Bad Economic Reports May Boost GOP’s Chances In November
October 14, 2010 by Special To Personal Liberty
Some recent polls suggested that President Barack Obama's approval ratings were inching back up into positive territory, but this may all change after the employment report published on Oct. 8 showed the labor market has suffered another month of poor performance.
According to the Bureau of Labor Statistics, the American economy lost 95,000 jobs in September, which was worse than most economists expected. These figures are also more than the previous month, when 57,000 positions were eliminated.
The unemployment rate remained unchanged at 9.6 percent.
These results may spell trouble for the Democrats in November, as this is the last employment report before the midterm elections. Many Democratic incumbents who run for re-election have defended their support for the massive stimulus package in 2009, saying it was designed to spur economic growth and boost employment.
However, this was not the end of bad economic news, as a preliminary report from the Congressional Budget Office found that the Federal government racked up a $1.3 trillion deficit in the fiscal year that ended on Sept. 30.
Many political commentators have attributed the success of Tea Party-backed candidates in midterm primaries to excess government spending, which many Americans increasingly worry will be passed on to future generations.