Jobs report delivers major blow to Obama’s re-election prospect

President Obama’s proclamation that he has revived the economy received a major blow when the jobs report delivered miserable news to the nation on Friday. The jobs report, coupled with some surprising statements from former US President Bill Clinton, briskly reminded Obama and his team that the upcoming presidential election would be largely a referendum on his record. Besides, team Obama came to know that the success depends largely on winning the fight of ideology with the GOP and not on discrediting Mitt Romney.

According to the latest jobs report, just 69,000 new jobs were created the previous month. The report presented a grim picture of the US economy and elevated the White House nervousness about the international challenges and dangers directed at the U.S. economic recovery besides threatening Obama’s political future.

The report made it clear that jobs creation was far worse than economic analysts had forecasted. Still, the Obama administration boasts the economy has created jobs for the twenty-seventh successive month. The response of the administration to the jobs report is so weak that it actually accentuates the threats Obama is facing as he struggles to persuade the nation that he has the means and the political will and ability to put the troubled economy back on the right track.

According to a report in the Business Week, Obama confessed Friday that the economy "is not growing as fast as we want it to.”

"Europe is having a significant crisis in part because they haven't taken as many of the decisive steps as were needed to deal with the challenge, and that's weakened Asia and that means it's harder for our exports. All this stuff makes a difference in the global economy,” Obama further said, according to the report.

The new jobs report provided the widely accepted Republican rival Mitt Romney an opportunity to go harsh and hard on Obama. While trying to take home political advantages from the findings of the jobs report, Romney said that the country is apparently moving backward.

Obama’s political position for re-election was further weakened when Bill Clinton said Mitt Romney has a genuine record in business. Besides, he said that private equity is a legal element of the financial system and that not all funds in declining corporations turn out to be victors. The Democrat and former U.S. president added that the Romney’s practice in business coupled with his experience as Massachusetts’ governor make him ideally ready to lead the country.