Bill Clinton: High Unemployment Might Hurt Congress, Not Obama

Monday, 07 Nov 2011 08:34 AM

  Comment  |
   Contact  |
  Print  
|  A   A  
  Copy Shortlink
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."

© 2014 Moneynews. All rights reserved.

  Comment  |
   Contact  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Return of $2 Gasoline Seen for Some in US as OPEC Resists Cuts

Friday, 28 Nov 2014 21:52 PM

For the first time in five years, $2 gasoline is making a comeback in some areas of the U.S., just in time for the Dec.  . . .

US Crude Plunges 10% in Biggest One-Day Drop Since 2009

Friday, 28 Nov 2014 21:41 PM

U.S. crude tumbled 10 percent in its biggest one-day drop in more than five years on Friday, and benchmark Brent broke b . . .

Kudlow: Lower Oil Prices Are Positive for Economy - Let's Be Optimistic

Friday, 28 Nov 2014 21:13 PM

Lower oil prices are unambiguously positive. Can we please be optimistic about it, asks renowned economist and CNBC cont . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

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