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Press Release - Day Two of The Magical Misery Tour: More of the Same Failed Policies

August 16, 2011

"During his campaign swing in Iowa yesterday, President Obama once again said he wants to increase taxes during this economic crisis. I had hoped he would have gotten off his campaign bus to talk with workers and employers about real solutions that will help get this economy moving again. Instead, he is more concerned about his own job than helping create jobs for the millions who are unemployed." –Mitt Romney Watch "Welcome To Peosta, President Obama" Here: http://mi.tt/mTKbNr

Recap Of Day One – President Obama Made A Stirring Appeal For Tax Increases And More Government Activism:

  • Day One Of President Obama's Magical Misery Tour Included A Renewed Call For Tax Increases. "President Obama launched a Midwestern bus tour devoted to the economy Monday by again calling for tax increases and accusing Republicans who oppose his plans of failing to put the 'country first.'" (Dave Boyer, "Obama Calls For Tax Hikes, Chides GOP Foes," The Washington Times, 8/15/11)
  • President Obama Also Offered "A Ringing Defense Of Government Activism." "President Obama kicked off a three-day Midwest bus tour Monday with a ringing defense of government activism that contrasted starkly with Republican presidential candidates' withering criticism here last week. 'Government and politics are two different things,' he told about 500 people at a picturesque riverfront park in Cannon Falls, Minn. 'As frustrated as you are about politics, don't buy into this notion that government somehow is what's holding us back.'" (Richard Wolf, "Obama Defends Government," USA Today, 8/15/11)

Despite The President's Pleas For Higher Taxes And More Government, It Is Clear That His Policies Aren't Working:

  • The New York Fed's Index Of Regional Manufacturing Activity Showed An Unexpected Contraction During The Month Of August. "New York manufacturing activity in August is contracting for the third consecutive month, according to the Federal Reserve Bank of New York's Empire State Manufacturing Survey released Monday. The Empire State's business conditions index fell to -7.72 this month, from -3.76 in July. Economists surveyed by Dow Jones Newswires had expected the index to rise to 1.5 in August." (Kathleen Madigan, "New York-Area Manufacturing Contraction Continues," The Wall Street Journal, 8/15/11)
  • Moody's Lowered Its Estimate For Economic Growth For The Rest Of This Year, Saying Prospects For Job Creation Have "Diminished Substantially." "Moody's Analytics said its near-term outlook for the U.S. economy has fallen significantly in the past month wake of the debate over the U.S. debt ceiling and the downgrade of the nation's credit ratings by Standard & Poor's. ... While Moody's expects the economic recovery will continue, prospects for economic growth and job creation have 'diminished substantially.'" (Tess Stynes, "Moody's Lowers Economic Growth Outlook," The Wall Street Journal, 8/15/11)
  • A USA Today Survey Of Economists Revealed "A Gloomier Forecast" For The Next Twelve Months Than Previously Expected. "The chances of the economy slipping into another recession have risen significantly, and forecasts for economic growth and job gains over the next year have been substantially downsized, according to USA TODAY's quarterly survey of top economists. The 39 economists polled Aug. 3-11 put the chance of another downturn at 30% – twice as high as three months ago, according to their median estimates. ... The gloomier forecast is a stunning reversal. Just weeks ago, economists were calling for a strong rebound in the second half of the year..." (Paul Davidson and Barbara Hansen, "Economists' Outlook Darkens," USA Today, 8/15/11)

Mitt Romney, Press Release - Day Two of The Magical Misery Tour: More of the Same Failed Policies Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/298391

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