The focus last week on the presidential campaign was Congressman Paul Ryan, Mitt Romney's choice for VP, and his budget plan to cut taxes and cut spending.
This week it is back to the economy and Obama's efforts to pull it out of the deepest recession since the Great Depression.
The latest data show GDP is no longer negative but growing at just 1.5% in Q-2.
Payrolls are no longer falling but increasing at a pace that is too slow to push down the unemployment rate below 8%.
The housing market still has not fully recovered, which is crucial for a wider economic rebound, though it may have hit bottom recently, I believe it has a way to go yet..
Obama's record on the economy "pitiful" according to Newsweek's latest cover story: "Hit the Road, Barack: Why We Need a New President."
Economist Niall Ferguson the former advisor to presidential hopeful John McCain writes:
In his inaugural address, Obama promised "not only to create new jobs, but to lay a new foundation for growth." He promised to "build the roads and bridges, the electric grids, and digital lines that feed our commerce and bind us together." He promised to "restore science to its rightful place and wield technology's wonders to raise health care's quality and lower its cost." And he promised to "transform our schools and colleges and universities to meet the demands of a new age." Unfortunately the president's scorecard on every single one of those bold pledges is pitiful.
"Obama inherited the problems, but the president did not manage those expectations appropriately, he over promised on unemployment."
When the White House was lobbying Congress to get enough votes to pass the almost $800-B economic stimulus in early Y 2009, Key economic advisors said passing the legislation would to ensure that the jobless rate did not top 8%.
Congress passed the stimulus but by February 2009 the unemployment rate rose to 8.2%, now it is 8.3%, well below the 10% peak reached in October 2009.
The New York Times reports that despite pledges by the White House to help as many as three to four million homeowners modify their mortgages and avoid foreclosure, only 1-M people have received government-sponsored modifications for their mortgages.
Obama also has not press banks hard enough on mortgages, Obama talked tough about the banks, but he did not take tough action."
And, that is because the White House trys to protect the banks which is why they couldn't be more aggressive on housing, and at the same time Obama called Wall Street "a bunch of fat cats and completely alienated a prime constituency."
That constituency, which was previously split between Republicans and Democrats, is now heavily favoring Mitt Romney.
Like many opponents of Obama, his former Wall Street supporters believe he over-promised and under-delivered.
There is no question Obama over promised, especially on jobs.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.