Before getting into the Reuters and CNBC headlines which report some devastating news about the Obama economy, we are providing a quick reminder of why this is the Obama economy.
Barack Obama said in February 2009 that his presidency would be "one-term proposition" if the economy did not recover in three years.
[WATCH]
By Obama's own stated time frame, he now owns the latest government numbers on the stalled economy.
CNBC- "Factory Orders Post Biggest Decline in Three Years"
New orders for U.S. factory goods in March recorded their biggest decline in three years as demand for transportation equipment and a range of other goods slumped, government data showed on Wednesday.
Reuters- " Private-sector hiring slows in April, stirs concern."
U.S. companies hired the fewest people in seven months in April, a worrisome sign for a labor market that has struggled to gain traction and adding to concerns that the economy has lost some momentum.
The ADP National Employment Report on Wednesday showed the private sector added 119,000 jobs last month, below economists' expectations for a gain of 177,000 jobs. The March figure was also revised lower.
The report comes two days before the government's broader and much-watched monthly jobs report.
"This is an upsetting report," said David Carter, chief investment officer at Lenox Advisors in New York.
"The strength of the U.S. economic rebound is clearly still uncertain. Hopefully we don't get a third consecutive summer of weaker growth."
Recent data, including softer labor market figures, have fueled fears that the economy may have lost some strength as the second quarter got under way. Those worries were partly offset by data from an industry group on Tuesday that showed a better-than-expected pick-up in the manufacturing sector last month.
But government data on Wednesday showed new orders for factory goods suffered their biggest decline in three years in March as demand for transportation equipment and a range of other goods dried up.
Despite Obama's excuses in 2012 to explain and justify why his previous ownership of the U.S. economy isn't relevant and his assertions that the economy is stalling again because "those Republicans" are obstructing him, he purposely neglects to inform those same audiences that he had a Democratically controlled House of Representatives and Democratically controlled Senate for the first two years of those three.
Anything he wanted passed could have been passed and much of it wasn't because Democrats crossed the aisle and joined with Republicans to stop some of Obama's most egregious political proposals.
On the issues
Unemployment up, pushing alternative energy program to fight oil shortage, mandatory health care coverage, in favor of cutting the defense budget.
For the record, if you follow those links above, while they represent Barack Obama's stances and economic difficulties, those are to Jimmy Carter's "on the issues" pages.
Is it any wonder why Mitt Romney is now referring to the Jimmy Carter years as the "good ol' days" when compared with the Obama years?
Romney, who has built his campaign pitch around the idea that Americans remember better economic times, sought to draw a contrast between the current economy and the one during Jimmy Carter’s presidency.
“It was the most anti-small business administration I’ve seen probably since Carter,” he said. “Who would’ve guessed we’d look back at the Carter years as the good ol' days, you know? And you just go through the president’s agenda over the last, uh, the last several years and ask yourself, did this help small business or did it hurt small business?”
If you think that is just conservative rhetoric, listen to Obama's words and Jimmy Carter's words for yourself.
[LISTEN]- The Obama-Carter 'Malaise' Remix
Sound familiar?
