Is Obama Toast?

Blogger Adam Serwer argues that the foundering economy threatens President Obama's re-election chances. 

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President Barack Obama (Getty Images)

Adam Serwer of the American Prospect says that if the nation's economy does not improve come November 2012, President Obama may join the legions of unemployed workers across the nation.

In 1984, President Ronald Reagan won re-election in a landslide, telling voters that it was "morning in America."

Unfortunately for President Barack Obama, the American economy has been stuck at midnight for years.

It's a simple story. Americans don't have jobs, so they're not buying stuff. Because they're not buying stuff, companies aren’t hiring. Unemployment remains above 9 percent. The recession was worse than economists thought, which means that the 2009 stimulus bill wasn't enough to jump-start the economy. Not only is Congress not doing anything to solve the jobs crisis; Republicans -- with little resistance from the president -- are actively pursuing a contractionary fiscal policy that is weakening a sluggish recovery. If economic prospects remain bleak, come November 2012, President Obama may learn what it feels like to be unemployed.

Read Adam Serwer's complete column at the American Prospect.

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