Login or Register
Welcome , Settings |  Logout

Bill Clinton: High Unemployment Might Hurt Congress, Not Obama

Monday, 07 Nov 2011 08:34 AM

By Forrest Jones

Share:
More . . .
A    A   |
   Email Us   |
   Print   |
No U.S. president has ever been re-elected in recent history with unemployment rates as high as today's but that might not be the case in 2012, says former President Bill Clinton.

Congress, this time around, might feel the wrath from out-of-work voters by refusing to go along with the president's economic recovery and jobs initiatives.

Granted, unemployment rates of 9.0 percent two years after the recession won't help President Barack Obama.

"Well, that's what the Republicans are banking on," Clinton tells USA Today.
__________________________________________________________

71% Disapprove of Obama on the Economy — Gallup Poll
And 76% of Americans think it will get worse! Find out how you can immediately improve your own financial situation by watching the Aftershock Survival Summit now.

__________________________________________________________

"But the American people have a funny way of figuring. If they decide that the unemployment rate is that high because the Congress refused to work with the president and their numbers remain markedly lower than his, he might win anyway. I still think he's in pretty good shape."

clintonobamagetty200.jpg
(Getty Images photo)
The economy created 80,000 jobs in October, according to the latest Labor Department data, which brought unemployment rates to 9.0 percent from 9.1 percent in September.

Much better numbers will be needed to seriously make a dent in high unemployment rates.

"To actually improve the unemployment rate, we need to be significantly above where we are today on job creation," says Matt McDonald of Hamilton Place Strategies, the AFP newswire reports.

"To get below eight percent unemployment by election day, the economy needs to create 263,000 jobs per month."

Other experts were quick to point out that unemployment numbers illustrate a grim economy.

"At this rate, the labor market will never start putting the backlog of nearly 14 million unemployed workers back to work," says Heidi Shierholz, an economist at the Economic Policy Institute, the AFP adds.

"In other words, given the enormous scope of the unemployment problem, this minimal level of job creation will keep us mired in disastrously high unemployment."

© 2013 Moneynews. All rights reserved.

Share:
More . . .
   Email Us   |
   Print   |
Around the Web
Join the Newsmax community.
Register to share your comments with the community. Already a member? Login
Note: Comments from readers do not necessarily reflect the viewpoint of Newsmax Media. While we attempt to review comments, if you see an inappropriate comment you can block it by rolling over the comment, clicking the down arrow and selecting "Flag As Inappropriate."
blog comments powered by Disqus
 
Email:
Country
Zip Code:
 
Hot Topics
Top Stories
Around the Web
You May Also Like

Goldman Sachs Research Disputes ‘Too Big to Fail’ Bank Subsidy

Wednesday, 22 May 2013 19:56 PM

Bond investors don't perceive the six biggest U.S. banks as "too big to fail," according to a report from one of those l . . .

Pimco's Gross: Fed Likely to Curb QE in September

Wednesday, 22 May 2013 18:24 PM

The Federal Reserve is likely to taper its quantitative easing in September, says bond-investing legend Bill Gross,co-ch . . .

Wall Street Falters in Volatile Session on Fed Worries

Wednesday, 22 May 2013 16:28 PM

U.S. stocks fell with the S&P 500 posting its biggest decline in three weeks, after minutes from the latest Federal Rese . . .

 
 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved