PHOENIX, February 16, 2012 - President Barack Obama’s reelection efforts received a terrible blow today from the non-partisan Congressional Budget Office (CBO), with numbers showing a very grim and poor outlook on the future of America’s economy.
Though the official Department of Labor number shows that the unemployment rate dropped from 8.5% in December 2011 to 8.3% in January 2012, the CBO report states that, “The official unemployment rate excludes those individuals who would like to work but have not searched for a job in the past four weeks as well as those who are working part-time but would prefer full-time work; if those people were counted among the unemployed, the unemployment rate in January 2012 would have been about 15 percent.”
A ‘real’ unemployment rate of 15% is absolutely unacceptable for any president. Especially when running for reelection, on the platform of the same failed policies.
The rate of unemployment has been above 8% since February 2009, making the past three years under President Obama the longest stretch of high unemployment in the United States since the Great Depression.
Additionally, the CBO reports that the unemployment rate in America will stay above 8% through the election of 2012 and even until 2014.
“…the unemployment rate will remain above 8 percent until 2014. The share of unemployed people who have been looking for work for more than six months — referred to as the long-term unemployed — topped 40 percent in December 2009 and has remained above that level ever since.”
When Obama took office in 2009, the official rate was 7.8%. He promised to keep unemployment under 8% when he took office, but only three years into his administration has it finally dropped below 9%.
Historically, presidents do not get re-elected with unemployment over 7.2%.
The only exceptions were Franklin Roosevelt in 1936 and Ronald Reagan in 1984. However, unemployment was falling quickly towards the end of his first term, and by the end of his second term it was 5.3%.
If President Obama were a CEO of a major corporation, it’s very likely that with his poor economic showing, he’d be out in a heartbeat. What respectable corporation would keep a poor record like this as its leader?
Furthermore, what country can keep going on like this? America is no longer a place for opportunity and free market.
It’s a place of dismay and poor economic outlook. 85% of small businesses are no longer hiring and only 13% rate the U.S. Economy as good or excellent. This CBO report is just one straw in the pile of economic disasters.
If Obama thinks he can run on this record, he better start looking for a new job in the private sector.
The Republican contenders must remember this: President Obama has a record now, not the case in 2008, and the Republicans must expose it to win.
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