President Obama will need a home run when he rolls out his new, long-awaited jobs plan next week. His approval rating has plunged – it’s currently at 40%, according to Gallup – and some economists say it’s too late for the White House to make a dent in the 9.2% national unemployment rate before November 2012, especially if the economy slips back into recession.
Lakshman Achuthan, co-founder of the Economic Cycle Research Institute, told the Daily Ticker that it appears we are heading in the direction of double-digit unemployment. The job market is “going to continue to weaken at least through the end of this year,” Achuthan said.
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