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Economy will be tough issue for Obama in 2012

President Obama speaks on jobs on Labor Day in Detroit, Mich.

Adriene Hill: On Thursday, President Obama will offer his cure for some of the nation's jobs woes. Today, the U.S. Chamber of Commerce is sending an open letter to Congress and the White House with its ideas to get people back to work. The economy's lackluster performance is weighing heavily on the political agenda. But where will things be on election day a year from now?

Marrketplace's John Dimsdale gathered some opinions.


John Dimsdale: The President's own forecasters have trimmed their growth predictions for 2012.

David Malpass: It's going to be hard for President Obama to argue he's done well on the economy.

David Malpass at Encima Global expects the economy will barely avoid another recession, and growth will be too slow to bring down unemployment. He says all Obama can do is say the financial crisis was worse than anyone expected.

Malpass: There's already this academic argument out there that recoveries tend to be slow after a financial crisis. So I think that's what he'll fall back on.

Malpass says there's a chance the economy could still take off, but Todd Buchholz, a former economic adviser to President George Bush, says it'll have to be soon.

Todd Buchholz: This president needs the economy to look much stronger by the spring of 2012. By May of 2012, if it's not morning in America, it's good night for President Barack Obama.

A recovery that soon will be difficult. The White House is expecting the economy to grow at a rate of just 2.5 percent next year, with unemployment averaging a crippling 9 percent.

In Washington, I'm John Dimsdale for Marketplace.

About the author

As head of Marketplace’s Washington, D.C. bureau, John Dimsdale provides insightful commentary on the intersection of government and money for the entire Marketplace portfolio.
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As others have stated:

Obama or whoever wants to be US President: their plans of creating new jobs must include to take back all the jobs which were replaced by foreign workers who are still unemployed. Many of them were asked to train their replacements before loosing jobs. They need to address the misuse and fraud of foreign work visas such as: H1b, H2b, L1 visa. Thanks to the US Govt, which created these work visas: these US Jobs are given to foreign workers (most times unqualified) allowing US companies to hire this group of people instead of qualified US legal residents and citizens causing our unemployment rate to continue to increase on a daily basis! For creating infrastructure we have best brains and best educational centers and must utilize our work source.
If people want the economy to get better, people should vote for those who are really working for the interest of the American people and not for the lobbyist and corporations who import workers to fill jobs and outsource jobs and technology for greed, increase their profits no matter what gets in their way, keep shareholders happy, and pay Top executives as much as possible.

Good examples of this sad and unfair reality are the movies: The Company Men (2010) and parts of Wall Street: Money Never Sleeps (2010)

This is the current reality of the job market in the USA:

Top 100 H1B Visa Sponsors -2011 H1B Visa Report:
http://www.myvisajobs.com/Reports/Top-Visa-Sponsor-2011.aspx

Rank H1B Visa Sponsor H1B Visa Petitions Average Salary
1 Microsoft 2,505 $96,497
2 IBM 1,263 $80,908
11 Intel 404 $95,714
14 Oracle 376 $104,080
16 Google 355 $103,129
17 Hewlett Packard 340 $99,344
21 Yahoo 308 $105,112
26 Amazon com 255 $99,459
27 Motorola 249 $95,861
45 Apple 175 $110,987
47 Cisco Systems 169 $117,662
84 SAP America 102 $105,498
91 PayPal 98 $105,008
185 AT&T 91 Sign In
3 Facebook 86 Sign In

These companies don't give a s* if mergers cause mass layoffs, higher prices for consumers, or if thousands of US legal families are having a hard time (thanks to their "hiring practices"), America's Unemployment Rate, new graduates unemployment rate etc..

*** Important *** Please see link below about an important Bill Congress is planning to pass. Your support on this is imperative for everyone who has been affected / displaced by people with foreign work visas, H1B visas, or the unemployed, or the ones who do not have a solid full-time employment history in their resume.

Please take action, vote and share your comments at:
http://www.opencongress.org/bill/112-h2501/comments

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