President Obama blamed the European sovereign debt crisis as one of the major reason behind the slowest pace of employment growth in the United States during the year.
Talking to his campaign donors in Chicago at a fundraiser the President was quoted as saying, “We are not where we need to be; we are not there yet, you saw that in today’s jobs report. A lot of that’s attributable to Europe and the cloud that is coming over from the Atlantic. The whole world economy has been weakened by it, and it’s having an impact on us."
Obama’s anticipation for a second term was marred by the U.S Labor Department report published yesterday that showed payroll expanded last month by 69,000, which is much less than most of the pessimistic forecast given by a number of surveys performed by renowned economists. Also the report showed a surge in unemployment rate from 8.1 per cent to 8.2 per cent.
Be it Obama or his Republican challenger, co-founder of the Bain Capital LLC private-equity firm, both are prudent enough to focus their election campaign on economy that is also a topic worth attention. Obama is of the view that Mitt Romney is in favor of all those policies responsible for the doldrums affecting the U.S. economy.
Romney says Obama falls short of the necessary business acumen that the U.S. economy needs and is calling for an economic turnaround.
Romney’s wonderful family
The president during the last night’s fundraiser at the Chicago Cultural Center acknowledged Romney of having a “wonderful family” and of his love towards U.S, but declared his vision towards the country tantamount to the one that “got us into this mess in the first place."
During the fund raiser, Obama was introduced to about 350 people present at the event, where each ticket costing at least $2,500 per person.
Rahm Emanuel, Chicago’s Mayor and former Obama chief of staff, said that Obama has helped profoundly creating jobs through "sheer force of will," primarily by rescuing the declining auto industry in the United States.
Frustration among jobless
Not only did Obama disclosed the genesis of unemployment in the U.S. but also admitted the deep and growing frustration among the jobless masses saying, “If you don’t have a job, you don’t care that there have been four million jobs created."
There is no denial of the fact that number of jobless people is increasing each day. However, mere rhetoric will not serve the purpose be it from Obama or Romney’s side. People want results as early as possible so as to put an end to this existing quagmire.
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