Last Friday, July 27, I was watching the CBS Evening News and copied down a number of statistics they presented. In the past, I’ve always considered CBS to be a typical liberal pro-Obama media outlet. However, when they reported on the current state of the economy and how that could be affecting the presidential campaign, I was surprised at their honesty in reporting just how bad things are.
They started out talking about the slowdown in economic growth. In the first quarter of this year, the growth was at 2.0%. The second quarter of the year saw the growth slowdown to only 1.5%. The problem is that the economy needs a minimum of 2.0% growth to create job growth and maintain consumer confidence.
On the topic of job growth, they pointed out that in the first quarter of 2012, on average there were 226,000 jobs created each month. However, in the second quarter, that average dropped drastically down to only 75,000 jobs created per month.
Mesirow Financial Chief Economist Diane Swonk commented about the economy saying:
“Right now we have the highest risk of a second recession we have had since the financial crisis began.”
“We have subpar growth and a vicious cycle of hesitation and uncertainty because no one’s quite sure what’s going to happen next.”
“It’s peoples’ expectations about the future that are the most damaged right now.”
The CBS report also showed startling graphics that tracked the broadest unemployment figures for the past three months which includes those out of work, forced to work part time only and those who have quit looking for work. In April, this broader and truer unemployment figure was around 14.5%. Three months later that figure had climbed to 14.9% unemployment.
On the converse, consumer confidence dropped at the same rate the unemployment figure rose. They went on to report that many employers are not hiring because they do not want to go through another round of layoffs if the economy continues to fail as it seems to be doing.
A CBS News/New York Times Poll on the economy showed just how poor consumer confidence is. When asked how they felt the condition of the economy was, 27% said it is good and 71% said it is bad.
Lastly, they reported that in April, Barack Obama’s job approval rating was at 48%. In July, his job approval ratings had fallen to 44%. In the 32 years of CBS tracking presidential job approval ratings, no sitting president has won re-election with such low approval ratings.
The overall picture of the economy they presented is bleak and dismal at best. The United States is not easing back into another recession, we’re rushing towards it. From everything I’ve been seeing over the past few years, I believe this recession will be much worse than the first one a couple years ago. As matter of fact, if something isn’t done soon to counter the three and half years of disastrous economic policies of Barack Obama, I believe the looming recession could actually be so bad that it will become a second Great Depression.
We need a business man at the nation’s helm to turn the economy around. Someone with the background of running a successful business and knowing how and what to trim and cut in order to keep the business of the nation solvent is what America desperately needs. Obama has failed and failed big time. A second term with him will mean certain economic meltdown and collapse. America desperately needs a successful businessman like Mitt Romney if there is to be any hope left for us.