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Jewish World Review July 10, 2012/ 20 Tammuz, 5772 8.2 jobless rate endangers Obama's job By Dan K. Thomasson
http://www.JewishWorldReview.com |
The latest job figures make it increasingly easy to see a change in the White House in November based on an economy that can't seem to pull itself out of the doldrums and a president who insists he's not to blame. With a few more months of substandard job creation, how likely is it that President Barack Obama will be the only incumbent since Franklin D. Roosevelt to survive an unemployment rate higher than 7.2 percent?
The Labor Department's announcement Friday of just 80,000 new jobs in June -- 20,000 less than had been forecast -- didn't budge the overall jobless rate off the current 8.2 percent mark, meaning unemployment has been stuck above 8 percent for 41 months. The stock market responded negatively to the jobs number.
Some 13 million Americans are out of work, and a whole bunch of them have given up looking. Time's a-wasting for any kind of a serious turnaround that might save this administration. If history is any judge, it doesn't matter much whether Mitt Romney can do any better. A whole lot of voters -- more every day -- will be willing to roll the dice in Romney's favor.
Now we are told that the Federal Reserve is laying plans for more economic stimulation, under the assumption that it may be necessary to keep away the wolves of a second recession.
What exactly the Fed would do is not clear -- take another shot at lowering interest rates, perhaps. But some economists don't think the Fed has enough arrows left in its quiver to matter much.
There are some positive signs in all this. The housing market limped up slightly and some sectors showed minor gains in employment. Health care and manufacturing had 13,000 and 11,000 new jobs, respectively. But all in all, it was a bad day for the president and his campaign, made worse by a realization that too much time has been spent worrying about the health care reform law and its big price tag.
If you doubt the impact the economic numbers have on the election, go back to 1992. The first George Bush had an 89 percent approval rating after Desert Storm, but it declined sharply later that year to 36 percent when Democratic challenger Bill Clinton's campaign tried to show the president lacked concern over hard times. As Clinton campaign strategist James Carville said of the key issue, "It's the economy, stupid."
In the current campaign, Romney wasted no time in charging that the president's policies had led to the continued anemic outlook.
The 200,000-plus jobs created a few months ago would have to be repeated for three years, the experts say, before the economic picture could be as rosy as before 2008.
You have to wonder what the president can do at this stage to overcome the situation. He has called for more spending on infrastructure that would bolster the public employee numbers. Good luck with that from a Congress in which Republicans and even some Democrats now are committed to cutting spending. Besides, don't look for any relief from Capitol Hill until after November.
Romney contends the job market is being curtailed by corporate tax rates that are too high and U.S. trade policy that is too restrictive. He also lambasted the administration for overregulation, a common complaint among Republicans.
Obama's tour through the hard-hit Rust Belt states has been predictable. He has taken credit for policies that he claims saved the auto industry and he has talked about such elusive goals as tapping into the American character. It is difficult, however, to imagine how this will sell among people who have lost their jobs or fear they are about to and see no way out of the dilemma.
This president is in what the first Bush liked to refer to as "deep doo-doo." The pocketbook issue is the only thing that matters.
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• 07/03/12: It's still the economy, stupid • 06/19/12: Mitt Romney's chances look better • 06/08/12: Pakistan not an ally worthy of the name • 06/05/12: Americans have a right to be bloated • 06/01/12: Quota system would dilute school's quality • 05/27/12: Even now, Memorial Day means summer camp • 05/18/12: Is there a public right to know too much? • 05/09/12: American exceptionalism --- exceptional generosity • 05/04/12: The Edwards trial is a sorry affair • 05/02/12: Common sense needs to be taught . . . to school administrators • 04/30/12: We must deal with college student debt rate • 04/10/12: At least Ryan has a deficit-cutting plan • 04/05/12: Celebrate one-year rent-a-teams? • 03/12/12: A kinder, gentler day when fists settled disputes • 03/05/12: Do conservatives want a victory or a statement? • 02/27/12: Hillary vs. Jeb? • 02/17/12: Why wait for the until GOP nominating convention? • 02/17/12: Prez is not a god, just a cause of O.G. D.: Obama Governmental Dysfunction • 02/13/12: Minor tardiness doesn't warrant court action • 02/08/12: College rankings aren't always reliable • 02/01/12: Millionaire Fans Watching Millionaire Players • 01/30/12: Kiriakou case may plug leaks, stifle democracy • 01/09/12: Feds need to find if Brit hackers targeted 9/11 families • 12/23/11: NIH flu-strain decision endangers us all • 12/09/11: U.S. Postal Service may be beyond saving • 11/30/11: Do-gooder gets deserved earful • 11/24/11: Lawmakers should pledge to think on their own • 11/22/11: Iowa: Vital to GOP now, irrelevant later • 11/16/11: Pentagon's ‘senior mentor’ service takes hit • 11/14/11: With Congress, expect more intransigence • 11/08/11: Paterno's illustrious career faces tarnished end • 10/31/11: The FBI is burned by its Boston informants • 10/18//11: President Inexperienced again picked style and enthusiasm over caution. He must pay • 10/10/11: Prosecutors routinely abuse plea bargaining • 10/04/11: In Christie,shades of William Howard Taft • 09/27/11: One word for Obama's prospects --- ‘bleak’ • 09/26/11: Obama quickly running out of time • 09/23/11: Big-time college football is now all about the money • 09/22/11: A trip to the dentist cleans out your wallet • 09/06/11: College rankings a useless exercise • 08/31/11: Thankful a mother isn't alive to see this hungry mess • 08/30/11: ‘Supercommittee’ should meet in secret • 08/22/11: Is college still worth it? Some majors are • 08/15/11: Pray for miracle from debt committee • 08/09/11: S&P mixes credit ratings with politics • 08/08/11: Politics again takes precedence over common sense • 08/04/11: In modern society, a distinct pattern of senselessness • 07/29/11: A debt solution: Throw the rascals out, all of them • 07/21/11: Campaign finance reform --- you're kidding, right!? • 07/08/11: Casey Anthony jury did its job • 07/05/11: Nailing a prominent figure or institution should come at a heavy risk — and an even greater price if proven a hoax
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