President Obama today received another lousy jobs report, with the economy adding only 80,000 new jobs in October, well short of the 150,000 needed to keep pace with population growth.
Nevertheless, the unemployment rate moved down slightly from 9.1 to 9 percent as hiring estimates for previous months were revised upward. But October’s hiring slackened from the month before, showing no sign of a trend toward greater hiring that Obama needs to start now in massive numbers to bring the unemployment rate down significantly before Election Day.
Asked about how all this would affect his reelection prospects Obama said,
I have to tell you the least of my concerns at the moment is the politics of a year from now.
Do you believe that? Does anyone believe that? The frightening thing would be if he believes it.
Obama went on to pretend his insistence that Congress vote on pieces of his jobs bill – even though he knows full well they won’t pass – had nothing to do with politics.
There’s no excuse for inaction. That’s true globally; it’s certainly true back home as well. And I’m going to keep on pushing it regardless of what the politics are.
And he offered up some misleading information on the economy.
And in terms of my track record on the economy — well, here’s just a simple way of thinking about it: When I came into office, the U.S. economy had contracted by 9 percent — the largest contraction since the Great Depression. Little over a year later, the economy was growing by 4 percent, and it’s been growing ever since.
Does that sound like the economy is still growing at 4 percent? Well, it’s not.