I guess the White House feels the need to lower expectations leading up to the 2012 election. Not that expectations are very high. The Obama administration announced that they’ve downgraded economic forecasts for 2012 and don’t expect unemployment to fall below 9%. Scary thought, considering this is likely the rosiest economic scenario.
The Obama administration downgraded its forecast for economic growth Thursday, predicting turmoil in the economy will likely keep unemployment above 9 percent through next year’s election.
The unemployment rate is considered to be one of the most important factors in presidential elections, so if the White House’s assessment holds, President Obama is in for one of the toughest reelection fights in memory.
When the “substantial” economic “turbulence” of the last two months are considered, the administration expects the economy to grow as little as 1.7 percent in 2011 compared to last year. That is down from a rosier projection of 2.7 percent growth, made in February.
No doubt President Downgrade will blame Bush and the tea party.