President Obama's worst week ever?
Three straight days of dismal economic news
- Duration 7:02
- Date Feb 1, 2013
Three straight days of dismal economic news
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Only two weeks into his final term President Obama -- already to have his worst week ever.
And it's all thanks to his inability to get a handle on the economy -- -- -- republic samples on Wednesday.
Reports emerged that the economy contracted.
For the first time in more than three years.
Then yesterday we learned that applications for jobless benefits jumped by by more than 38000 -- a week topping out at 368000.
This news coincidentally came the same day -- team Obama announced it was disbanding its jobs council.
Then -- icing on the cake hit this morning when we learn the unemployment rate is back up to seven point 9%.
And that number could easily be well over 10%.
If the Labor Department didn't play with the numbers to suit the left wing -- Here with reaction are radio talk show hosts Hugh Hewitt and Leslie Marshall Leslie is also a Fox News contributor but you always start with you.
Tough week for Obama -- but what do you expect when the only spend five point eight trillion box.
You know Eric it was a terrible week here at play right it may go down -- worst week -- the beginning of the recognition that we're going in an Obama recession.
And the president has turned his back on the nation's unemployed that number going up to seven point 9%.
Everywhere you turn every arm of the Obama administration is launching a war on jobs everywhere you turn every agency.
And it and the consequences of this are just beginning to show up and he is in different -- as they get shock a lot of America.
Now let's -- -- Wednesday President Obama said he was suspending his jobs council.
What does the economy's so good jobs are so good or he's not up for reelection again.
Well -- -- think it has me really happy about this I mean this cuts more spending.
And -- are you telling me when the alarm clock Leslie stat doesn't -- unless thousands I think we have about economy that's.
Let's what are Americans doing well what -- you cuts more spending doesn't cost anything to get Jeff Immelt the rumor on the telephone does it.
-- let let me tell you corporate America today -- with the market that they are doing fine its corporate America the private sector that everybody on the right like my friend you there.
Says should be creating jobs not the government is not the government's responsibility to create jobs why -- we need a jobs council gentlemen well.
-- go -- here I'm actually it's that it.
It's the government's responsibility not to kill jobs let me give you three specific examples the -- braces coal plant in Corpus -- killed by EPA just this week.
That Gunnison -- hand in southwestern Colorado listed by the department of interior.
Gonna shut down oil and gas exploration kill off housing in Colorado and -- let's talk about the sequestration that -- -- -- fact the medical device tax 2.3 percent on gross receipts perhaps the biggest job killer of obamacare kick -- That is the government killing jobs to private sector doing the best it -- Wesley.
But your president your cut your party your your representatives.
Are at every turn killing off jobs in this country -- not the private sector.
That's not doing our job at the federal government that skill and.
Hang -- about the I want to listen to on Wednesday also on the GDP number came out and showed contraction for the first time in three and a half years.
-- 540 trillion bucks down the drain contracting economy.
ABC Condit talked about a little bit on the nightly news NBC disregarded it completely didn't even show up was what Scott -- at CBS news had to say about it.
A shrinking it.
-- -- -- over time spells recession but don't panic yet this number is likely to be revised as more data come in.
Senior business correspondent Anthony Mason found this dark cloud may have a silver lining.
The headline may be disappointing but the underlying economy was showing renewed strength at the end of last year as one economist.
Put it it's the best contraction in the US economy you're ever gonna see.
Bristol plaza a -- got -- economists that works for the department but he may be so high and hardly know it's gonna be revised and by the way if it's revises -- going to be better anyway.
Number two silver lining really contraction a number of three.
-- really but that's all really.
Listen you you know I'm normally a pessimist but can I make some lemonade -- all the -- that you guys want to see here.
We have to look at if you want to talk about revision.
Yeah note to -- -- you guys are saying that the books were cooked before the election and now we see there were visionary numbers for September October November off we see a 100000 jobs created in construction -- just the past four months.
That tells me guys in the housing situation is turning around and you know that is key to our economy.
This is not double dipping this is not a recession this is a tenth of 1% difference in the unemployment you don't want to hold -- -- -- we -- -- GDP is -- to the -- that cuts in the -- Arguably the economy strong or not you may ask the twelve million people were out of work whether it is -- not but.
But Q is there ever a good time to have it I -- a contraction or recession in the economy number one.
And why is the left wing leaning left wing media covering confidence.
I got CBS report Eric is amazing this isn't a talking point these jobs that are being killed in Corpus Christi in Colorado across the medical device industry.
These are talking points -- these are real people who are losing their futures because this president and his administration.
Are killing jobs 2.3.
Percent -- On gross receipts is gonna take one of our strongest sector -- medical devices sector it's got 400000 people working for -- gonna contract by 102030%.
If this president does not act so it's not a talking point a contraction in the economy is a disaster for real people.
Not beltway people not pundits not CBS reporter.
But real people and I I can't believe the president is actually not talking -- this thing is is off.
I don't watching Super Bowl or something he's got to be concerned let's say if if -- rattle off some numbers it if the economy's so good and good -- you bomber coverage happening Obama -- is working.
Why are 48 million people on food stamps right now and the number were spending on food.
Stamps has tripled since he took over.
I never said this is a great situation what I said is this is not going back where we are not double dipping were not in a recession.
When you look at those -- -- visionary numbers when you look at construction when you look at health care by the way whichever BB seven cost jobs he's created jobs according to this last report.
This is steady slow absolutely no question but we're not going in the wrong direction I think what this show is actually is that we don't need.
More cuts I think the spending cuts -- actually negatively affected our economy and and we saw that with the GDP.
Knew I had about 1520 seconds last word.
Well if the sequestration on the Department of Defense is a disaster the president said it wasn't gonna happen the president is not -- a word about stopping it once again he is responsible for the contraction and Leslie.
Negative growth is negative growth it down 110 of a percent the beginning of the Obama recession are -- -- -- -- you hear it Leslie Marshall thank you guys.