Sunday, August 05, 2012

Unemployment rises to 8.3%

I wanted to share this with everyone. I just posted this on my blog and wanted to share.
Friday's announcement by the Labor Department of unemployment rising to 8.3% from 8.2% in the prior month made me do some research on what this means for the country and President Obama's chances come November. For starters, July was the 42nd straight month of unemployment over 8% and October is sure to be the 43rd straight month, both of these would be a record. It is true that 163,000 jobs were added but that is nearly not enough to keep pace of the growing workforce. The country on average is adding 50,000 jobs to the workforce. For unemployment to be reduced at that rate it would take 10 years, 3 years if it was doubled. In fact, no President has ever one reelection with an unemployment rate that high since the Great Depression when Franklin D. Roosevelt was President. The Labor Department will release 3 additional jobs reports released between now and the Presidental election on November 6, 2012. The final report will be released November 2, 2012, only 4 days before election day. That could be the most anticipated jobs report for a President in history. Lastly, it is apparent to me that President Obama cannot run on his record in office. The tactic used by President Obama, Democratic strategists, and just this week, Senator Harry Reid, is to make personal attacks on Republican Presidental candiate Mitt Romney and his financial success. Attacks will now only intensify for Mitt Romney to release additional tax return records.