A lose-lose proposition for Obama
My sometimes CNBC debating partner Noam Scheiber wonders at what point people totally start freaking out over the unemployment rate, so much so that they don’t care about the deficit:
If you’re Obama, I guess the problem is that you want to prevent us from getting to that point. But, if you’re successful, then those pesky deficit concerns stick around. It’s not very comforting to know that you suddenly won’t have to worry about the deficit (politically) when unemployment is persistently in double-digits.
My spin: Actually, it’s much worse for that. High unemployment will heighten the feeling that the all that red ink was completely wasted by the Obamacrats.