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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  • by poor house Location: Florida on Jun 29, 2011 at 05:33 AM
    Don't panic about the economy he says? We in Florida were double-Bushed by egotistical republicans george jr. and his brother jeb.for 8 years. Then came republican puppet charlie crist who finally bailed,Now we must contend with another egotistical republican rick scott. No, we're beyond panic in Florida. We're in survival mode NOW!!!!!
  • by Tally XD Location: Here on Jun 8, 2011 at 08:40 PM
    If he wants to give us a boost of confidence then he should step out of the office and take his Marxist entourage with him.
  • by anonymous on Jun 8, 2011 at 03:45 PM
    Wow, he believes that we are stupid and he is brilliant because of his Ivy League education. We are not stupid anymore... President Obama, you want a different type of country than what we have worked for all these years and you are telling us not to panic because things are going the way you want. The Government is in complete control and you are spending us into the grave. I feel so bad for the future generation!! Don't panic, our anxiety is way passed panic Mr. President.
  • by Human person on Jun 8, 2011 at 02:18 PM
    Easy for him to say since he's living large off our hard earned tax dollars. He and his family have no worries. I wish he had never become our president. I am beginning to despise him.
  • by Kevin aka Reality Location: Monticello on Jun 8, 2011 at 02:03 PM
    Easy for ANY person who has a lifetime salary to say. Fact , Politicians are given FULL vested retirement and Lifetime pay after 3 years , where as wounded Veterans are given a choice between disability OR retirement after 30. The Repubs want to take your money for the Executives and Big Business. Dems want to give it all away to drug dealers and Illegals. Unless there is a big center geared change , regular people are sunk. Thats the facts.
  • by truth on Jun 8, 2011 at 01:32 PM
    The only one that loves Obama more than Obama is Jimmy Carter. Jimmy is now the second worst president of all time.
  • by Georgia Boy Location: Cairo on Jun 8, 2011 at 11:51 AM
    One of the major problems today is this looney tunes doesn't take the economy seriously and STILL insists on his giveaway programs and "wealth redistribution." A friend visited Russia before it broke up and went to a communal farm. The people worked on the large farm, but also were given land around their houses to have their own gardens. He said the crops in the fields were dismal, but the gardens were beautiful. The difference? The gardens were their own and they didn't share equally so they worked harder for their families. See any comparison?
  • by truth hurts on Jun 8, 2011 at 11:32 AM
    I would take Scott over this guy any day of the week.
  • by Moishe Location: Tallahassee on Jun 8, 2011 at 09:56 AM
    Don't panic. Today Fearless Leader said he is going to bail out Greece. The other day he talked about sending money to the middle east countries. He lent the Brazilian oil company money to drill for oil. Nah, don't worry. Panic.
  • by Alice Location: crawfordvile on Jun 8, 2011 at 08:59 AM
    Don't PANIC what has this dumbbunny been smokin??? fool me once shame on me Fool me twice shame on YOU. AIN"T goin Panic when I vote for anyone but YOU O
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