You know the economy is bad when the President’s own party has to move a convention event because they are short of cash. This morning the Charlotte Observer announced that the much bally-hood event at the Charlotte Motor Speedway is moving:

In the second major change to the Democratic National Convention schedule, organizers announced Monday night they are moving the much-touted Labor Day festival from Charlotte Motor Speedway to uptown Charlotte.

In January, officials said they were shortening the convention to three days, and would forgo the traditional Monday opening for a festival at the Speedway to reach a wider audience.

At the time, the party chairwoman said the change was about “engaging Americans in a meaningful way.”

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But Monday night, host committee officials said moving the Speedway event will provide attendees with a much stronger connection to the convention.

Hosting the CarolinaFest event along the Tryon Street corridor instead of 20 miles outside uptown makes for easier logistics, said host committee spokeswoman Suzi Emmerlin

According to Bloomberg the official story about the move is nothing but spin, the news service reported last night:

Democrats are considering canceling
their political convention’s kick-off event at the Charlotte
Motor Speedway, as party planners grapple with a roughly $27
million fundraising deficit, according to two people familiar
with matter. 

I guess DNC donors are so cash-poor from Obamanomics that they don’t have the funds to donate to the convention.  Here’s an idea though, if the DNC withdraws its support of Barack Obama and works toward electing Romney, perhaps they will have enough money to do a racing event in 2016– after the economy has had four years to recover from Obama.