The Obama Administration has released projections of the unemployment rate expected at the end of 2010, 2011 and 2012, and they are indeed extremely grim news! 🙁
9.8 percent is expected at the end of this year, down only two tenths of one percent from what it is now. That is extremely bad news for Democrats in the House and Senate in the upcoming midterm elections.
In 2011, the expectation is that the unemployment rate will drop to 8.9 percent, a drop of only about a point from the end of 2010. That is very slow progress toward lower unemployment.
And in 2012, as the year ends, and the Presidential election is taking place, it is expected that the unemployment rate will only have dropped another point to 7.8 percent, higher than it was when Obama took the oath of office. This will make Obama’s unemployment rate in office higher than any other President since World War II at the end of the first term of office.
This all bodes badly for the future of the Democrats, as it is likely that the American people will blame the party for the slow progress downward on unemployment. It will make the job of reelecting President Obama all the more difficult! 🙁