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Could the Economy Bounce Back In Time to Save Obama?

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WITH an election less than a year away and the structural headwinds holding back job growth, time is not on the president’s side.

Or so this newspaper warned in October 2003. The fact that George Bush junior went on to be re-elected may be encouraging for Barack Obama. Job growth in the current recovery has been shockingly weak, but the same was true of the previous two recoveries. The turnaround came too late to save the job of George Bush senior. But his son fared better. Employment continued to fall for nearly two years after his recession ended in November 2001, but reversed direction in time to save his job (see chart).

Could Mr Obama enjoy the same late boost?

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