Obama’s Economy: 7.8%
We have now officially entered into the event horizon for President Obama. The President no longer can blame President Bush’s economy, as this is now officially his economy after 4 years. Well not the best of news today, as the unemployment rate still stands at 7.8%
According to Yahoo finance:
The jobless rate was steady at 7.8 percent. The report reinforces expectations of 2 percent economic growth this year, which is unlikely to quickly bring down the unemployment rate.
It is also unlikely to make the U.S. Federal Reserve rethink its easy-money policies anytime soon despite growing unease by some policymakers over a bond-buying program.
“The U.S. economy is just muddling through,” said Tom di Galoma, managing director at Navigate Advisors in Stamford, Connecticut.
The Labor Department raised its estimate for the unemployment rate in November by a tenth of a point to 7.8 percent, citing a slight change in the labor market’s seasonal swings.
I obviously don’t want the economy to remain lackluster, or so. And I hate to say I told you so. But it seems to me like this is not a sign of things to come, and that this economy has been this way for a long-time before of President Obama. Four more years of this crap, oh joy!
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