It’s Still The Economy, Stupid.
As we head into the next election cycle, much ink (including mine) will be spent on the Republican primaries, the battle over the budget, and death panels (and other media creations). However, one factor will dominate all others in determining the reelection chances of President Obama. A colleague of mine sees mixed signals on the economy going into 2011 but is generally positive.
In 2010, the labor market turned the corner:
- Private sector job creation occurred in every month.
- Growth in temp employment, a precursor to full-time job creation occurred in every month except one.
- Increases in hours worked, also a precursor to full-time job creation occurred.
- Retail sales during the Holiday season are up from the previous year!
In 2011, with the second stimulus’ help, the labor market will accelerate out of the turn.
If this is right, then the president will be a prohibitive favorite for reelection. Here’s hoping!
Copyright 2010 Liberaland