US President Barack B.O.Obama has warned that the country's high unemployment rate is becoming "a new normal," and that the situation is out of his control.
I can remember back to the Carter administration, when the nation's problems were too big and complex to be handled, so we might as well vote for Jimmy rather than risk a Reagan administration. Those problems were the "new normal," too.
In an interview with CBS News on Monday, President B.O. said that getting accustomed to an unemployment rate of nearly ten percent is a danger to the US economy.
Then cut taxes and favor industry rather than smother anybody with capital and favor monopoly financial institutions.
The US president also made an effort to shirk the responsibility of the country's economic woes by calling the situation as "out of his control."
Then step down and let somebody else have a shot.
"You know, one of the things I think you understand as president is you're held responsible for everything, but you don't always have control of everything, right?" the US president told the 60 minutes show.
"So really it's not my fault. It's... ummm... somebody else's fault."
The latest data shows the jobless rate in the US remained at 9.6 percent for a third consecutive month in October. This is while the US Labor Department announced a 20,000 increase in initial claims for unemployment benefits last month. The new claims pushed up the number of seasonally adjusted benefit claims to 457,000 in October. The US Labor Department has also announced that almost 15 million Americans currently collect unemployment benefits.
Experts are of the opinion that the outlook for the rest of the year is likely to remain bleak.