Obama says unemployment to fall below 8%

WASHINGTON. December 12. KAZINFORM US President Barack Obama said he believes unemployment rate will fall below 8 percent by the time US voters cast their votes to choose next president in November 2012, according to an interview broadcast Sunday night; Kazinform refers to China Daily.

In an interview with CBS' "60 Minutes," Obama said he thinks "it's possible" that the unemployment rate will be down to 8 percent by the time the election begins.

However, Obama said he's "not in the job of prognosticating on the economy," and what he does is "putting in place the tools that allow the economy to thrive and Americans to succeed."

He said for Americans who are struggling, they have "every reason to be impatient," but "reversing structural problems in our economy that have been building up for two decades, that was going to take time."

Obama is pushing elements of his American Jobs Act in the Congress, and trying to get payroll tax cut extended. He said those actions would help the economy and create jobs.

With the economy facing strong headwinds and unemployment rate high, the presidential election has an unusually strong emphasis on the economy, and how the economy fares next year could have a bigger impact in the results of the election than previous elections.

With the election in mind, Obama is painting the Republicans, who are not willing to extend the payroll tax holiday with the expense of raising taxes on millionaires, as the ones who stand with the "One Percent" of Americans who are doing really well. But Obama said his message is not to redistribute wealth; Kazinform cites China Daily.

To learn more go to www.chinadaily.com.cn