With only five months until the presidential election in November. Pres. Obama‘s bid for reelection is in trouble.
The unemployment rate ticked down from 8.2% to 8.1% in May. Which is not improvement at all. And in actuality it is most likely higher than 10% with the amount of people who have given up.
There have only been 69,000 jobs added this year. Which makes this the fewest amount of jobs gained in a year.
Pres. Obama and his reelection team are working hard to find positives in a bad economy, and they will be hard pressed to find any. As of right now Obama and the administration are defending the new numbers. And saying that their problems were inherited. Which is just another way to say that Bush is to blame for the bad economy and not Obama.
The president is also blaming the slow economy on high gas prices and the European debt crisis. He also, as per usual, blamed Congress for not passing any of his job proposals, which includes raising the income tax.
There are several things that will hold back the president as far as the economy.
One is that the bailouts have failed. Yes they kept the auto companies like Chrysler, GM and others alive. But they are still not back to were they were. Chevrolet had to stop production on the Volt because sails were so bad. And the only reason that Michigan is coming back is because the citizens voted in a conservative governor and representatives.
Another will be Solyndra and other companies like it that the president gave stimulus money to and they still failed. One new mark against him is the six figure stimulus check that he gave to a Canadian firm that has a plant in Nevada, run by two individuals.
Mitt Romney definitely has a one up on the president as far as the primary goes. And that will be something that a lot of people will be considering when they go to vote in five months.