In an interview for the CBS "60 Minutes" program that will air Sunday, December 12th, President Obama stated that years could pass before the country is on a sound economic footing. "I always believed that this was a long-term project," he said about repairing the economy. He noted it would "take time" to correct "structural problems in our economy that have been building up for two decades."
In excerpts released on Friday, Obama added, ""it was going to take more than two years. It was going to take more than one term. Probably takes more than one president." He said it was possible for unemployment to drop to eight percent in time for the 2012 election, but, "I’m not in the job of prognosticating on the economy."
Reuters notes that some independent economists expect the unemployment rate to be in the eight to nine percent range throughout 2012.
Obama added in the excerpts, released on Friday, that he thought "it was going to take more than two years. It was going to take more than one term. Probably takes more than one president."
When asked whether he thought the U.S. jobless rate might drop to 8 percent by next November's presidential and congressional elections, Obama said: "I think it's possible. But ... I'm not in the job of prognosticating on the economy."
http://news.yahoo.com/obama-says-economic-fix-could-years-010156271.html
No American president since World War II has been reelected with unemployment above 7.9 percent, the rate in late 1984 when Ronald Reagan was elected to a second term.
In excerpts released on Friday, Obama added, ""it was going to take more than two years. It was going to take more than one term. Probably takes more than one president." He said it was possible for unemployment to drop to eight percent in time for the 2012 election, but, "I’m not in the job of prognosticating on the economy."
Reuters notes that some independent economists expect the unemployment rate to be in the eight to nine percent range throughout 2012.
Obama added in the excerpts, released on Friday, that he thought "it was going to take more than two years. It was going to take more than one term. Probably takes more than one president."
When asked whether he thought the U.S. jobless rate might drop to 8 percent by next November's presidential and congressional elections, Obama said: "I think it's possible. But ... I'm not in the job of prognosticating on the economy."
http://news.yahoo.com/obama-says-economic-fix-could-years-010156271.html
Note by the blog author:
No American president since World War II has been reelected with unemployment above 7.9 percent, the rate in late 1984 when Ronald Reagan was elected to a second term.
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