliff coming at the end of the year that but both parties and -- president -- is coming.

It is freezing taxation rates or blowing them off.

So the companies don't know what their rates will be in thirteen there's no reason for them to hire and we can expect any improvement until that is resolved.

Charles do you think this is as much about the president's policy is as you do what's happening in Europe of course Ireland the -- -- is another one of his dodges.

It was it tsunami it was.

It was bad weather was a supply lines in Japan it was the Bush Administration.

It was now it's Europe and China it's always something else but that -- the thing is he gave us the largest stimulus and galactic history.

And it was supposed to actually start our own economy internally and create demand that was of all about it -- mean he said that that that's that keynesian idea create demand.

It's all gone and the money's gone and we're growing and one point 7% there's there's talk that's why this talk about QE3 another round of quantitative -- it's not gonna help Obama because it would kick in after the election Digisette in this coming right up.

Some of us will be working tomorrow and I think you gentlemen for coming in AB's going to be barbecuing hamburgers.

But then big number coming up at the end of the week and that is the June jobs number what what does all that we see now Stephen portend for that -- well this might be one of those rare occasions where county and it -- job numbers are bad we keep hearing that this was an unexpectedly bad job number.

I think people are expecting a really bad job not just -- this -- I mean every indication we've gone we've gone from sort of a period of states this period of just treading water.

To a period of moving backwards to know how the potential that things really bottomed out and you know if that's the case that obviously has horrendous implications for US economy for that -- so called recovery.

But are also has significant political implications here potentially do the -- there are some predictions AB.

Less than 1% growth between now and the end of the year -- for the in the entire year based in the numbers that we've seen so far it's not far to go from there.

Back into recession again.

I think that didn't giving -- the picture we're going to be talking about teetering at the edge of a recession again and again if you look at the numbers and manufacturing.

Outlook right now it's it's really hard to see how this is -- in the short term.

-- if president's got a bus trip two midwestern states Ohio Pennsylvania coming -- Charles.

He's going to be touting his economic record.

Is that a record to run up well -- Mali can sound which is to say we're growing we're getting.

We healing that slower than I would like one of the numbers at the end of the week on the unemployment.

In June or are bad and -- with the way that the growth of raise one point 7%.

You can't decrease unemployment it's too slow growth rate.

He's not gonna have that narrative anymore that we're getting.

We're improving but to -- these -- -- slipping backwards so I think can be devastating -- this is the third summer of recovery in a row.

That's not a summer of recovery three strikes and you're out there that -- talked talking about this idea of the record to run on.

Mitt Romney looked like he had lost his signature issue three months ago when the economy looked like it was cook -- long does he have his signature issue back against you that's that's very good question and certainly the Romney -- think so because they're talking about virtually nothing else -- even in light of the health care decision and the enthusiasm that that generated among conservatives the five million dollars roughly 24 hours.

He Romney is seems to be -- back to the economy they want to be talking about the economy I think in anticipation.

Of these jobs numbers the question I would ask though is is that big enough is that enough I mean yes everybody tells pollsters that they.

Watt that the economy is number one unemployment is the number one issue.

But it hasn't had the effect on the race that one might expect at this point I mean the Gallup tracking poll yesterday it was Obama 48.

Romney 43.

It after two horrible monster President Obama so is the economy enough is it okay to run on the one issue I think that's.

Something that the Romney -- is having to grapple with right now aren't see how they do thanks so much for joining us -- V enjoy the holiday and we'll see you gentlemen again tomorrow.

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