Obama: Economy Back from the "Precipice"

(AP)  President Barack Obama said he expects Friday's report on the nation's gross domestic product to show the economy contracted during the second quarter of the year but that the United States has, in his words, "stepped away from the precipice."

Obama told reporters on Thursday that he has not seen the GDP report but expects it to reflect that the economic struggle continues. He said most economists agree that the economy is still slowing down, but that the pace of the slowdown is not as quick as analysts have seen in recent reports.

Many analysts predict that the economy shrank at an annual rate of 1.5 percent from April through June. If they are right, it would mark a vast improvement from the 5.9 percent average annualized drop recorded in the prior six months - the weakest performance in 50 years.

Obama said there are reasons to remain upbeat. Job losses have slowed from the pace he faced in January when he took office. He also said the credit and banking systems have settled down. And he said housing prices are on the rise for the first time in three years.

"All of this is a sign that we have stepped away from the precipice," Obama said, adding there are no longer fears of another Great Depression.

Obama added, though, that job losses are still too high. "You don't have to read GDP numbers to see that," he told reporters after meeting in the Oval Office with Philippines President Gloria Macapagal-Arroyo.

[underdogus09]

Empire America is on the verge of collapse. Its social, economic and political systems are failed and failing.The measures taken by successive governments to save the politically corrupt, morally bankrupt, physically decrepit giant from collapse have served to only hasten its demise. While the decline has been decades in the making, the acceleration of ruinous policies under the current Administration is leading the United States ? and much of the world ? to the point of no return.
The "green shoots" sighted by Field Marshall Bernanke this past Spring were a mirage. The 2010 economic "recovery" predicted by the same experts, authorities and financial boy scouts and cheerleaders who didn't see the economic crisis coming is pure delusion.By 2012, even those in denial and still clinging to hope will be forced to face the truth. It will be called "Obamageddon" in America. The rest of the world will call it "The Greatest Depression."

[digbrush]

sure hope you are wrong! do you hope you are? will you even notice if you are?

[underdogus09]

The Greatest Depression is at hand. The stimulus, bailout and buyout packages being forced on the nation by an Administration that "misread how bad the economy was" will only lead to "Obamageddon": The Fall of Empire America.

[underdogus09]

America Has Been Bamboozled ...again

[swin5]

'Mission Accomplished!'

[iam4honesty]

Thank God for President Obama. He is exactly what America, and the world for that matter, needed at this point in history. I personally can't think of any other political figure that could clean up after the Bush/Cheney train wreck as effectively as he is doing.

God's spped Mr. President!

[swin5]

Oh yea? Wait until those borrowed trillions of porkulus dollars have to be paid back.

[the_majesty]

What was the deficit before Obama took office ?
What is the deficit now ?
How does this make Obama great ?

[SouthwestisBest]

Obama lives in a delusional stupor of his own grandness.

Americans with brain know better.

[SouthwestisBest]

You and I will agree to disagree....

The country is cratering as we speak under a government totally gone amuck since January 3 of 2007.

Obama lives in a delusional stupor of his own grandness. That is my opinion. Have at yours.

[swin5]

During the election, polls indicated that the more educated the voter the less likely he was to vote for Obama. And I would bet that Obama's approval ratings are going south now because he is losing the more educated of the less educated who voted for him. Did you get that?