Recession continues for Main Street - may cost Obama election
President Bush Sr. lost under similar circumstances in the jobs market.
It's been repeated by economists for months - the recession is over. But tell that to the unemployed on Main Street. The US is now in the midst of the longest jobs recession in history.
In addition to the jobs recession, other signs of trouble persist. Since the first quarter of 2006, the GDP hasn't risen more than 4 percent in any subsequent quarter.
Although the economy is technically in a state of expansion, which began in mid-2009, the best quarter has seen only 3.8 percent growth.
February was a good month for the jobs economy, with 227,000 jobs added over an expectation of 206,000, however the overall recovery remains jobless. Worse, many of the new jobs are part-time, or offer low pay without benefits, leaving workers in only a marginally improved state than unemployed.
The jobs economy is important, and more important than the overall economy in an election year. As Obama endeavors to earn reelection, one of the leading issues on the campaign trail has been, and will continue to be, jobs.
And with the election shaping up to be a very close run, Obama will need to do a lot better job on job creation if he wants to ensure he has the votes he needs to win.
By way of example, when the jobs economy was lagging in 1991, the eventual improvement still wasn't enough to reelect George Bush. And if too little changes between now and November, Obama may find himself facing the same fate as President George Bush Sr.
© 2012, Catholic Online. Distributed by NEWS CONSORTIUM.
Pope Francis Prayer Intentions for December 2013
General Intention: Victimized Children. That children who are victims of abandonment or violence may find the love and protection they need.
Missionary Intention: Prepare the Savior's Coming. That Christians, enlightened by the Word incarnate, may prepare humanity for the Savior's coming.
Rate This Article
Leave a Comment
More Business & Economics News
- 'Dirty money' greatly hindering help to developing nations
- Goodbye dollar, Move over Bitcoin, JPMorgan may be preparing to launch its own virtual currency
- China banks ban Bitcoins - virtual currency hits slump
- Black gold, Texas tea! How a major discovery in a tiny Australian mining town is about to change your world
- Unregulated? Bitcoin goes mainstream and why that's a good thing
- Casino mogul vows all-out war on online gambling
- Prepaid debit card, without fees offered by Google
- Digital killing the dinosaurs, Tribune Co. to cut 700
- Merit found in employees' complaints against Wal-Mart
- Fr. Paul Schenck: Finding Living Faith on Catechetical Sunday
- The Movie Yellow: Incest as 'Normal' and Cassavates's Slides Into the World of Woes
- The Chicago School Teachers Strike Reveals the Need For School Choice
- The Sexual Barbarians and the Dissolution of Culture
- The Happy Priest Challenges Us to Ask: Who is Jesus to Me?
- Michael Coren on Canadian Public Schools: Teachers, leave those kids alone
- We Cannot Ignore Our Consciences: Cardinal Dolan On Religious Liberty
- In the Face of Danger, Successor of Peter Travels to Lebanon as a Messenger of Peace
- Reflections on the Dignity and Vocation of Women: Who or What?
Disclaimer: The columns, articles, advertisers claims and any other features provided on Catholic Online Business & Economics are provided for personal finance and investment information and are not to be construed as investment advice. Under no circumstances does the information in this content represent a recommendation to buy, sell or hold any security. The views and opinions expressed in an article or column are the author's own and not necessarily those of Catholic Online and there is no implied endorsement by Catholic Online of any advice or trading strategy.