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Romney rolls out new economic agenda

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    Campaign wastes no time pushing plan as unemployment rate ticks up

  • Duration 6:36
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Welcome to The Journal Editorial Report I'm -- ago Democrats successfully use the phrase it's the economy stupid when Bill Clinton was running against then President George Bush that phrase hit a nerve.

With the American public but that's maybe the time for Republicans to make that argument -- the Labor Department releases the latest numbers on America's unemployed.

A contradictory message of sorts on Friday as the unemployment rate rose to eight point 3%.

While a 160000.

New jobs were added in July the Romney camp.

Wasting no time pushing their candidates plan to rev up the economy laying out his economic agenda to the Wall Street Journal this week joining the panel.

-- journal columnist and deputy editor Dan any anger assistant editorial page editor James Freeman and Washington columnist Kim -- also.

Dan -- these new jobs numbers.

Coming out a week after the second quarter growth figures -- measly one and a half percent growth.

Is is the you can -- state of the economy now fixed in the -- -- for November.

I think so I don't know whether it's fixed in the voters mind -- -- certainly hope out there but the fact is this is that these of the numbers in the state economy will get between now and November what does that tell you about that state.

Well it tells me that they have to make a choice they have to make a choice between the incumbent Barack Obama who after all has been president through this period.

-- he is on the defensive by definition.

The economy's been this way he's been president and while we tend to personalize this at least proponents of a Barack Obama.

Being Obama.

It does if he were president acts under these circumstances he could be JFK.

Normally you would not get reelected with those kinds of economic numbers now.

So the reality is mediocre job growth not enough to replace new -- into the labor force stagnant income.

Sorry it's slow growth it's a very tough record to defend.

Basically that's the status that -- -- I think an independent and do you don't really -- think so because if you had been president for four years it's.

He is trying to off loaded onto its predecessor which is a stretch I think -- that's different than defending it.

That's saying it's still lousy but it's his ball well this is the fact that -- -- trying to get none and that burden falls on the opponent.

Mitt Romney to give an explanation why.

He could do better than this president under the circumstance OK Kim Mitt Romney now -- after suffering some blows and advertising against him in June and July now is going back on offense rolls out his economic plan in at least a new way of framing it this week what did you make of the pitch.

While he's out there he's talking very much about the need to.

I mean a lot of it is what he has said before he has got to cut he's gonna cut taxes he's gonna.

Stripped down on the regulation he's going to put the country looking forward ahead and also deal with debt and ends entitlements and some of these I mean he's let.

Did would you seek him if it's there is there an is there a new ways putting and -- remember he had 59.

Ideas which Ed Rendell a Democrat called 56 to -- Is he kind of -- distilling that message down to to a real two or three we've that the voters can latch onto.

Yes he is in that was what he absolutely needed to do -- he needed to also make this.

Positive -- for himself he's been mostly on defense.

The entire time he's been running either on defense on the Obama campaign going after him or Justin beating on the present himself -- the -- failure now he's out there.

He's distilling the message making much more clear something the voters can get their head around.

But also positive message for himself.

I'll write -- bird and a brother Freeman what it is.

The message distill and form well it's -- -- Iran its growth and that is how -- how growth how does he has its growth particularly government.

Stripping it back from its back on a private economy now.

-- you can build that for President Obama obviously there's negative message -- small business what mr.

Romney is doing is basically the opposite I can mention regulation to a lot of small business people this is actually a bigger problem than taxes.

And what brought me is saying -- -- actually measured the costs of new regulations before we impose them on you.

He's talking about not not just fixing obamacare but a lot of these of financial services regulations that didn't end too big to fail banks but it really restricted the ability.

-- -- you know you've made the case throughout this campaign that Barack Obama for all of as the economic troubles exactly stitched together something of a compelling.

Alternative.

Reality of the economy focusing on the middle class in the economy that that bill collapsed.

It is is is the Romney message right now.

-- enough to counter that Obama narrative what are even if you think that narrative is false is it enough to persuade those those independent voters.

All I think they are beginning to find their way into that debate Obama is counting on the fact that.

The American people are tremendously anxious about the economic situation.

The -- document goes into some depth about.

Not just unemployment.

But the jobs crisis there's this deep structural jobs crisis the worst we've had since the depression right and they're beginning to address that and connect these policies like.

To the reasons for why there's no job growth in the economy and I think that that's gonna probably resonate with a lot of vote and.

And just underline how it's resonated the book meet the headlines that -- jobs report a lot of terrible news you have -- what they called -- -- six this is people unemployed plus several of those given up because they're discouraged hitting.

15%.

Now you have the labor force -- just.

Participation rate going down so.

I think the reality is terrible and they I think you have to say that the president's policies have failed on their own term campaign to go ahead camp.

Now it also undermines the Obama won Obama campaign's key messages which is -- there argument has -- We had a very bad recession we are slowly.

But surely climbing our way out of -- the problem with these unemployment numbers -- problems with that.

The -- in GDP which was a third in three years that of a -- Is it if it doesn't look that way it actually what it looks as though is so we're not willing making progress and -- that begins debt make voters that's a question that isn't in fact because of Obama -- Well on that big coming tax increase may really have the president may have backed himself into worst numbers as everybody.

Businesses wait to see whether or not they should hire based on the outcome of the election.

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