Obama gets a lot of flack for being a socialist, for being weak on the economy, for being at fault for rising gas prices, for whatever negative thing the right can dredge up on any given day. But despite Republican criticism, the president's not doing too badly on paper. It's now been reported that unemployment has hit a three-year low following a period of actual, tangible job growth. More people are working even though we've got a democrat in the oval office.

 

Following the addition of 1.6 million jobs to the economy last year, the unemployment rate has just hit 8.5 percent, down from 8.7 percent in November. That still seems pretty high compared to the sunny and fruitful pre-Bush decade, but hey--at this point, I'm happy to take what we can get. After all, the jobless rate peaked at 10 percent back in October of 2009. Seeing it go down a whole percent and a half is a good thing. And if it keeps dropping, we might see a nice recovery from the recession we've been plowing through.

 

Of course, it's not so simple as that, necessarily. A low unemployment rate is great to see, but it doesn't mean that everyone who's not a part of that 8.5 percent is working full-time. Plenty of people are still underemployed, or employed but making less than a living wage for themselves and their families. It's certainly possible to face financial woes while still being technically employed.

 

There's also the rest of the world to think about. Europe is struggling with their own debt crisis. The euro is weakening and that's not good news for anybody involved in the global economy. So we're not exactly in the clear yet even if our own numbers continue to improve.

 

Still, a diminishing unemployment rate means a more likely reelection for Obama, which could be better for the global economy than the alternatives. Experience in the private sector that Republican candidates love to boast they have doesn't necessarily mean that they're great at handling the finances of an entire country in relation to the world around it. A good record in the business world doesn't necessarily prepare you to get the largest powers in the world out of their staggering debts. 

 

In reaction to the news, President Obama encouraged Congress to extend the middle-class tax cut for the rest of 2012 in celebration. I hope it sustains the economy's recovery like he claims it will.