By now you’ve probably heard that unemployment has fallen to 7.4% as the economy added 162,000 jobs. As someone who has been unemployed it is always good to see people finding work. Although 7.4% is nothing to throw a parade over either.
Politically this is an ok number for the White House. Unemployment is falling and is probably on course to below 7% by late 2015. That’s not amazing but it will give the Democrats a good talking point. They can say “Eight years ago we were losing jobs and unemployment was rising now things are getting better. Let’s not back to the failed Bush policies.”
If things keep going the way they are it’s a hard sell for the GOP to say, “yeah, well if we were in charge unemployment would be much lower.” One reason that might not work is that people’s expectations may be changing. Given what has happened since September 2008 people might be losing the idea that things are always going to get better. If that is true it will have a profound impact on American politics.