Saturday, July 09, 2011

Soaring Unemployment Rate Continues in the United States

Soaring 9.2 percent unemployment rate could hit Obama's re-election chances

From ANI

Washington, July 9: The latest jobs report that pegs the unemployment rate in the United States at 9.2 percent in June does not augur well for President Obama, whose re-election chances hinge on an improved economy.

No US President except Franklin Roosevelt has won the re-election with an unemployment rate over 7.2 percent on election - day.

U.S. companies have added just 18,000 jobs, the fewest in nine months, according to the report.

"Today's job report confirms what most Americans already know. We still have a long way to go," the Daily News quoted Obama as saying.

He attributed the slowdown to state and local budget cuts, uncertainty over the debt limit deal, roiling oil prices and the economic turmoil in Greece.

Obama said the US government could embark on various initiatives, including putting construction workers on infrastructure projects, cutting the deficit and reforming the country's patent process.

Republicans criticized Obama after the report was released.

"Today's report is more evidence that the misguided 'stimulus' spending binge, excessive regulations, and an overwhelming national debt continue to hold back private-sector job creation in our country," House or Representatives' Speaker John Boehner said.

Former Massachusetts Governor Mitt Romney called report "abysmal" and accused the Obama Administration of having a "cavalier attitude" towards the economy.

Meanwhile, voters' approval rating of Obama has dropped five points from last month, according to a recent CBS News poll.

About 54 percent of respondents said they disapproved of Obama's handling of the economy.

Copyright Asian News International/

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