President Obama's Weekly Radio Address

Hey Undecideds: Some things to consider before you vote

U.S. economy shrank in the third quarter

Contraction at 0.3 percent pace suggests the onset of recession

AP - WASHINGTON - A day after the Federal Reserve slashed a key interest rate to battle an economic downturn, the government reported Thursday the economy did shrink in the summer, sending the strongest signal yet that a recession may have already begun.

The Commerce Department reported that the gross domestic product, the broadest measure of economic health, fell at an annual rate of 0.3 percent in the July-September period, a significant slowdown after growth of 2.8 percent in the prior quarter.

The spring activity had been boosted by the $168 billion economic stimulus program, but the economy ran into a wall in the summer as the mass mailings of stimulus checks ended and consumer confidence was shaken by the upheavals on global markets. Consumer spending, which accounts for two-thirds of the economy, dropped by the largest amount in 28 years in the third quarter.

The classic definition of a recession is two consecutive quarters of negative GDP. Many analysts believe the GDP will decline in the current October-December period by an even larger amount and they are forecasting a negative GDP figure in the first three months of next year. read more here

U.S. airfares hit record high

The Associated Press

October 30, 2008

Reporting from Dallas -- Average U.S. airfares jumped 8.1% in the second quarter to their highest level since the government started keeping track 13 years ago.

The Transportation Department said Wednesday that the average domestic itinerary fare in the second quarter rose to $352, breaking the record of $348 set in 2001. read more here

A Chronicle of Despair, A Promise of Change

posted by John Nichols on 10/29/2008 @ 10:05pm

Before he dismissed it as a "gauzy, feel-good commercial," John McCain really should have watched the thirty-minute television program that Barack Obama's campaign aired Wednesday night.

There was nothing particularly "gauzy" about the image of an Ohio woman struggling to open medicine containers with arthritic hands, or that of her husband heading off -- at age 73 -- to work at a Wal-Mart store.

There was nothing "feel good" about the lingering shot of a Ford worker, leaning against his truck and looking at the Louisville auto plant where his hours have been cut in half and his wife has been laid off.

Barack Obama was the star of his own commercial, as is to be expected of a presidential candidate on the cusp of a national election.

But this final national appeal to the hearts and souls of undecided voters -- particularly working-class whites in the remaining battleground states of the upper Midwest and the Hispanic women in the southwest -- was all about an economy that no longer works for tens of millions of Americans.

There were no Ross Perot flip charts, no John Kerry with Bruce Springsteen flourishes.

This was an expression of empathy, a report from Barack Obama about what he has learned after spending the better part of two years with a hurting populace. read more here

Obama Campaign: Senator Obama's Statement on Decline in GDP

by Christopher Hass - Thursday October 30 2008 08:24:11 AM

In response to news that the United States' Gross Domestic Product has declined for the first time this year, Senator Obama released the following statement:

This morning, we learned that GDP has fallen for the first time this year, which means America is producing less and selling less and our economy is shrinking. American consumers were especially hard hit, experiencing their largest decline in spending in 28 years as wages failed to keep up with the rising cost of living. The decline in our GDP didn’t happen by accident – it is a direct result of the Bush Administration's trickle down, Wall Street first, Main Street last policies that John McCain has embraced for the last eight years and plans to continue for the next four. These policies didn’t work then, they won’t work now, and I’m running for President to end them. We need to grow our economy by creating jobs, providing tax relief for middle class families, and helping people stay in their homes, and that is exactly what I will do as President.