President Barack Obama shakes hands with German President Joachim Gauck during a meeting in the Oval Office. The two leaders participated in a bilateral meeting that marked the 25th anniversary of German reunification
President Barack Obama is introduced by Terrance Wise, an organizer and fast food worker, at the White House Summit on Worker Voice
President Barack Obama speaks during White House Summit on Worker Voice in the East Room of the White House. The summit is an effort to give unions, organizers and some businesses a platform to discuss wages and other issues
President Barack Obama speaks during a event co-hosted by coworker.org during the White House Summit on Worker Voice. On stage with the president is Michelle Miller, co-founder of coworker.org
The full conference with President Obama and Vice President Biden’s remarks
President Barack Obama shakes a present that he received following a conversation co-hosted by coworker.org
Jason Furman: 5 Indicators That Show We Turned A Depression-Like Shock into A Six-Year Expansion
Seven years ago, Lehman Brothers filed for bankruptcy, setting in motion the worst financial crisis since the Great Depression. Over the course of just a few months after taking office, President Obama worked to shore up the U.S. financial system, rescue the auto industry, and pass a Recovery Act and more than a dozen subsequent fiscal measures that provided vital support to families and businesses. Since the crisis, the President has taken continued steps–including Wall Street reform–to strengthen our economy and protect against future downturns.
Our businesses have now created 13.1 million jobs over 66 straight months–the longest streak on record. The pace of job growth over the last three years has not been exceeded since 2000. The unemployment rate has fallen further and faster than economic forecasters predicted. Private domestic final purchases (a combination of the largest and most stable components of GDP) contracted as sharply at the start of the Great Recession as during the start of the Great Depression. But while economic output continued to contract for years into the 1930s, our economy returned to growth in 2009, as both personal consumption and business investment started to grow again.
Bloomberg: Corporate U.S. Healthiest In Decades Under Obama With Lower Debt
Steve Wynn, founder of the Wynn Resorts Ltd. (WYNN) casino empire, once called President Barack Obama’s administration “the greatest wet blanket to business and progress and job creation in my lifetime.” Barry Sternlicht, chief executive officer of Starwood Property Trust Inc. (STWD), said Obamacare was driving down wage growth and “affecting spending and the desire to buy houses and everything else.” Corporate and economic statistics almost six years into his administration paint a different picture. Companies in the Standard & Poor’s 500 (SPX) Index are the healthiest in decades, with the lowest net debt to earnings ratio in at least 24 years, $3.59 trillion in cash and marketable securities, and record earnings per share. They are headed this year toward the fastest average monthly job creation since 1999, manufacturing is recovering and the U.S. has returned as an engine for global growth. The recovery, which stands in contrast to weak growth in Europe and Asia, has underpinned an almost threefold gain in the Standard & Poor’s 500 Index since March 2009.
“The U.S. is leading the way — we’re the only major economy with accelerating growth,” said Mark Zandi, chief economist in West Chester, Pennsylvania, for Moody’s Analytics Inc. and a registered Democrat who has advised both the Obama administration and Senator John McCain, a Republican. “Obama deserves some credit for that, but he probably won’t get it.” Barring any major disruptions, the economy is setting up for Obama to leave office on a high note, said Douglas Brinkley, a presidential historian and professor at Rice University in Houston. “History will eventually show that Obama inherited the Great Recession and resuscitated the economy,” Brinkley said in an interview. One example is General Motors Co. (GM), which last week regained its investment-grade debt rating from Standard & Poor’s only five years after the government-backed bankruptcy. Obama’s $49.5 billion bailout of the automaker in exchange for taxpayers owning 61 percent of the company kept it from being liquidated, an outcome that could have crippled parts suppliers and economies throughout most of 50 states, not just the Midwest. In the broader economy, consumers are buying again and homebuilding is increasing. The unemployment rate has declined to 6.1 percent, the lowest since 2008. The economy expanded at a 4.6 percent annualized rate in April through June. Obama’s 2010 health-care program will hold down consumer prices for years to come as millions of Americans obtain coverage, BNP Paribas SA and Credit Suisse Group AG said. The “Medicare cost miracle” resulted at least in part from Obama’s Patient Protection and Affordable Care Act, Nobel-Prize winning economist Paul Krugman wrote in a Sept. 1 New York times article.
