Earlier this morning the Labor Department released the latest jobs report. The unemployment rate increased to 9.1 percent. The average duration of unemployment went up (from 38.3 weeks to 39.7 weeks). Only 54,000 jobs were added in May. And this comes on the heels of a slew of other bad economic news this week (manufacturing slowed last month, home prices fell, auto sales declined, consumer spending was weaker, and consumer confidence fell).
The American economy is weak and getting weaker. And for reasons I laid out here, so is the Obama presidency.
It’s fair to say, I think, that the economic trends have to improve substantially if the president hopes to win reelection. And if they don’t, Obama is not only looking at a defeat; he may be looking at Jimmy Carter-like repudiation.