President Obama's former chief economist Austan Goolsbee, who is actively fundraising for the president's reelection campaign, had a rather odd explanation for the economic woes on Sean Hannity's Fox News show (via RealClearPolitics):
Goolsbee in his own words: "In the year 2010 which is when most of the clips when the president was saying we were going to grow again. We were growing and over that 17 months we added two-and-a-half million jobs.
"Now, at the beginning of this year we get earthquakes, tsunamis, revolutions in the Middle East, European financial crises, now they even have earthquakes out of Washington, D.C. I mean, we've had a series of things that have put some heavy blows and slowed the economy back down again. But, I think it's a little -- I don't think you want to confuse something that is way down and starting to grow out."
Hmm. So that's why explains the high unemployment rate, the S&P downgrade, the slow growth rates, etc. But what's really odd about Goolsbee's remarks is that he left out a terrible menace to the economy: ATMs.