Political Ramifications of today’s economic numbers
These are dire numbers for the Obama Administration and devastating news for the Obama Administration:
Only one President in the last 56 years—Ronald Reagan—has been re-elected with an unemployment rate over six percent and even he faced voters with an economy significantly on the rebound. The unemployment rate is moving in the wrong direction and without a massive turnaround the tides of history are against Obama being re-elected.
In addition to the jobless rate, there are two other very tangible pieces of evidence on the economy—the housing market and gas prices—and neither is particularly good. The housing market is bottoming out and gas prices, while down a bit, are still too high.
If insanity is doing the same thing over and over again and expecting different results, Democrats are flirting dangerously with satisfying that definition. They’ve passed a healthcare bill that places huge uncertainty on employers and stresses the economy, they have done nothing on a deficit and debt situation that continues to be enough of a worry to suppress both consumer spending and business investment, and now their only solution to that problem is to hike taxes on businesses and small business—never the recipe for job growth.
While the mainstream media fiddles, Obama’s reelection chances continue to burn.