⭐ Start off 2025 with a powerful boost to your portfolio: January’s freshest AI-picked stocksUnlock stocks

Amid foreign crises, Obama takes solace in U.S. economic turnaround

Published 09/01/2014, 05:48 PM
Amid foreign crises, Obama takes solace in U.S. economic turnaround

By Steve Holland

MILWAUKEE (Reuters) - Throughout much of his presidency, Barack Obama has been under siege about the state of the U.S. economy.

But with economic growth now far more robust than when he took office, he is finding some measure of solace on the domestic front while a number of crises rage abroad.

With his handling of foreign policy under fire in confronting challenges from Ukraine to the Middle East, Obama made a Labor Day trek to Milwaukee's annual Laborfest event to underscore how he feels his leadership on the economy has paid off.

"I just want everybody to understand because you wouldn't always know it from watching the news," he said. "By almost every measure, the American economy and American workers are better off than when I took office."

The national unemployment rate was 6.2 percent in August, down more than a percentage point from the year before, and a far cry from when he took office in 2009 with the economy in crisis. After a 2.1 percent contraction in GDP in the first quarter of this year, GDP rebounded at a 4.2 percent growth clip in the second quarter.

Still, the job market for many is unsatisfactory and some have given up looking for jobs. Also many of the proposals Obama has made to create more jobs, such as persuading Congress to accept an increase in the minimum wage and boost infrastructure spending, have gone nowhere, forcing him to act where he can with executive orders.

Obama took credit, however, for the improving economic picture by harking back to decisions he made early in his first term, when he led an effort to bail out the U.S. auto industry. He also said his signature healthcare law has made life better for American workers:

"America is stronger because of decisions we made to rescue our economy and rebuild it on a new foundation asking the simple question: is this good for ordinary Americans?"

With little more than two months to go until November mid-term elections, the president was greeted at the airport by Wisconsin Governor Scott Walker, a potential Republican candidate to succeed Obama in 2016.

Walker's Democratic challenger, Mary Burke, who had earlier said she would not be at the Laborfest event because it was an official event, not a political one, ended up meeting briefly with Obama backstage. A White House official confirmed the meeting, but had no details.

Obama made no specific reference to the state's governor's race, but he continued a pattern of criticizing Republicans at official events, blasting them for refusing to go along with his agenda in Congress and telling members of the audience who booed: "Don't boo. Vote!"

© Reuters. Obama delivers remarks at Laborfest 2014 at Maier Festival Park in Milwaukee, Wisconsin

Foreign policy challenges will retake center stage this week when Obama travels to Estonia and to a NATO summit in Wales.

(Reporting by Steve Holland: Editing by G Crosse and Peter Cooney)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.