New projections from Congressional Budget Office this morning: national unemployment rate stays above 8% this year & next.And from Jim Pethokoukis:
CBO projects unemployment decline "to around 7 percent by the end of 2015, before dropping to near 5½ percent by the end of 2017."
Recovery, RIP | CBO: Unemployment will average 8.8% in 2012, 9.1% in 2013; GDP will average 2.2% this year, 1.0% in 2013And from MelissaTweets:
Key CBO conclusion: Only 1/3 of the decline in labor force participation rate is due to demographics. The rest due to downturn
We have a profound unemployment crisis, massive debt, and no leadership. Why would consumers lack confidence?No president has ever been reelected with unemployment above 7.2%, but that doesn't mean the GOP can't screw it up enough that Obama can win even with 8%+ unemployment rates.
And don't underestimate Obama's ability to discourage enough workers to leave the job force and cause the unemployment rate to drop further than expected.
The CBO's projections can be found here.