Obama to Fail Promise for Economy
Unemployment during his term will remain well above the upper limit of 8 percent promised by Barack Obama, according to the premier professional association for business economists.
In addition to identifying the weak housing market as a concern for the U.S. economy, the February 2011 National Association for Business Economics (NABE) Outlook says high unemployment will remain a worry for the rest of Barack Obama’s term.
The outlook panel expects joblessness to remain high, with the unemployment rate averaging 9.3 percent in the first quarter of this year and edging down to 9.0 percent in the fourth quarter of 2011. The unemployment rate is then anticipated to decline to a still-high 8.2 percent in the final quarter of 2012.
Job Growth Still Short of Job Gap
Even if Obama were to add 151,000 jobs a month to the economy, it would take another 12 years to fill the jobs gap that continues to disappoint under his administration (see figure).
Tradition has proven that real economic understanding guarantees more effective coordination of fiscal policy with monetary policy from the Federal Reserve chairman, who recently warned about the danger of continuing with Barack Obama’s pretending to know about economics.