Jobs report gives Obama boost

President Barack Obama celebrated much-needed good economic news Friday as the unemployment rate dropped to its lowest level since he took office. "We are moving forward again," he boasted. Republican rival Mitt Romney retorted that the president still hasn't done enough to help millions of people who are out of work.
Associated Press
Oct 5, 2012

The figures announced by the Labor Department — 114,000 new jobs last month to bring the unemployment rate to 7.8 percent — gave Obama fresh evidence on the heels of his disappointing debate performance to argue that his economic policies are working. Romney countered that the country can't afford four more years of the president's leadership and argued that the rate is low in part because some people have quit looking for work.

"These are tough times in this community," Romney told a rally outside a construction equipment store after meeting with coal miners who have been laid off. "We're going to bring back jobs and bring back America."

Obama responded that Romney wants to roll back policies that are repairing the economic damage.

"Today's news certainly is not an excuse to try to talk down the economy to score a few political points," Obama said. "It is a reminder that the country has come too far to turn back now."

The unemployment rate fell from 8.1 percent in August, matching its level in January 2009 when Obama became president. There is one more monthly unemployment report before Election Day, so Friday's numbers could leave a lasting impact on Americans who are already casting ballots in states that allow early voting.

The candidates campaigned Friday on opposite ends of one of those early voting states, Virginia. Romney, in the state's far western coal country, said he wants to develop coal and other domestic resources to make the United States energy independent in eight years. Obama focused on recruiting women at an appearance in the Washington suburbs, where he argued that his health care policy has improved their health care choices.

Obama, seeking to rebound after Romney dominated their first debate Wednesday night, is accusing his rival of being dishonest about how his policies would affect the tax bills of middle-class families and the Medicare benefits of retirees. He told an audience at George Mason University that his rival "got an extreme makeover" in their face-off.

He also argued Romney can't bring change to the country when he's "willing to write off half the nation before you take office," a reference to Romney's disparaging remarks about the 47 percent of Americans who don't pay federal income taxes. Romney made the comments at a fundraiser in May that was secretly recorded, but the videotape did not emerge until last month. Romney went as far as he's ever gone to try to take back his words in an interview Thursday night with Fox News.

"Well, clearly in a campaign, with hundreds if not thousands of speeches and question-and-answer sessions, now and then you're going to say something that doesn't come out right," Romney said Thursday. "In this case, I said something that's just completely wrong."

At the White House, senior adviser David Plouffe retorted: "I would take with a huge grain of salt trying to clean something up five months after you said it for the first time."

The next presidential debate is not until Oct. 16, a town hall-style meeting at Hofstra University in New York, giving both sides ample opportunities to blanket battleground states and raise money for the final weeks of television advertising.

Romney released three new ads on Friday, offering a window into his strategy for the coming week. One, called "Facts Are Clear," focuses on the national debt and accuses Obama of wasting trillions of dollars instead of creating jobs. A second spot features Greg Anthony, a former professional basketball player from Nevada, talking about his roots in the state and his switch from backing Obama in 2008 to Romney this year.

The third spot is titled, simply, "Ohio Jobs." It features Romney looking straight at the camera to talk to voters from the Midwestern battleground state seen as critical to his White House hopes. Obama also was campaigning in Ohio on Friday.

Obama's team countered with an ad targeting Romney's tax plan, accusing him of planning to raise taxes on the middle class. The ad was airing in seven battleground states.

Romney planned a rally later in the day in St. Petersburg, Fla., kicking off a weekend of campaigning in that state, the largest of the prized battlegrounds. Obama was holding a Friday rally in Cleveland before heading to California on Sunday for a fundraising spree that will include a concert in Los Angeles featuring Jon Bon Jovi, Katy Perry and Stevie Wonder.

Traveling aboard Air Force One, Plouffe foreshadowed an intense focus on Ohio in the coming weeks, where polls have shifted in Obama's favor. No Republican has won the presidency without winning Ohio, and Obama's campaign sees blocking Romney there as one of its best paths to victory.

Plouffe said the true measure of the first debate was whether it moved voters in the battleground states. Speaking of Romney, Plouffe said: "Is he going to take the lead in Ohio? If he doesn't, he's not going to be president," he said.

