No, I am not referring to Tiger Woods’ “private matter” hot ghetto mess. Though as a black woman, there is an element of Schadenfreude that Tiger’s, um, “courageous” Swedish wife reportedly went PWT on his SUV.
But I digress.
The Bureau of Labor Statistics will release the job losses and unemployment rate for November on Friday. The unemployment rate is expected to remain in the double-digits. And like a lump of coal in a Christmas stocking, the Federal Reserve projects the jobless rate will hover around 10 percent in the short run.
For President Obama and congressional Democrats, the jobless crisis is scarier than an angry wife wielding a golf club. Oops, again I digress.
Washington Post columnist David Ignatius observed:
If the Fed’s projections are right, the public is going to be very angry next year -- at big business and at the elected officials who have spent trillions of dollars without putting the country fully back to work. Lou Dobbs, the voice of populist anger, may become the nation’s hottest politician. President Obama, who has struggled to find a centrist consensus for economic policies, may be tossed like a cork on a stormy sea.
The politics of rage aren’t pretty. But in this case, it’s hard to argue that the anger isn’t justified. The Fed’s analysis shows what we see in the daily stock market summaries. People on the top are recovering their losses; people on the bottom are out of work and out of luck. I admire Obama’s effort to make responsible economic choices in this environment and his refusal to demagogue issues such as financial reform. But he will need all the political genius he showed during the 2008 campaign -- and which he has displayed too little lately -- to handle what’s coming at him next year.