Summary
Nearly every indication suggests that the employment situation will get worse before it gets better, a prospect that should send shock waves throughout the Republican establishment. The last time the unemployment rate was higher on a presidential Election Day than it was a year earlier was 1992. And before that, it was 1980. In both cases, voters replaced the party occupying the White House.
Consider that the 1990-91 recession officially ended in March 1991, but the unemployment rate continued to rise, peaking at 7.8 percent in June 1992. Interestingly, even though the economy expanded more than 4 percent by the fourth quarter of 1992, compared to the fourth quarter of 1991, it evidently was the rising unemployment rate during the first half of 1992 that spelled doom for the White House in the "It's the economy, stupid" election.See the full content of this document
Extract
Politics and Joblessness
The unemployment rate jumped from 4.7 percent in November to 5 percent in December. It was t...
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