Laura began Friday's program with the news that the U.S. economy is growing at an anemic annual rate of 1.5%. Economist Peter Marisi entered the No Spin Zone to put that number in perspective. "We have to grow at 3% to get the kind of job creation we need," he said, "and this is just half that rate. Consumers lost confidence in the second quarter, they don't believe President Obama's policies are working, they're very skeptical about his criticism of the private sector, and this is just a terrible report. At this point Ronald Reagan had the economy growing at 6%, whereas Mr. Obama has it growing at 2%. But he alibis better than anyone I've ever seen." Nevertheless, Simon Rosenberg, who heads a Democratic organization, contended that President Obama is still likely to win in November. "The economy is not growing as fast as Obama wants, but it's not growing as slowly as Mitt Romney needs for Barack to get un-elected. In the latest polling, Barack is still up by six points and if the election were held today he would win. The debate is about what to do now, and the balanced Obama approach is much more what the economy needs now. I think he's in a strong position to get reelected."

The President remains on the defensive after his "you didn't build that" remark that infuriated small business owners. Laura asked Republican strategist Dee Dee Benkie why the comment has resonated. "That was probably the worst statement he has made," she said, "because small businesses all over the country say, we worked our tails off and we are barely making money in this economy. What is he going to say about the Olympics, 'You didn't earn that gold medal?' Should we give everyone a silver medal because it's more fair and it spreads the wealth? This is not a pro-business President; he's a community organizer, he's a good singer, but when it comes to business he's not getting it done." But Democratic activist Rod Snyder defended the President as a supporter of small business. "Let's give credit to the Romney campaign for slicing and dicing his comments and totally distorting them and taking them out of context. It's very clear that the President was saying that government must invest in roads, bridges, infrastructure and the Internet for the private sector to succeed. What's so wrong with saying that?"

While being interviewed about the London Olympics, Mitt Romney implied that Britain may not be fully prepared. Not surprisingly, the British press has slammed Romney mercilessly. Laura examined the controversy with British journalist Peter Spencer. "Mitt Romney was saying exactly what the British press has been saying," Spencer said. "They've been incandescent with rage about the organization of the Olympics, particularly the problems with transportation and with the private security firm. But we are allowed to be rude about ourselves, while foreigners are not, so there was an almighty outburst from the newspapers. The best headline came from the Daily Telegraph, which called him a 'wazzock,' a charming expression that means 'idiot, dipstick, moron.'" Laura pointed out that many sophisticated Brits were not Romney fans to begin with: "Mitt Romney is as well-loved in London as he would be speaking at Harvard. You guys like the Obamas, while Mitt Romney is seen as too buttoned-up."

In a change of pace from his recent attack ads, President Obama's latest spot extols the greatness of America and its middle class. Laura scrutinized the ad with radio talk show hosts Leslie Marshall and Janine Turner. "The mud-slinging ads are very effective," Marshall said, "but the Olympics are a time when the world actually unites. If only for a few days, we put down our politics and our differences. I think the timing of the ad is essential; it is a unifying message and a glimpse of the President that ran last time around." But Turner accused the President's campaign operatives of blatantly playing politics "That is a political commercial, he is hiding behind the middle class. He really wants to choose the winners and losers; he'd like to take from the rich and give to the poor unless the rich are his friends."

Some liberal activists and a few politicians are squawking about the fast food chain Chick-fil-A, whose president Dan Cathy spoke in favor of traditional male/female marriage. Laura welcomed gay rights activist Wayne Besen, who explained his outrage at the chain. "They have given millions of dollars to anti-gay organizations," Besen complained, "and a lot of people are incredibly offended. Not only did he say he's opposed to gay marriage, but he said it would invite God's wrath upon this nation. What does that do to young gay and lesbian children who are hearing these terrible things? People have a right to be really angry and not want to eat their greasy chicken. My marriage isn't recognized in many states and at the federal level because of people like Dan Cathy, who has turned his chicken shop into a political house." Laura reminded Besen that the chain does not discriminate against homosexuals: "Chick-fil-A has said they treat everyone who comes into their restaurants with dignity and respect, and they've done an enormous amount of charitable giving and community work."

Laura replayed Bill's recent interview with Beach Boys Brian Wilson and Mike Love, who are still turning out hits after fifty years. "We try to do themes that relate to people," Love said. "When we started out it was surfing and girls and going to the dance and all these things that were going on in our lives and millions of other lives. We connected through the themes and those harmonies." Wilson, who turned 70 in June, spoke about his own favorite tune. "I'm very proud of Surfer Girl - it's pretty and it has a lot of good harmonies. When I was younger I would go to the piano and say, 'Oh my God, I'm on to something good here!' The melody just popped into my mind." Bill praised Wilson and Love as genuine American icons: "You guys have really connected to the American people and when your songs come on they remember the good times in their lives. Every summer I have the Beach Boys on my radio."