No doubt the Libbos are going to spin this by saying that if they hadn't stepped in, it would be even worse. But, if the un-employment rate isn't any better than 7.5% by 2012, PBO might as well start figureing how much furniture he wants to steal on his way out of the WH, heading back to Illinois.
The unemployment rate will remain elevated for years to come, according to a forecast released Tuesday by the Federal Reserve that addresses for the first time economic conditions at the time of the next presidential election.
It paints a grim picture. Top Fed officials expect the unemployment rate to remain in the 6.8 to 7.5 percent range at the end of 2012 and said it could take "about five or six years" from now for economic activity to return to normal. The jobless rate was 10.2 percent in October.