Amidst job growth moving at a snail’s pace, insane gas prices that don’t show any signs of decreasing and the price inflation of most consumer goods, President Obama doesn’t want the American public to “panic” about the seemingly stagnant economy.
President Barack Obama insisted Tuesday that the country is not at risk of slipping into a double-dip recession, but he conceded he does not know whether a sudden slowdown in job growth is a blip or an indication of a longer, more worrisome trend. The president said the nation is on a solid but uneven path to recovery and the key is to “not panic.”
“I am concerned about the fact that the recovery that we’re on is not producing jobs as quickly as I want it to happen,” Obama said at a joint news conference with visiting German Chancellor Angela Merkel. “Obviously we’re experiencing some headwinds.”
Obama spoke amid a wave of short-term negative economic news, including a sharp drop in the number of jobs added in America in May after employment growth had shown strong signs for three straight months. Obama said the economy is rebounding well from a disastrous blow dating to 2008 even though millions still endure hard times. He promoted continuing steps already taken, like tax breaks for business investment, and his familiar longer term agenda of debt reduction and spending on education, infrastructure and energy research.
Given the jittery times, a batch of economic data can make people wonder, “Well, are we going to go back this terrible crisis?” Obama said. “And that affects consumer confidence, and it affects business confidence, it affects the capital market. And so our task is to not panic.”
The economy is the overarching issue as Obama heads into a 2012 re-election campaign, and a Washington Post-ABC News poll released Tuesday found that disapproval with how Obama is handling the economy and the deficit has reached a new high.
Obama’s got a little bit of time to level they playing field before the 2012 election but what would you suggest he do to restore voter confidence?