McCain's Economic "Fundamentals" Definition Ripped By Obama Campaign

John McCain quickly got hammered by Barack Obama on Monday when he declared that the "fundamentals of our economy are still strong" at an event in Jacksonville, Florida. John McCain subsequently attempted to walk back the comment in a later speech, saying:

"The economic crisis is not the fault of the American people. Our workers are the most innovative, hardest working, best skilled, most competitive in the world. That is the American worker. My opponent may disagree, but those fundamentals of the American worker and their innovation and entrepreneurship, those are the fundamentals of America and I think they're strong. But they are being threatened today, those fundamentals are being threatened because of the greed and corruption that some have engaged in on Wall Street; we have got to fix it."

As the Politico noted, that's an awfully vague (and idiosyncratic) way to define economic fundamentals -- which are actually statistical indicators like unemployment, inflation, and consumer confidence.

Now, Barack Obama's campaign is hitting back at McCain's attempt to redefine his earlier remarks. In a statement to the Huffington Post, spokesman Ben LaBolt said: "John McCain must think the American people are stupid. His campaign's pathetic attempt to clean up their candidate's disturbingly out-of-touch statement that the 'fundamentals of our economy are still strong' is about as believable as the dishonest, dishonorable campaign they've been running."

Comments

[Bud]

An acquaintance tells me the McCain is right about the economic fundamentals in the United State being strong. I searched awhile on the web but it’s hard to find any standard definition of “economic fundamentals.”

Anyone have some pointers?

[yvonne61]

YES, I DO ECONOMIC FUNDAMENTALS FOR HIM BECAUSE, HE GOT MONEY HE CAN SAY THAT.

[suekzoo]

Unemployment rate, inflation rate, consumer confidence, GDP growth, retail sales, PPI, CPI, these would be the "fundamental" indicators of economic health.

[Invox]

How about rate of inflation? Unemployment? Income levels? Trade deficits? National debt? Wall Street crises? Federal government bailouts? Devaluation of the American dollar? Cost of the Iraq war? Consumer debt? Consumer confidence? Gas prices? $700 billion going overseas every year for oil?

Does that help?

[Ozarks]

Bank liquidity, credit market for car and house loans. Bank reserves, equity valuation of corporations, debt accumulation, capitalization , debt/equity ratio

[somsoc]

McNero needs a new fiddle. Or is it McHoover? Hoover kept saying the fundamentals were fine right up to FDR's inauguration.

[johnu1974]

i'm surprised he hasn't used the "i thought the fundamentals of the economy were strong when i was a POW, and thats what i was refering too" line. this man just doesn't get it, which is why he is running a sleazy campaign, but he can't anymore. we'll finally get a campaign we deserve one which actually address the issues, number one being the economy. the dow lost 494 points! 494 points?! for those how have a 401K and were relying on it for your retirement, you'll be crying like i am right now!

[rwe]

You know Barry has had that line ready since , well since he put lipstick into the spotlight

[johnu1974]

what? you can't be that stupid, right? please focus on what the issue is right now. you can't defend what mccain says so you say something to try and distract us. you are a cliche. the followers take on the attitude of their leader. you can't talk about the facts so you smear. you're pathetic!

[newpantaloons]

"what? you can't be that stupid, right '?

Of course he can. This "rwe" we're talking about. He is just about as 'stupid' as they come.

[Ozarks]

The stock market tanks, we may be looking at another depression and rwe comments on lipstick, ahh a true repug.

[martymartymarty]

McCain is right, I, too, would like to see him and Obama sharing a Town Meeting when McCain stands up and offers these type of statements. Luckily Obama has too much class to burst out with laughter like I would, but he would have no hesitation nor difficulty mopping the floor with McCain. Trotting out that false praise for "The American Worker" is so phony and see-through, what would McCain *know* about The American Worker after his decades of being surrounded by lobbyists and their echos in the halls of The Senate?

[pithy]

I saw it - while he was praising and pandering to the American worker, my mind was thinking "yeah, the American worker is so great they didn't deserve a raise for 10 years."

One minor point - when the Obama campaign uses the "they must think the American people are stupid line," I wish they'd say "they must think WE'RE stupid," meaning they include themselves .

When Obama first said that at the town hall meeting, when he turned and said "they must think you're stupid," I cringed. Wished he'd said "they must think WE'RE stupid."

Seems petty, I know - but it just caught my attention.

[burndtdan]

minor point, but a fair rhetorical one. saying "we're" makes him part of the group.

[CJ24]

I agree, but then it would bring up the whole 'elitist' thing again from McSame. Can't you hear it know?

[Chillinout]

A lot of people might see the "we're" as pertaining only to the campaign. By saying they must think "you" are stupid, he is a) making sure the American people know that McCain is talking about them, and b) he is implying that the McCain campaign is trying to pull one over on them.

[huffyISaHottie]

i expect cindy to chime in any minute now....." john knows all about the economy...we own 9 homes"

[johnu1974]

i thought it was 10?

[burndtdan]

they'll have their staff get to you on that...

[whit4brains]

Let's help him count them

http://www.youtube.com/watch?v=dhuMgUkiVOY

[afgail]

Hey all you guys in McCain lala land the stock market fell 480 points today. The financial structure of the united States is in freefall. Lets hear it again how the fundamentals of the economy are strong. McCain hasn't got a clue how to lead. If he can't lead he should get the hell out of the way.

[johnu1974]

he can't follow bin laden to the gates of the cave in afghanistan where he's hiding. he couldn't find his way out of doritos bag.

[PioneerKing]

The more McCain talks the more obvious it is that he will say anything to get elected.
What is worse is that McCain becomes more like Bush and refusing to ever admit when he is wrong.
McCain more of the same old Bush.

[koyak23]

He is right about one thing. The financial crisis is not the fault of the American people.

It is the fault of his economic advisor, Phil Gramm.

[Totto]

Well said. Deregulation of the financial markets and zero oversight is why we are where we are. And McCain wants to continue with more tax cuts for the people at the top.

[BethStuart]

Well he said he didn't really understand much about economics and he was right.

[jhw22]

I sat in disbelief as I watched McCain try to "redefine" fundamentals. Again, he doesn't get it!

Jennifer

[huffyISaHottie]

did you know he was a POW?

[Ozarks]

Yep and Palin is a MFS- Missing From Subpoena

[debrouillard]

Listening to him,I thought he is the most stupid man I have ever seen.
He is getting hammered for the definition,then try a redefinition which can only be best decribe as He doesnt even understands what criterion constitutes the fundamentals of Economics.

He just added on top of the misjudgement ,ignorance.

[JimboSlice]

McCain has used the same tried and tired tactic that the Bush Admin used for the last 7 years ...

the war in Iraq is going bad? Blahhh how can you disparage the troops like that!!!!!

The Economy is in the crapper? Blahhh how can you disparage the American workers like that!!!!!!

[decartes]

The man either has a serious case of dementia or he's not of this world. A truly classic case of being out of touch with reality.

[c64audio]

Heh, Obama ripped McCain a new fundamental :)

[jhw22]

He ripped him a new American worker?

Jennifer