No matter who ends up occupying the White House in January, many of the forces that have kept unemployment high and jobs growth slow will be beyond his control.
With employment growth stuck at a slower pace than in any recovery in the past half-century, the presidential campaign now turns on which candidate — President Barack Obama or former Gov. Mitt Romney — has the better plan to boost employment. The latest jobs data will do little to change the debate…
Many employers say their reluctance to hire stems from uncertainty over policies that will be implemented by the next occupants of the Capitol and the White House. The most immediate concern is a disastrous combination of automatic year-end tax increases and spending cuts known as the “fiscal cliff.” Unless defused, the fiscal hit will almost certainly plunge the economy back into a nasty recession.
But no matter who wins the election, it’s far from clear that either party will be able to resolve the budget impasse.
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