We Can Do Better

In its most recent report, Blue Chip Economic Indicators predicted that the nation's unemployment rate would fall to 8% by the end of 2012.  That might seem like good news, considering the fact that unemployment now stands at 9.1%.  But it is not good news for the President. Barring some cataclysmic event ("wag the dog") that would rally the country behind him, Obama's reelection rests on the health of the economy and especially on employment. The problem for this President is that unemployment rates during the second and third quarters of 2012, when undecided voters will make up their minds, will not be 8% -- it will be somewhat higher than 8%. Whether it is 8.2% or 8.5% does not really matter -- the difference is a rounding error.  The salient point is that the nation's unemployment rate in the summer of 2012, when undecided voters make up their minds, will certainly be higher than 8%. Early in 2009 the President's economic team promised that the unemployment rate...(Read Full Article)

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