Obama: Don't "Panic" About the Economy

By: Joel Brown - CBS News Email
By: Joel Brown - CBS News Email

President Obama is trying to give the economy and American confidence a boost.

"I'm not concerned about a double dip recession. I am concerned about the fact that the recovery that we're on is not producing jobs as quickly as I want it to happen."

He'll tour an auto repair program today at Northern Virginia Community College to stress the importance of job creation.

His visit comes on the heels of last week's disappointing jobs report which showed only 54-thousand jobs were created in May.

Unemployment rose to 9.1 percent.

Even people who are working are feeling the impact. Effy Jacoby owns a cafe.

"People order less. People are more concerned money-wise."

Like President Obama, Fed Chairman Ben Bernanke blames the slowing economy on higher gas prices and the crisis in Japan; factors he calls temporary.

"I expect hiring to pick up from last month's pace as growth strengthens in the second half of the year."

In Atlanta Tuesday, the fed chair predicted a stronger rebound in the coming months. But he warned of more trouble if the job market doesn't improve.

For Republican presidential candidates, the shaky economy is their latest ammunition. Tuesday, former Minnesota Governor Tim Pawlenty accused President Obama of being satisfied with a second-rate economy produced on his quote - "third-rate policies."


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