Walking across the stage amid loud cheers and music from Fleetwood Mac’s “Don’t Stop Thinking About Tomorrow” former U.S. President Bill Clinton confidently took the podium at the Democratic Convention and showed everyone that he still has the right combination of candor and charisma to make a good political speech while endorsing President Obama for presidency.
“I want to nominate a man who is cool on the outside but who burns for America on the outside” Clinton said as he nominated Democratic incumbent President Obama.
The elder statesman Clinton who has shown reluctance in the past to fully embrace President Obama within his own Democratic Party, revealed to the pro-Obama convention audience on Wednesday night that he is still an effective orator and firmly stands in the Obama camp in advance of the upcoming presidential election in November.
“I like the argument for President Obama’s re-election a lot better. He inherited a deeply damaged economy, put a floor under the crash, began the long hard road to recovery, and laid the foundation for a more modern, more well-balanced economy that will produce millions of good new jobs, vibrant new businesses, and lots of new wealth for the innovators,” Clinton said.
During the convention speech, Clinton delivered a step by step rebuttal of the arguments made during the Republican National Convention in Tampa last week, telling the audience at one point the Republican narrative is an “alternative universe” and “they want to go back to the same policies.”
Adding a mixture of humor, charm, and warmth into his speech, Clinton admitted about Obama, ” I want a man who had the good sense to marry Michelle Obama.”
Drawing a clear distinction between the philosophy of the two competing political parties, Clinton emphasized, “We believe ‘we’re all in this together’ is a better philosophy than ‘you’re on your own.’ ”
Clinton blamed Republicans for accumulating high levels of U.S. debt.
“That Republican economic policy quadrupled the national debt before I took office in the 12 years before I took office and doubled the debt in the 8 years after I left” he claimed.
Concerning Republican’s trickle-down economic principles, Clinton said, “We simply can’t afford to give the reigns of government to someone who will double-down on trickle-down.”
Clinton defended President Obama from Republican attacks that he raided Medicare to pay for an expansion of health insurance coverage under the Affordable Care Act or Obamacare.
He said that Rep. Paul Ryan, the Republican vice presidential nominee, has the same savings in his own budget plan.
When Clinton asked his audience if they are better now than they were four years ago, thunderous shouts of “Yes” erupted across the sold out arena.
Republican strategists are using the exact same question about being better off now compared to four years ago to make an argument that the U.S. economy is in worse shape now compared to four years ago even despite Democrats claims that 4.5 million private sector jobs were added since President Obama took office.
According to CNN Fact Check, the 4.5 million figure “is an accurate description of the growth of private-sector jobs since January 2010, when the long, steep slide in employment finally hit bottom. But while a total of 4.5 million jobs sounds great, it’s not the whole picture.” Read CNN Fact check to understand the whole picture.
Two days ago, it was announced that the U.S. national debt reached the 16 trillion level, a new record.
According to Sentier Research, a consulting firm, median U.S. household incomes before taxes and adjusted for inflation rose 2.2% in the last year through June but remained 7.2% below where they were in December 2007 at the beginning of the recession- and 4.8% below when the recession ended in 2009.
The U.S. unemployment rate has been above 8 percent 43 months into Obama’s presidency and it is not expected to fall below 8% before the upcoming November election.
Latest election polls show that President Obama and Republican candidate Mitt Romney are in a tight election race.
On Friday the U.S. August jobs report will be announced by the U.S. Labor Department.
The new jobs added in August are expected to fall to 120,000 which is down from 163,000 in July. Briefing forecast from briefing.com for August jobs is higher at 140,000.
However, if the August jobs report disappoints it could provide the Federal Reserve with more ammunition to justify engaging in further quantitative easing (QE3).
* The ECB- Draghi- decision about bond buying will be covered here after it moves beyond the stage of speculation. Bloomberg et al. are announcing that the ECB is expected to engage in “sterilized” bond buying of short term debt under 3 years. The decision will be reached in the next few hours but won’t be posted here until later in the day. Spain just sold the maximum target of 3.5 billion euros worth of bonds.