OBAMA: 'I Didn't Overpromise,' Says Unemployment Could Drop To 8% Next Year (Watch Video)

Business Insider ^ | 12/10/2011 | Zeke Miller

[SeekAndFind]

In an interview with CBS News' Steve Kroft airing on '60 Minutes' Sunday at 7 p.m., President Barack Obama rejected the notion that he may have overpromised on what he would accomplish in the White House.

"Reversing structural problems in our economy that have been building up for two decades, that was going to take time," he said. "It was going to take more than a year. It was going to take more than two years. It was going to take more than one term. Probably takes more than one president."

His remarks draw a sharp contrast to the interview he gave shortly after taking office saying if he didn't have the economy fixed in three years, “there’s going to be a one-term proposition."

Obama added that while he thinks it is possible for unemployment to drop to eight percent by November, he is focused on the elements he can control to get the economy moving again.

Watch the video below:

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[DeaconRed]

"Sure it will. Enough people will have stopped looking for work and thereby drop off of unemployment statistics to make the unemployment rate go down."

Exactly right.
The only people counted as unemployed are the ones drawing unemployment checks. Once the unemployed person runs out of benefits, he or she is taken off the unemployment rolls.
A lot of the unemployed never qualified for benefits, (self employed construction sub contractors etc.) They were never included in the numbers.

[CommieCutter]

caused by the BLS dismissing a while bunch of people who have quit looking for work

I think it's been like this since the Johnson admin, but now when the economy is basically in depression we see how this works to their benefit.