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June 17, 201

Happy Birthday “Recovery Summer”One Year Later, Obama’s Recovery Remains A

Failure While Economists Are Delivering A Grim

Prognosis For The Future______________________________________________________________________

FLASHBACK: One Year Ago: “The Administration today kicks off ‘Recovery Summer,’ a six-week-long focu

on the surge in Recovery Act infrastructure projects that will be underway across the country in the coming

months - and the jobs they'll create well int o the fall and through the end of the year.” (Press Secretary Robert Gibbs,“Administration Kicks Off ‘Recovery Summer’ With Groundbreakings And Events Across The Country,” WhiteHouse.gov, 6/17/10) 

Less Than Three Months Later: “Let’s See, What Happened This Summer? Easy Question. TheRecovery Went Missing.” (Bill Bonner, “The Summer The Recovery Went Missing,” The Christian Science Monitor ’s “The Daily

Reckoning” Blog, 9/2/10) 

ONE YEAR LATER, THE RECOVERY IS STILL MISSING AND SO IS THE PRESIDENT’S

LEADERSHIP ON THE ECONOMY 

Since The Start Of Obama’s Recovery Summer, The Average Length Of Unemployment Has IncreasedFrom 34.8 Weeks To A Record 39.7 Weeks. (Bureau Of Labor Statistics, BLS.gov, Accessed 6/16/11) 

The Unemployment Rate Has Remained Above 8 Percent For A Record 28 Straight Months And 13.9Million Americans Remain Out Of Work. (Bureau Of Labor Statistics, BLS.gov, Accessed 6/16/11) 

  6.2 Million Are Working Part-Time Jobs Due To Economic Reasons. (Bureau Of Labor Statistics, BLS.gov, 

Accessed 6/16/11) 

In The One Year Since, The Average Price Of Regular Gasoline Has Increased From $2.74 A Gallon To$3.71 A Gallon. (Energy Information Administration, EIA.gov, Accessed 6/16/11) 

In The One Year Since, There Have Been Over 2.8 Million Foreclosure Filings, One For Every 45Housing Units. (RealtyTrac, RealtyTrac.com, Accessed 6/16/11) 

 And Americans Overwhelmingly Feel We’re Headed In The Wrong Direction 

NBC/WSJ Poll:54 Percent Of Americans Disapprove Of Obama’s Handling Of The Economy. (NBC News/W

Street Journal Survey, 1000 A, MoE 3.1%, 6/9-13/11) 

NBC/WSJ Poll: 62 Percent Of Americans Think The Country Is On The Wrong Track . (NBC News/Wall Street 

Journal Survey, 1000 A, MoE 3.1%, 6/9-13/11) 

  NBC/WSJ Poll: Only 29 Percent Of Americans Think We’re Heading In The Right Direction. (NB

News/Wall Street Journal Survey, 1000 A, MoE 3.1%, 6/9-13/11) 

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NOW THE ECONOMY IS THREATENED BY A DOUBLE DIP AS SMALL BUSINESSES,MANUFACTURING AND THE HOUSING MARKET RUN OUT OF STEAM

“In The Latest Sign That The Economic Recovery May Have Lost Whatever Modest Oomph It Had,”More Small Businesses Plan To Shrink Payrolls Than Expand Them. “In the latest sign that the

economic recovery may have lost whatever modest oomph it had, more small businesses say that they are

planning to shrink their payrolls than say they want to expand them. That is according to a new report 

released Tuesday by the National Federation of Independent Business, a trade group that regularly surveys

its membership of small businesses across America.” (Catherine Rampell, “A Slowdown For Small Business,” The New York Times, 

6/14/11) 

“Economists Have Been Steadily Downgrading Their Forecasts For Economic Growth In The Second

Quarter.” “The quarter when the economy was supposed to stage its comeback is looking just as bad as its

disappointing predecessor. We’ve had a slew of distressing economic data come in during the last few

weeks. As a result, economists have been steadily downgrading their forecasts for economic growth in the

second quarter.” (Catherine Rampell, “The Great Growth Disappointment,” The New York Times’ “Economix”, 6/15/11) 

The Commerce Department Has Revised Its Projection For GDP Growth Down To A Meager 1.8Percent. “That quarter began with a forecast of 3.5 percent, which slid downward as the weeks rolled onand ugly economic indicators rolled in. The Commerce Department’s latest estimate for growth that quartewas 1.8 percent.” (Catherine Rampell, “The Great Growth Disappointment,” The New York Times’ “Economix”, 6/15/11) 

The New York Empire State Manufacturing Index Fell For The First Time In Seven Months“Dramatically Disappoint[ing] Economists’ Expectations.” “Conditions for New York manufacturers

deteriorated in June, according to the Federal Reserve Bank of New York‘s Empire State Manufacturing

Survey released Wednesday. The general business conditions index dipped for the first time since

November 2010 below zero, falling 20 points to -7.79 from the previous report in May. The index

dramatically disappointed economists’ expectations of a 12 reading for the index.” (Bradley Davis, “New York Area

Manufacturing Detriorates,” The Wall Street Journal , 6/15/11) 

  “ And In Another Darkening Sign For The Long-Distressed Labor Market, The Index ForNumber Of Employees Dropped 15 Points To 10.2.” (Bradley Davis, “New York Area Manufacturing Detriorates,” The

Wall Street Journal , 6/15/11) 

“[T]he Tumbling Real Estate Market Threatens To Drag The Economy Back Into Recession.” “TheObama administration's inability to stem the foreclosure crisis ricocheted dramatically on Friday, as the

Labor Department released unexpectedly low job-growth numbers that pushed the unemployment rate

back over 9 percent. The jobs report comes on the heels of both a devastating report that found housing

prices hit new lows in March and warnings from economists that the tumbling real estate market threatens

to drag the economy back into recession.” (Zach Carter and Jeremy Bendery, “How Failed Obama Foreclosure Relief Plan Contributes To Job

Crisis,” The Huffington Post , 6/3/11)

Home Price Data “Indicated A Clear Double-Dip For Housing” As Home Prices Fell To Mid-2002Levels. “S&P/Case-Shiller home-price data indicated a clear double-dip for housing, as a tax-credit-induced

bump last year was erased and national prices fell back to mid-2002 levels.” (Phil Izzo, “A Look At Case-Shiller, By Metro

Area,” The Wall Street Journal ’s Real Time Economics, 5/31/11)