Jobs numbers are in, will improving economy help Obama in 2012?
theGRIO REPORT - Is the economy improving fast enough to boost President Obama's chances of winning in November?...
Is the economy improving fast enough to boost President Obama’s chances of winning in November?
A jobs report by the federal government released Friday morning showed more positive economic news, with unemployment down to 8.5 percent in December, a drop from the 8.7 rate in November and almost a full point below this time last year.
WATCH PRESIDENT OBAMA WEIGH IN ON IMPROVED UNEMPLOYMENT NUMBERS:
[MSNBCMSN video=”http://www.msnbc.msn.com/id/32545640″ w=”592″ h=”346″ launch_id=”45902020″ id=”msnbc3fe39b”]
Visit msnbc.com for breaking news, world news, and news about the economy
At the same time, the number of Americans unemployed remains extremely high, with more than 13 million people out of work. And among African-Americans, the jobless rate is 15.8 percent, the same as it was in December 2010. The black jobless rate actually rose from 15.5 to 15.8 over the last month.
“We will never fully rebound or recover when a major segment of our nation’s population continues to struggle,” said Emanuel Cleaver II, chairman of the Congressional Black Caucus.
Politically, the report presents a mixed picture for Obama. Political historians say a president can win reelection even if unemployment is high, citing the example of Ronald Reagan, who easily won in 1984 despite a 7.2 percent jobless rate. Reagan had overseen a huge drop in the unemployment rate in his tenure.
Unemployment has dropped under Obama as well, making it easier for him to argue his policies have helped Americans in the midst of a historic recession. But data may not be enough. In 1992, George H.W. Bush lost because of a sagging economy, even as by June of that year it was clear that the economy was showing signs of improvement.
Follow Perry Bacon Jr. on Twitter at @perrybaconjr
