Of course it has nothing to do with his failed Keynesian economic policies.
(Daily Mail) – The Dow Jones industrial average and the Standard & Poor’s 500 index are both headed for a fifth straight week of losses – the longest losing streak for the Dow since July 2004.
The slump follows jobs data published on Friday showing employers added only 54,000 new workers in May, the fewest in eight months and well below what analysts were expecting.
The news comes as President Barack Obama today blamed high gasoline prices, the Japanese earthquake and Europe’s financial crisis for economic ‘headwinds’ at home.
As inspiration for a broader recovery, he’s citing the American auto industry’s resurgence.
‘We’re a people who don’t give up, who do big things, who shape our own destiny,’ the president said in his weekly radio and Internet address Saturday.
Like his words to Chrysler workers, Obama’s address did not mention the bleak unemployment numbers announced Friday for the month of May. The Bureau of Labor Statistics said the economy last month created only a net 54,000 jobs and unemployment inched up to 9.1 percent.
‘We’re facing some tough headwinds,’ Obama said.
‘Lately, it’s high gas prices, the earthquake in Japan and unease about the European fiscal situation. That will happen from time to time.’