Under the header “Will the economy save Obama’s job?,” CNN reports:
Unemployment currently stands at 9.6%, just a pinch below the 10.1% peak hit last October. Economists surveyed by CNNMoney.com expect unemployment will still be barely over 9% a year from now. But the long-term outlook is rosier -- overall, they forecast unemployment to drop to about 8.1% on Election Day 2012, with some predicting it’ll drop as low as 7% by then.Welcome to the new normal: The jobs situation has been so lousy for so long that the media portrays two more years of the unemployment rate exceeding 8 percent as a “rosy” outlook.
From 1948 through 2008, there were a total of 40 months in which the unemployment rate was 8 percent or higher. Forty months, total, in sixty years. The longest streak of 8+ percent unemployment was 27 consecutive months from November 1981 to January 1984.
Under the “rosier” long-term outlook CNN’s economists forecast for the next two years, by Election Day 2012, the unemployment rate will have been at 8.0 or higher for 46 consecutive months. That’s more than the total number of months the unemployment rate was that high from 1948-2008.
I’m not sure people in DC -- reporters or pols -- get how bad that is.