December 9, 2011 in Nation/World

Obama: Jobless rate could drop to 8% by election

Associated Press

WASHINGTON — Setting a new bar for the nation’s economy, President Barack Obama said the unemployment rate could fall to 8 percent before he faces re-election next November.

The unemployment rate, currently at 8.6 percent, hasn’t been at or below 8 percent since he took office in January 2009 amid a global economic crisis.

In a “60 Minutes” interview to air Sunday night, the president was asked specifically whether he would get the rate back down to 8 percent before next fall’s general election.

“I think it’s possible,” Obama said, according to excerpts of the interview provided by CBS. “But … I’m not in the job of prognosticating on the economy. I’m in the job of putting in place the tools that allow the economy to thrive and Americans to succeed.”

Obama said that he didn’t overpromise or underestimate the task of reviving the nation’s economy but that it would likely extend beyond his presidency.

“I always believed that this was a long-term project,” he said. “For individual Americans, who are struggling right now, they have every reason to be impatient. Reversing structural problems in our economy that have been building up for two decades, that was going to take time. It was going to take more than a year. It was going to take more than two years. It was going to take more than one term. Probably takes more than one president.”

In the interview, Obama likened himself to a sea captain guiding a ship through a bad storm. So long as the boat is rocking and people are getting sick, he said, people will blame the captain.

“People are going say, ‘You know what? A good captain would have had us in some smooth waters and sunny skies, at this point,”’ he said. “And I don’t control the weather. What I can control are the policies we’re putting in place to make a difference in people’s lives.”

14 comments on this story so far. Add yours!

dataxman on December 09 at 4:13 p.m.
Of this there can be no doubt. Just keep reducing the pool of available workers like they did last month (which resulted in a .2% lowering of the unemployment rate) and he will be in the low 7’s by November…
detroitdude on December 09 at 4:25 p.m.
Well whatever, dataxman. Not one of the GOP candidates has submitted a verified, notarized, long form birth certificate to this point. As far as I’m concerned none of them were born in the US. At least I KNOW the guy in office was born in the US though. To this point, I am not yet even convinced any of the Republican candidates are in fact American citizens.
Scoutster on December 09 at 4:28 p.m.
This is a deceptive headline…”I think it’s possible” to a direct question is waaaay different from saying “I think the unemployment rate could be 8% by election time”.
C’mon.
dataxman on December 09 at 4:45 p.m.
detroit - um - OK.
PassinThru on December 09 at 5:00 p.m.
Detroit stopped being a U.S. city when they gave us products like the Fairmont, the Volare, the Chevette and the Gremlin. Best thing ever to happen to Toyota, Datsun/Nissan and all the other imports. Detroit’s UAW unemployed deserve their plight. (At least my post has more to do with the article than this birth certificate giberish, which is an issue to only one person, evidently.)
Loudin on December 09 at 5:15 p.m.
It’s a doggone konspeerasee! Besides that, Ubama is puttin’ salt peter in the water! I tell ya’, there was a black UN hellycopper flying over my compound why just this mornin’.
End times! End times! End times!
bdr on December 09 at 5:37 p.m.
Republicans promise if YOU work for between $150-$230 dollars per month they will bring back all the work to the USA!
PS that is what you get after 30 years of experience too!
PS, PS….Republican’s promise with fingers crossed!
Shadedmuse on December 09 at 5:42 p.m.
Ression is over exept in the Non growth no job tea-bagger towns like Spokane because they vote for Cathy McMo-Mo Queen of the tea-baggers and her Boy.
Pigrobin on December 09 at 6:04 p.m.
Yip, Yip, Yipeeeee!!! MISSION ACCOMPLISHED!!
misjustice on December 09 at 6:19 p.m.
“Reversing structural problems in our economy that have been building up for two decades, that was going to take time. It was going to take more than a year. It was going to take more than two years. It was going to take more than one term. Probably takes more than one president.”
Yup! That’s why we need 4 MORE YEARS of President Barack Hussein Obama, and then 8 YEARS of President Hilary Rodham Clinton! Maybe that’ll help to end the war on the middle class and the working poor…
; )
Dazzeetrader11 on December 09 at 7:25 p.m.
Changing the variables in the unemployment number is possible . If 300K workers quit looking for work very month, it’ll happen. The cease to be part of the bottom line. It’s a fake unemployment number as more and more people are out of work, but ti could happen.
Would anyone believe the lower number? not if they have eyes to see and a brain to think… Oh and if it’s a run for re-election anything can be claimed. Liar in Chief…he knows it….but his claims will continue and still be nonsense. Spokane’s situation is no different from towns like Dayton OH ot Pittsburg, etc.
Libs love the lower number even though it’s a manipulated firgure….it’s nonsense of course (and simply not possible) but they cling to it….as does Obama., the Peacock in Chief.
Shadedmuse on December 09 at 10:34 p.m.
4 more years of Obama is better then one of these tea-bagger freaks or Willard Flipper romney and his religous cult.
NO Religion Please, all they R is a money making Skamola.
liveinfearoftheSPD on December 09 at 10:44 p.m.
The 2 biggest problems with America are…..drum roll……
Republicans and Democrats.
We will be filled with nothing but lies and false promises until election day.
I don’t believe there is an honest one in the bunch.
Shadedmuse on December 10 at 5:34 p.m.
I predict Sara Palin will run as a third Party canidate and LOSE. karl Rove will spend all his money defeating her while Obama steamrolls to a landslide victory, wiping out the Republican-Tea-bagger freaks.