 

Comments

the office cat

Taxes... how else would you have any government finance its services. It's the Constitution.

anthras

I have annuities and they are not insured, I have a 401k and it is not insured, I own stock and it is not insured I own rental property and it is insured via the policy that I am billed for and pay.Where do you buy the annunities, 401K's and stock that is insured by the government as I would like to buy some.

the office cat

All deposit accounts are insured.

Contango

Many if not most retirement and investment accounts are insured using self-funded insurance programs paid with premiums. They are NOT backed by the full faith and credit of the U.S.

Market values of course are 'never' guaranteed.

John Harville

Isn't a 401k a government-established investment account? Just asking. My money's offshore.

John Harville

BY LAW (that would be federal involvment) ALL 401k accounts must be insured by a private plan..

Sarah Weber

I reviewed your comment, Swamp Fox, and the problem is the last sentence. Please feel free to repost without the name calling.

mikel

just wondering what i have to do to get sarah to tell me why they took down my post on page 3.

the office cat

Call her with a story suggestion. She'll tell you how busy she is covering the islands and 15 counties and 30 school boards - when really she seems to be eatiing cheetos and pontificating on who is worthy.

coasterfan

Wow. Can't believe conservative conspiracy theorists are at it again. Anytime stats show that Obama's policies ARE working, in their eyes, it simply must be a conspiracy. Rolls eyes...

Fact #1: Republicans have blocked Obama's appointment of committee head that would oversee the process of compiling monthly unemployment statistics.

Fact #2: Since the appointment has not yet been made, independent economists are doing the job.

Fact #3: These are the same independent experts who have been handling the job for many, many months. Clearly, if they had partisan motives, it would've shown up previously. If anything, we saw just the opposite: in July and August, they actually UNDERestimated the amount of improvement, hence the retroactive updates, which now show bigger gains in both months.

Fact #4: Republican conspiracy nuts NEVER complained until the September jobs report, which made it obvious (to even the severely boneheaded) that unemployment/economy IS definitely getting better. Until then, they were happy to quote stats from these same economic experts as Gospel.

Fact #5: Nearly a full week after the new unemployment rate of 7.8% was announced (it's even lower in Ohio), Republicans are still airing a TV commercial stating that the rate is 8.1%. Luckily, their misinformation doesn't make the truth any less true....

Contango

@ coasterfan:

How 'exactly' are Pres. Obama's policies "working"?

Other than more borrow, print, tax and spend, spend, spend, what 'exactly' are Mr. Obama's policies toward employment?

Looks more like Fed Chairman Bernanke's policies of quantitative easing (money printing) are modestly working.

He said at Jackson Hole in Aug. that the Fed was responsible for 2 million of the jobs.

the office cat

Woman came into the office Monday for a yard sign, saying, "the President saved my job." She had been a laid-off auto worker.
You can't imagine what our area would look like as a rust belt - unless you travel into Pennsylvania.
418,000 workers RETURNED to work in September... of course you are among the group who only want to count full-time (37 hr/wk) employees as 'workers'.
This still is Bush's recession - as was said recently, "just because we cured the Black Plague doesn't erase the history that it was caused by rats."

Obamatron

The Chancellor is, once again, displeased with the office cat.
The impending economic collapse is a result of credit expansion, point blank.
You need to make it clear as to precisely how it is the Republicans' fault that the Democrats had no choice but to push massive credit expansion as a key component of their party platform.
To continue going on about the wars which Reid, Pelosi, and Chancellor Obama all voted to continue funding and which the Chancellor, himself, has expanded as President...is of no use.
The wars are clearly essential to the Chancellor. If they were not, he would have refused to sign NDAA and cited, as his reason, that the Republicans had slipped potentially tyrannical powers, over U.S. citizens, into the Act.
I question whether you truly understand our Chancellor.

the office cat

The past economic collapse was a result of willy nilly deregulated credit expansion by the former administration and the 12-year Republican-Controlled House and Senate.
The Chancellor also needs to cite specifics in said Democrat platform.

Obamatron

---> im·pend·ing
2. imminently threatening or menacing:
---> im·mi·nent
1. likely to occur at any moment; impending:
---> like·ly
2. seeming like truth, fact, or certainty; reasonably to be believed or expected; believable: a likely story.

