First Lady Michelle Obama, with Dr Jill Biden, applauds the crowd as they return the sentiment during an event for caregivers of veterans in the East Room of the White House. The First Lady and Dr Biden announced new steps by private and public sector organizations to help ease the heavy burden on a vital but largely invisible workforce.
Leaving the White House
Arriving at JFK
President Obama shakes hands with Rev. Al Sharpton as he arrives to speak at the National Action Network conference
President Obama is greeted by Spike Lee and Rev Al Sharpton after speaking at the National Action Network
Going into this morning, expectations for economic growth in the second quarter — April, May, and June of this year — were quite poor, making the actual GDP report a little more encouraging.
The U.S. economy grew at a 1.7% annual rate in the second quarter, buoyed by a solid gain in consumer spending and a sharp increase in business investment, the Commerce Department said Wednesday. Economists polled by MarketWatch had expected growth to total 1.0%.
To be sure, 1.7% GDP growth is not, by any fair measure, good news. It tells us the economy is growing, but the recovery is at best sluggish. But given the news we were expecting, 1.7% is a relatively pleasant surprise, especially since the previous quarter’s growth was revised down to 1.1%.
Bloomberg: Economy in U.S. Expands More Than Forecast on Inventories
The economy in the U.S. grew more than projected in the second quarter, reflecting an unexpected pickup in inventory building as consumer spending cooled. Growth in the previous three months was revised down.
Gross domestic product, the value of all goods and services produced, rose at a 1.7 percent annualized rate, after a 1.1 percent gain the prior quarter, Commerce Department figures showed today in Washington. The median forecast of 85 economists surveyed by Bloomberg called for a 1 percent advance for last quarter. Consumer spending, the biggest part of the economy, climbed 1.8 percent after increasing 2.3 percent.
Job gains and rising home prices are shoring up Americans’ confidence and lifting automobile sales and production, making it likely the U.S. will pick up once government spending cuts and tax increases pose less of a restraint. The report also showed inflation is falling further below the Federal Reserve’s goal….
Steve Benen: Reality gets in the way of far-right shutdown scheme
As a large group of Republicans push for a government shutdown over the Affordable Care Act, Norm Ornstein offered some compelling context. “You could say it’s a do-nothing Congress but that doesn’t do justice to it,” he said. “These guys are doing something, which is to destroy the economic fabric of the country by holding the functions of government hostage to a non-negotiable demand to eliminate Obamacare.”
That’s plainly true, though Sen. Ted Cruz (R-Texas), arguably the main ringleader of the scheme, apparently believes destroying the economic fabric of the country by holding the functions of government hostage to a non-negotiable demand to eliminate Obamacare is a fine idea. As Sarah Kliff reported, however, there is a flaw in the right-wing premise…..
Steve Benen: ATF finally poised to move forward with real leadership
Ask conservative opponents of gun reforms what they’d like to see from law enforcement, and you’ll probably get a predictable answer: we should enforce the gun laws we already have, not approve new ones. For the last several years, however, that’s been easier said than done.
Enforcement of existing gun laws generally falls under the purview of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), which has lacked a permanent, Senate-confirmed leader for the last seven years, thanks to opposition from Republicans and the National Rifle Association, both of which have reflexively balked at the very idea of an ATF chief.
With this in mind, we may be poised for a breakthrough this week….
ThinkProgress: Texas Lawmakers Are Too Busy Focusing On Abortion Restrictions To Get Anything Else Done
Just over an hour after Texas legislators concluded their second special session — an extra lawmaking session they used to enact sweeping abortion restrictions — Gov. Rick Perry (R) called them back for a third one. An outstanding highway funding bill is the only item on the agenda. “When it comes to transportation, the stakes facing our state could not be higher,” the governor noted in a statement.
Perry cited that same transportation measure as one of the reasons he believed it was necessary to call the first special legislative session at the beginning of June. But instead of focusing on getting that done, the governor demonstrated a different set of priorities — adding a slew of anti-abortion provisions that were unable to advance during the state’s regular session to the docket.
Bob Cesca: Bradley Manning Lives in a Nation of Laws, and, Hero or Not, He Broke 16 of Those Laws
While fleeing from the law in Hong Kong, Edward Snowden encouraged a return to “the rule of law rather than men.” In spite of his politically incorrect usage of “men” instead of “men and women,” he’s right. Generally speaking, individual citizens shouldn’t be held above the law — least of all a soldier named Pfc. Bradley Manning who stole 720,000 classified documents and handed them over to be be indiscriminately posted for public consumption by Julian Assange’s Wikileaks.
President Barack Obama and Vice President Joe Biden shake hands in the Oval Office following a phone call with House Speaker John Boehner securing a bipartisan deal to reduce the nation’s deficit and avoid default, Sunday, July 31, 2011. (Photo by Pete Souza)
Washington Post: Romney’s 12-million job promise has garnered a lot of attention. We became interested in this ad after a reader asked whether the campaign had provided much detail on how he would reach this total …
…. the candidate’s personal accounting for this figure in this campaign ad is based on different figures and long-range timelines stretching as long as a decade — which in two cases are based on studies that did not even evaluate Romney’s economic plan. The numbers may still add up to 12 million, but they aren’t the same thing — not by a long shot.
… Clearly, some clever campaign staffer thought it would be nice to match up poll-tested themes such as “energy independence,” “tax reform” and “cracking down on China” with actual job numbers. We just find it puzzling that Romney agreed to personally utter these words without asking more questions about the math behind them.
Greg Sargent: …. Let’s recap what Kessler has discovered here. The plan that is central to Romney’s candidacy on the most important issue of this election — jobs — is a complete sham. This is every bit as bad — or worse — than Romney’s claim to have created 100,000 jobs at Bain, or his vow to cut spending by eliminating whole agencies without saying which ones, or his refusal to say how he’ll pay for his tax cuts.
This could not have come at a better time for Obama. Here is the evidence he needs to spell out as clearly as possible that Romney is peddling economic hokum to the American people. Any fair reading of the backup the Romney campaign itself supplied for his plan reveals that it is nothing but a bill of goods. Obama needs to seize on this in a big way. This should be a big story.
Oh, and by the way: Economists have evaluated Obama’s jobs plan. And they concluded it would create one to two million jobs. The bottom line is simple: One candidate has a jobs plan, and the other doesn’t.