In an interview taped for broadcast Sunday on CBS’ 60 Minutes, President Obama said it is “possible” that the unemployment could go down to 8 percent by Election Day. Take a look.
The “8 percent” barrier has taken on magical properties since Obama economic team said early in 2009 that the stimulus bill would take unemployment below it. At 8 percent, the rate would still be about 3 points higher than the average under George W. Bush
The stimulus didn’t lower the unemployment rate, which rose instead to nearly 10 percent. By last month it had made its way down to 8.6 percent, but job creation still isn’t occurring at a pace that will bring it much lower.