Obama Says Jobless Rate Could Fall to 8 Percent


President Barack Obama says the nation’s unemployment rate could drop to 8 percent by next fall’s election.

But Obama, in an interview with CBS’ “60 Minutes” airing Sunday night, says that reversing the problems in the United States economy probably will extend beyond his presidency.
The nation’s economy currently stands at 8.6 percent. It hasn’t been 8 percent or below since January 2009.
In the interview, Obama likens himself to a sea captain guiding a ship through a bad storm. So long as the boat is rocking and people are getting sick, he says that people will blame the captain.
He says he doesn’t control the weather.
Obama also says he didn’t overpromise or underestimate the task of reviving the economy.

SOURCE: Business Week
Steve Peoples