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September 2, 2011
The New Normal?
What is one to make of reports that the White House is resigned to persistent high unemployment through the 2012 Presidential election year? From the New York Times: The White House budget office forecast on Thursday that unemployment would remain at 9 percent through the 2012 presidential election year... Next year, the projected jobless rate is 9 percent, up from 8.6 percent in the February forecast. Unemployment will not return to the 5 percent range until 2017[*], the budget office said, reflecting the intensity of the hangover from the most severe recession since the Great Depression. The White House's admission begs a question: What is the point of the president calling a joint session of Congress to make a speech on job creation if his administration expects no improvement in joblessness? (Sorry...what was that? ...It's really a campaign speech? Oh... Then...never mind...) *2017: The first year of Obama's successor's second term.(Read Full Post)