I do not refer to the recession. I refer to the fiscal cliff which is not, by any means, certain to cause an economic collapse (though, impending is still a suitable term).
For instance, the Dollar would not collapse if we could convince the entire world to convert to it. (It is, after all, the Reserve Currency of the world, regardless of what China's and Russia's BRICS group would like to do about that). We could, then, print as much as we want without the value plummeting against competing currencies as there would no longer be any competing currencies.

mikel

actually, puttytat, the economic collapse was started because of the foolish decision of one of your saviors, slick willy. the prez who felt it was in the best interest that EVERYONE regardless of income level be able to purchase a home. this lead to the collapse of fannie/freddie which ironically is run by democraps. see the pattern?

the office cat

Didn't President Clinton have a REPUBLICAN house and senate during his tenure? Actually, that was part of Newt's Contract on America.

mikel

here is an even better one puttytat. a small business owner came into my business the other day and said he wanted a sign that says prezo wants to raise my taxes so we can feed the lazy!! so, we made him one! yeah, thanks to prezo i got a job. who said prezo is worthless??

EZOB

Moderators have removed this comment because it contained Personal attacks (including: name calling, presumption of guilt or guilt by association, insensitivity, or picking fights).

the office cat

Again with the Oprah support... She's trying to save a network. She stated publicly she still is supporting him personally and financially.
Listen to ALL that Bill Maher said... oh but then you couldn't make the comments you made.
AGAIN WITH THE HITLER REFERENCE.

mikel

just wondering why all of the blabbering dems aren't all over oprah for making $150+ million last year like they are on top of ceo's.

the office cat

...because whe wasn't subsidized by government abatements, incentives and 0% taxes?

mikel

oh, puttytat, here is some of YOUR own thoughts. her money was insured by the fed. her car was driven on roads paid by the fed. her building loans were backed by the fed.......get the pic? again, those are some of your points from previous posts. so, using your theory, she is a moocher off of the fed gov't.

Swamp Fox

coasterfan one question. The Labor Department's own statistics is based on 150,000 new jobs each month just to keep even with population growth.
How does 114,000 new jobs then equal a decline in unemployment of 0.3 ?

Contango

@ Swamp Fox:

See how the numbers were calculated:

http://online.wsj.com/article/SB...

Randy_Marsh

Moderators have removed this comment because it contained Personal attacks (including: name calling, presumption of guilt or guilt by association, insensitivity, or picking fights) and Libel and defamation.

reese

I think it is interesting that so many are focused on "how the numbers were calculated".

If the numbers are being calculated from month to month over years, comparing the outcome of those calculations will show a trend of what is happening in our economy. I have seen no firm data about what the reason is that people are dropping out of the workforce. It could be for many reasons, such as, deciding to go back to school to attain better skills, retirement, illness, giving up,etc.

Swamp Fox

ally feline your latest left wing rant"Those "dollars" grew in insured annuities, in FDIC accounts, in FSLIC deposit accounts," You do realize that the FDIC insurance only protects the account if the bank fails, not the success of any investment. It has nothing to do with how the money was EARNED that was placed in the account. As for the FSLIC it was bailed out three times in the 80's by the taxpayers when in was declared insolvent was abolished in the late 80's. Typical democrapper wants the government to control and "help" us and can't stand when people succeed without the freebie government handouts. I really hope I kept it elementary enough for you to comprehend....

Your other rant"deregulated credit expansion" you mean like the housing collapse pushed by good old Barney Frank (D) and his buddy Chris Dodd (D) and then they both profited from their congressional actions...

I smell something amiss in the kitty litter box...

the office cat

Actually I was speaking of the housing bubble burst promulgated by 12 years of Republican control of House and Senate.

the office cat

I was robo-polled yesterday. Each policy question was followed by a multiple-choice of 1. Obama 2. Romney 3. Another candidate.
"Obama".. question repeated "Obama" question repeated "Romney". next question "Obama" repeated "Obama" repeated "Obama". next question "Obama" repeated "Obama" repeated "Another" . next question "Obama" question repeated "Romney". next question "Romney".
"Thank you for your responses."

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