Karl Rove reacts to economic growth numbers
Political implications for presidential race
- Duration 5:50
- Date Jul 27, 2012
Political implications for presidential race
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Phillies -- up this.
It's Friday with some new worries about our economy were glad with a separate -- I'm generally I'm John Scott the concerns coming out with the release of the new GDP numbers.
Our Commerce Department says the economy grew at an annual rate of just one point 5% from April through June americans'.
Spending at their slowest pace in a year.
Economists say growth -- Or below 2% is not enough to lower the unemployment rate and they do not expect growth to pick up much in the second half of the year either.
Let's talk about it with Karl Rove the former senior advisor and deputy chief of staff to George W.
Bush he is also.
A Fox News contributor Carl -- what do you make of these numbers.
Will not good not good for the country.
And not good politically for the president hears a look John if you will.
You remember the growth here number in the from second quarter's one point 5%.
For the year it's estimated to be 2% though I suspect a lot of people are gonna be lowering investments -- we've had.
One point you know 5% in second quarter and and 2% in the first quarter.
But here's what it would look like in previous -- elections when President Bush ran for reelection it was two point 6% second quarter.
And 3.5 percent from the fiscal year when Clinton ran for reelection it was the seven point 1%.
And three point seven for the year.
Would President Bush 41 who lost his reelection was four point five and 3.4.
President Reagan reelection seven point.
17 point two when Jimmy Carter lost it was minus seven point nine.
In me -- second quarter and minus zero point three so this is the second worst set of numbers we've had in the sort of the modern era.
It can't be good for the president particularly when he recently said we quote tried our plan and a work.
It ain't working for a lot of America and when Ronald Reagan took office from Jimmy Carter unemployment I think was up over 10% he managed to get that down in his first term.
He sure did and -- Obama went from roughly.
I think six point 2% now to eight point 2% and remember he promised us that we be -- far more better shape than that we are today.
In January 10 of 2009 acidity if you want to know exactly what's gonna happen when the stimulus bill passes take a look at this report prepared by the head of his -- economic advisors.
And it forecasts that unemployment today would be 6%.
In fact last year the administration's forecast for economic growth this year.
That's twice the rate that it did that at best we're gonna hit this year that did.
No wonder Joseph Biden I think Joseph Biden actually captured the reality of -- recently when he got off message and said quote.
You know for millions of Americans this is a depression and quote it -- and work.
I suppose you have to hand it to the White House for looking at the silver lining in these numbers here's a statement from Alan Krueger the current chairman of the council of economic advisors he says in part.
While the economy continues to move in the right direction additional growth is needed to replace the jobs lost in the deep recession that began.
At the end of 2007.
There is never an opportunity lost to remind us that all of this started during the Bush Administration.
Now -- let's be clear about this we're moving in the right direction.
We were at one point 9% for all of last year and stronger at the end of the year.
We -- at a revised 2% in the first quarter this year.
We're now at one point 5% were the one backwards we're going downhill down economy is slowing and everything you know manufacturing is down.
Consumer sales down home sales down.
The consumer confidence number down if if the chairman of the council economic advisors of this president thinks we're going in the right direction.
It just like the president and I guess quote we tried our plan and it worked in quote I don't think thirteen million Americans out of work in American families struggling.
As they are -- think this plan -- war.
Well and even though White House's own chart that they put out in -- come -- accompanying that a statement from the chairman of the council shows.
You know the grass is he's going downhill the bar graph is going downhill there it is.
This is a chart that starts in in the second quarter of 08 and takes us through.
The second quarter of this year and you can see at the very end there the chart is stair stepping down hill.
In well and not a good fashion.
You know the chairman of the council of economic advisors is a prefer professional economist almost always a -- academic.
And their job is to give impartial and objective advice to the president on the the state of the economy and having Alan Krueger turned into a campaign -- is not a good thing for the for the office of the presidency and certainly not.
Not not a good thing for this present when it when the numbers show that we are not going in the right direction.
Let me ask you about the Republican candidate for president Mitt Romney is overseas he's gotten tangled up in some of this controversy over the Olympics how big a deal is that how much might it hurt him.
Well it's a deal I don't think it's a big deal of -- in the British newspapers are like tablets but you have to sort of shake your head.
-- governor Romney.
-- went to the London Olympics -- -- at the invitation the International Olympic Committee it was a great opportunity for him to talk about his experiences in which.
Look he stepped away from the leadership of Bain Capital for three years in order to step in and saves us the floundering Salt Lake City Winter Olympics in 2002.
And I bet there's lots of stories he could be talking about.
What a wonderful experience that -- how uplifting and inspiring and was and instead he got stuck making a somehow -- another comment that the brits took as an insult and he walked it back pretty quickly and -- -- back adroitly but nonetheless the damage was done.
And we're going to be talking a little bit more about his trip and what the British press is doing with all of that little bit later on in the -- Karl Rove good to talk -- thanks.