Note that the last time labor force participation was this low was in Reagan's FIRST year, not his Third.You can pretty much bet the unemployment rate will be in the high 7's by election day. Obama will make sure the numbers are fudged in that direction and will then join the media in declaring victory.
But don't forget the stimulus was supposed to have lowered unemployment to 6% by now.
And this from Jim Geraghty:
Yes, Democrats were complaining about Bush's record of job creation back when unemployment was 4.4 percent. bit.ly/KzKzEgUPDATE: Take a look at these charts.