Obama: Jobless Rate Could Fall to 8 Percent

A continued dip in the unemployment rate could be a boon to Obama's re-election hopes.


A sea captain guiding a ship through a bad storm is how President Obama describes himself in these tough economic times. But the storm may be clearing up a bit: Obama believes that the unemployment rate could hit 8 percent by next fall's elections -- for the first time since January 2009.

"I think it's possible," Obama told CBS' 60 Minutes. "But ... I'm not in the job of prognosticating on the economy. I'm in the job of putting in place the tools that allow the economy to thrive and Americans to succeed."

In the interview that is scheduled to air this Sunday night, Obama said that while he may be guiding the ship, he will always receive the blame as long as the boat is rocking and people are getting sick. He also said that he doesn't control the weather and considers the country's economic issues a "long-term project" that a future president will probably have to deal with, too.

Click here to view a preview of the 60 Minutes piece.

Read more at Business Week.

Like The Root on Facebook. Follow us on Twitter.

The Root encourages respectful debate and dialogue in our commenting community. To improve the commenting experience for all our readers we will be experimenting with some new formats over the next few weeks. During this transition period the comments section will be unavailable to users.

We apologize for any inconvenience and appreciate your continued support of The Root.

While we are experimenting, please feel free to leave feedback below about your past experiences commenting at The Root.