Great news: No danger of a new recession, says Obama

posted at 7:25 pm on August 17, 2011 by Allahpundit

Who wants to be the one to tell him?

“I don’t think we’re in danger of another recession, but we are in danger of not having a recovery that’s fast enough to deal with a genuine unemployment crisis for a whole lot of folks out there,” Mr. Obama told CBS News Senior Business Correspondent Anthony Mason. “And that’s why we need to be doing more.”…

“What is absolutely true is confidence matters,” Mr. Obama replied. “We should not have had any kind of brinksmanship around the debt ceiling.”

“I wish [House Speaker John Boehner] had taken me up on a grand bargain to deal with our long term debt and deficit,” he said. “We still have the opportunity to fix that. It’s not too late. I will be putting forward a plan that will be similar to the plan I put forward to the speaker.”

Translation: If we do end up in a double dip, it’ll be your fault. Just like everything else.

For the record, as of two weeks ago, none other than Larry Summers thought the risk of a new recession was as high as one in three. Even so, I’m reluctant to beat The One up for this for the simple reason that … there’s really nothing else he can say. If he acknowledges there’s a good chance that GDP might contract and then it happens, he’s open to the charge that he talked the economy down by freaking people out with despair from the bully pulpit. Even if it doesn’t happen, admitting that it might would be a devastating concession about his own impotence in managing a recovery. And given today’s Gallup polling, that’s the last thing he can afford. Politically speaking, all he can do is put on a brave face and assure us that the gloomy days of negative GDP are over and the glory days of 0.5 percent growth are here to stay. And if they aren’t? Hey — blame John Boehner for refusing to agree to his “grand bargain,” even though, er, Boehner actually did agree.

Meanwhile, the bus tour proceeds apace. Here’s a look-in from Jake Tapper at the sort of tough questions Obama’s getting on the road:

Young man tells POTUS it’s “time for the wealthy to pay their fair share” — POTUS calls him “an extremely well informed young man”

O also said, “We’ve got to be doing every single thing we can every minute of every day” to help the American people. But first — vacation!

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Comment pages: 1 2

No President can ever admit the imminent chance of a recession, it would roil the markets and cause all sorts of disruption, possibly even hastening the onset of a recession.

Obama did the right thing in this single case – although you can be sure it was not for love of country, but for his own political fortunes.

Adjoran on August 18, 2011 at 12:41 AM

Did he just say that he still wishes Boehner had bent over for the Grand Daddy of all Spending Plans?
-
Bast*rd… We are tired of you… More tired than Maxine is.
-

RalphyBoy on August 18, 2011 at 2:27 AM

O comes across as a slob. Just my opinion. I expect the most powerful man in the world to dress for his position.

Goldenavatar on August 17, 2011 at 11:25 PM

Clearly you mean “slob” as a code word for “lazy black man”, you racist.
-Any Liberal TV/Radio Host

SKYFOX on August 18, 2011 at 6:56 AM

O we need a man like Calvin Coolidge agaaaaaaiiiinnnnnnn…

ajacksonian on August 18, 2011 at 7:17 AM

No danger of a new recession, says Obama

How does he know? Well, he’s been analyzing his “profit and earning ratios” again.

What a joke is he.

petefrt on August 18, 2011 at 8:07 AM

Of course not!! It is just a continuation of the old recession…

jeffn21 on August 18, 2011 at 8:51 AM

That guy just has no shame at all. Either that, or he’s just loony at this point.

“What is absolutely true is confidence matters,” Mr. Obama replied. “We should not have had any kind of brinksmanship around the debt ceiling.”

Confidence matters“??? Is that why he’s spent the last three years scaring the crap out of business leaders and entrepreneurs? No “brinkmanship“??? Are we forgetting exactly who it was who threatened to veto any deal without tax hikes? Or who pulled the football out from under Boehner at the last minute?

This guy is starting to sound like Ten-Second Tom from 50 First Dates, like his short-term memory is shot. The part that’s really impressive… is that there’s apparently NO ONE among his handlers who can remember what they ate for breakfast on any given morning.

Murf76 on August 18, 2011 at 9:12 AM

Day after he says this… market tanks again, jobless rate up… go figure.

Wolftech on August 18, 2011 at 10:29 AM

From Doug Kass at RealMoney this morning: “The Philly Fed for August was a shocker, falling to -30.7 vs. a consensus forecast of up 2%.

That is the lowest read since April 2009.
New orders plummeted, backlogs were down, shipments dropped, and employment deteriorated.”

Nope, no chance of recession. All is well.

WannabeAnglican on August 18, 2011 at 10:50 AM

What we’re in no danger of is his admitting we’re in another recession.

Hucklebuck on August 18, 2011 at 11:38 AM

I will be putting forward a plan that will be similar to the plan I put forward to the speaker.”

Welp, I guess that outlines the Big Speech in September, so none of us has to bother listening to it. Good. I have important things to do in September, like cleaning out the flowerbeds.

RebeccaH on August 18, 2011 at 12:26 PM

No, but the current recession will be longer and deeper and it will look more like a depression.

A recession is when your neighbor is unemployed.
A depression is when I am unemployed.
Recovery will occur when Obama loses his job.

Obama is doing the right thing when he goes on vacation. My freedom is safest when he is on vacation.

The Rock on August 18, 2011 at 12:39 PM

He went on to explain, “No matter what some agency may say, America will always be experiencing growth…in my heart.”

BlueCollarAstronaut on August 18, 2011 at 12:43 PM

Young man tells POTUS it’s “time for the wealthy to pay their fair share” — POTUS calls him “an extremely well informed young man”

Does that mean we’re lowering taxes for the rich?

BlueCollarAstronaut on August 18, 2011 at 12:45 PM

The only thing that we’re at risk of is a recession recession…./

ted c on August 17, 2011 at 7:48 PM

Whoopi Goldberg hardest hit….

VelvetElvis on August 18, 2011 at 1:25 PM

Clueless. Stupid.

Pick one

TN Mom on August 18, 2011 at 2:21 PM

I see, the recession begins this week given Obama’s prognostication record.

{^_^}

herself on August 18, 2011 at 8:15 PM

Comment pages: 1 2