The preliminary figures on second-quarter GDP looked good; the revised tally looked better; and the final report looks even better still. The U.S. economy grew at a 4.6% annual pace in the second quarter, matching the best performance since the recession ended in mid-2009. The increase in real gross domestic product was revised up from 4.2%, mainly because of higher exports and business investment, the Commerce Department said Friday. Americans also spent more on health care, but the gain was offset by lower spending on other services. Economists polled by MarketWatch had predicted GDP would be revised up to a seasonally adjusted 4.7%. Consumer spending, the main source of economic activity, was unchanged at 2.5% growth. The biggest gains came in business investment, a good sign for the economy in the months ahead. To provide some additional context, 4.6% growth is tied for the best quarter since the start of the Great Recession.
June data pointed to a robust and accelerated improvement in the performance of the U.S. manufacturing sector. At 57.5 in June, up from 56.4, the seasonally adjusted Markit Flash U.S. Manufacturing Purchasing Managers’ Index™ (PMI™)1 indicated the strongest upturn in overall business conditions since May 2010. The latest rise in the headline PMI was driven by the fastest output and new orders growth for just over four years. Manufacturing output growth picked up for the third month running to its strongest since April 2010.
Moreover, the average pace of expansion in Q2 was the steepest for any quarter since the survey began in early-2007. Survey respondents generally attributed rising production volumes to improving domestic economic conditions, increased client confidence and a strong pipeline of outstanding work. In line with the trend for output, total new business volumes increased at a sharp and accelerated pace during June.
LA Times: President Obama accused rival Mitt Romney of “knowingly twisting” his comments about American business, in what amounted to his most forceful response to more than a week of sustained attacks by Republicans over a sound bite the president’s campaign argued was taken out of context.
In remarks to a feisty audience at Oakland’s Fox Theater on Monday evening, Obama contended that Romney had misrepresented what he said this month when he spoke of the role government plays in supporting the growth of business. He said Romney’s response showed he fails to appreciate the best way to grow the economy in a balanced way.
…. “Earlier today Gov. Romney was at it again, knowingly twisting my words around to suggest that I don’t value small businesses,” he said …. “In politics we all tolerate a certain amount of spin. I understand these are the games that get played in political campaigns. But when folks omit entire sentences of what I said – they start splicing and dicing – you may have gone a little over the edge.”
Steve Benen: ….. Last September, Elizabeth Warren explained the role of public institutions in creating a society that allows American businesses to thrive. A video of the comments went viral, and soon after, President Obama echoed the sentiment.
Last week, Mitt Romney’s campaign, hoping that voters are fools, made the case that American businesses thrive on their own without public institutions, and to believe otherwise is to be “foreign” and hostile towards free enterprise…
….if Romney’s hysterical, right-wing argument had any merit at all, this should be fairly easy. Obama’s been in office for three-and-a-half years, and if the president were, in reality, actively opposed to the interests and needs of America’s private sector, the evidence should be overwhelming and undeniable.
And yet, it’s not. Romney – and now, Scott Brown – have to resort to garbage tactics that treat Americans voters like we’re idiots. Instead of presenting credible evidence to bolster absurd claims, Romney and Brown have to rely on out-of-context nonsense to make a case that their rivals believe in an agenda that’s pure fantasy.
If President Obama and Elizabeth Warren genuinely oppose the free market — they don’t, but if they did — why do Mitt Romney and Scott Brown have to lie?…
TPM: When President Obama spoke to workers in Wisconsin last week, Politico accidentally made itself the story. The paper’s reporter mistook the Wisconsin state flag for the seal of a local union, and cited it as an illustration of President Obama’s pro-union bias.
Politico cleaned the egg off its face by wiping the story from the Internet. But the gaffe made the rounds among actual union officials in the state and now that the laughter’s subsided, they’ve turned it into a membership drive…..