Who ever thought the saying, "It's the economy stupid," from James Carville in 1992 would become a staple in presidential elections 20 years later?
That expression made its way into the campaign in 2008, and according to Carville, it could be the theme of the 2012 campaign as well as President Barack Obama seeks reelection. In an appearance on Monday's "Imus in the Morning" on the Fox Business Network, the former Clinton adviser said that, based on the May jobs number, if the unemployment picture doesn't improve, 2012 could be rough for the president.
"[L]ook, I don't think anybody -- if 54,000 new jobs is the new standard, it's going to be a very, very rough 2012 for President Obama," Carville said. "But the three-month average was 160,000. If that is the case, then he will do OK. I can't tell you what will happen. But yes, if this, if this last jobs number is an indication of future job numbers, it's going to be very, very rough."
Carville cited a 2009 book by Carmen M. Reinhart and Kenneth Rogoff called "This Time Is Different: Eight Centuries of Financial Folly." According to the book, the current economic situation, as with similar crises of this magnitude, will take time to work itself out and there may be little Obama can do.
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SOURCE: The Daily Caller
Jeff Poor
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