VINEYARD HAVEN, Mass., Aug. 21 (Reuters) - U.S. President
Barack Obama said on Sunday he expects to be judged in the 2012
election over his governance of the American economy, which he
said was still not growing fast enough.
"For me to argue, look, we've actually made the right
decisions, things would have been much worse has we not made
those decisions -- that's not that satisfying if you don't have
a job right now," Obama told CBS in an interview taped last
week and aired during his annual vacation in Martha's Vineyard,
an island near Boston.
"I understand that and I expect to be judged a year from
now on whether or not things have continued to get better," he
The U.S. unemployment rate has been stuck above 9 percent
and growth was very weak in the first half of 2011, causing
many Americans to question whether Obama's stimulus and bailout
measures following the financial crisis worked.
Asked about the past month's stock market drop, Obama said
concerns about the U.S. recovery were contributing to investor
jitters, along with "headwinds" from Europe's debt crisis, high
gas prices and knock-on effects from Japan's earthquake.
In excerpts of the CBS interview aired last week, Obama
said he did not see a danger of another recession, but thought
there was danger of having a recovery that is not fast enough
to deal with "a genuine unemployment crisis."
Obama is expected to spend much of his nine-day vacation
working on a program meant to jump-start the economy and find
budget savings that surpass the $1.5 trillion goal of a new
congressional deficit-cutting committee.
Extending a payroll tax cut -- a measure the White House
has said would encourage business to increase hiring but that
economists say is likely to make little difference -- will be
included in the program that Obama will unveil next month,
senior Obama campaign strategist David Axelrod said on Sunday.
"That is absolutely something we need to do," Axelrod told
CNN's "State of the Union" program. Axelrod added that some
"modest adjustments" to government-run entitlement programs
would have to be made and that Obama would address that issue
in a speech outlining the program.
(Reporting by Laura MacInnis and Alister Bull; Editing by Paul