Last week, the POLITICO Arena question of the day was about the lackluster jobs report (just 54,000 jobs created in May) and how that would impact Obama’s reelection chances in 2012. Below is my response. More of my Arena posts can be seen here.
One year ago, I wrote the following in response to a similar POLITICO Arena question:
Prior to the credit market freeze in September 2008, the highest monthly unemployment rate during President George W. Bush’s two terms was 6.3 percent. The overall average monthly unemployment rate during his 8 years in office was 5.3 percent. The tax relief President Bush signed into law pulled America out of the recession he inherited in 2001 and spurred six years of uninterrupted economic growth and a record 52 straight months of job creation.
President Obama’s policies to deal with economic challenges have been diametrically opposite to his predecessor’s. Obama’s higher taxes, job-killing government intervention and massive deficit spending have sent us down a destructive fiscal path. His policies have failed based on his own yardstick. President Obama has not held unemployment under 8 percent as his administration promised would happen if the massive $787 billion government spending package was adopted by Congress.
Those sentiments hold true today, 12 months later. For President Obama to have a shot at reelection, there must be a real recovery that drops the unemployment several points. We vote with our pocketbooks, and billfolds have been pretty thin for far too many Americans during Obama’s time in office.