Political  Calculations

Small businesses drive the growth of the U.S. job market.

So with today's unemployment rate over nine percent, which the White House anticipates will be the case well into 2012, it would only be natural for President Obama to focus on initiatives to support small businesses in his address this evening to a joint session of the U.S. Congress.

Because President Obama would really rather not be held accountable for the low rate of employment that has come to characterize the U.S. economy under his presidency (see the chart below for the period since 01/09), it is likely that he will point to two of his favorite union-approved economic bogeymen in another attempt to avoid having the focus of blame fall upon himself: banks "that won't lend" and businesses "that hoard cash."

BLS-Seasonally-Adjusted Number of Employed Americans, January 2001 through August 2011










Political Calculations

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