Obama Changes Tone on Economy, Says Fundamentals 'Sound'

In a dramatic, and some might say cynical, change in message, President Barack Obama said yesterday that the fundamentals of the nation's economy are, "sound." The comments come just weeks after the president was consistently warning that the economy faced a "catastrophe" if Congress did not act to pass his $787 billion economic stimulus bill quickly.


During the presidential campaign, then candidate Obama pilloried Republican nominee Sen. John McCain when he made similar remarks on the state of the economy. Back in September, John McCain expressed confidence in the nation's economy, saying that the fundamentals of the economy were, "strong." Obama attacked McCain for the remark, saying that it showed just how out of touch the Arizona Senator was with the struggles of average Americans.

But by almost any measure, the economy was in better shape in September than it is today. The Dow Jones Industrial Average is off more than 3,000 points since McCain made his remarks on September 15. Unemployment is up two percent from 6.1% in September to 8.1 percent today, including more than 650,000 jobs lost just last month. Consumer confidence stands at a near record-low of 25.0, down from 64 in September.

President Obama has been criticized for talking down the economy. Given all the bad economic news of late, his sudden shift from being the harbinger of economic bad news to the economy's cheerleader-in-chief can be nothing but pure political posturing. Still, it is better to have the president talking up the economy than talking it down. With more experience as president, Obama may learn to moderate his tone both in good times and bad.

Hat tip: RedState