[laughter] right. that s not on this president s watch. so they will get some back but it s a long way from getting all of it back. jon: i wrote this quote down, the president said there s no doubt the auto industry is going strong. well, there s no question that we have a cyclical recovery, in the recession, the auto sales went really far down, they popped up. that has led to increased employment. that has led to some plants being reopened. there s no question that that is going on. but we have overcapacity in the auto industry globally and in america. and we don t know yet whether gm and driesler chrysler are going to survive in the long run. jon: i know that at a time when the economy is so soft overall a lot of people are looking at their spending and saying do we need a new car this year, can we afford a new car this year, probably not. it does seem like that s one of those things that s going to be slow to return. consumers, if you look at today s report on second quarter e
6% per quarter. now this morning we learned that our economy grew by 2.4% in the second quarter of the year. so that means it s now been growing again for one full year. [applause] our economy is growing again instead of shrinking. that s a welcome sign compared to where we were. but we ve got to keep on increasing that rate of growth and keep adding jobs so we can keep moving forward, and that is especially important for places like this. in the 12 months before i took office the american auto industry lost hundreds of thousands of jobs. sales plunged 40%. think about that. the industry looked like it was going over a cliff. as the financial crisis and the vicious recession collided with
spending is starting to phase down, once more, a great deal of a good deal of what americans are spending is going abroad. if it weren t for the trade decifit the economy would have grown better than 5 percent but as it is the economy didn t grow very much and not enough to create jobs. jen adam, the president says the the president is championing the growth of the economy. is the president giving us an accurate explanation or picture of where our economy is really at? yeah, as far as i can tell, there wasn t one inaccurate statement that the president made. the key distinction here is that the growth of the economy is slowing. the economy is still growing, but the growth rate is slowing down. it was slightly less than what economists had hoped for, and it was less than what it s been earlier, but the president is correct when it when he says that we ve had a year s worth of growth now in the economy which is a heck of a lot better than it was before that and furthermore, busin
the homes are in the distance. we ll keep you updated on the fire in southern california as it continues to burn and as fire season kicks into gear here in the golden state. jon: that is scary stuff. jenna: new numbers show the economy is growing, just not as fast as predicted and not enough for job growth. why is the does the obama administration keep applauding the recovery. we re going to talk about that. then there is this. you vote yes if you believe yes. you vote in favor of something if you believe it s the right thing. if you believe it s the wrong thing you vote no. we are following a procedure, i will not yield to the gentleman and the gentleman will observe regular order. the gentleman will observe regular order. jenna: a new york congressman firing back at republicans in the house. what about 9/11 first responders got that congressman so hot under the collar? we have that next. my doctor told me, as we age.
had all these everything was electronic. all my i had had to roll up my windows up until that point. so, i ve got some good memories of that car, but i ve got to tell you, when i sat in this car, this is a better car. this is a state of the art car. this is a world-class car right here. [applause] now, i want everybody to think about where we were. we were in the midst, when i took office, of a deep and painful recession that cost our economy about 8 million jobs. 8 million jobs. and took a terrible toll on communities like this one. our economy was shrinking about