Sunday, January 8, 2012

a little taste of macroeconomics....

for the first time (and maybe the last time) i'm going to post one of my homework assignments on my blog. every week in macroeconomics, we have to find an article that has to do something with the economy, sometimes relating to a specific topic we've discussed in class. since we've only had a few class sessions, we could pick whatever we wanted as long as it's...... A) related to something economic B) not more than a week old C) 700+ words. i realize this seems kind of formulaic, but we had a few questions that had to be addressed. so bear with me.

so here it is.....my summary. i know this is putting it all out there....but i feel like i have to try!


Article Title: Obama Odds May Rise as Unemployment Falls
Author: Mike Dorning
Date: Jan 7, 2012 
Word count: 1042 words

Summary: (536 words)

The primary question this article is addressing is: As unemployment continues to improve, will Obama’s chances of being re-elected as president improve simultaneously? In other words, will our current president’s efforts to improve and repair our unemployment debacle create trust and win the American public’s votes?
The overwhelming answer/solution as presented in the article to this issue was that if Obama can keep the sense of an uprising economy and continued progress of diminishing unemployment into spring 2012, then his chances of being re-elected are far better. The reasoning of this is due to the fact that most “voter perceptions” of presidential candidates are formed and solidified in the spring/summer before a November election. As with any solution, this isn’t the only feasible option. Some interviewed for this article claim that voters need more to be convinced Obama is the right option for the next four years. Declining unemployment isn’t powerful enough for people who have been perpetually without work. Also, only one president since WWII has been re-elected with the jobless rate at over 6%. This fact does not sound promising to any future elections for Obama.
Since we have only had two class sessions thus far this quarter, there is not enough information we’ve discussed in class to tie in with this article. That being said, Obama’s re-election is going to be in the news for the next 11 months, so understanding the issues surrounding it is essential to be a well-educated voter. This article discusses most obviously unemployment, voting, political history, world issues and events, and the status of the economy in general.
In regards to how this article personally affects my life, there are a couple different reasons. Since I was not yet old enough to vote in the 2008 election, I didn’t pay much attention to what was going on economically, or even politically speaking because I could not do anything about it personally. Since then, I have gotten somewhat wiser and have realized that my reasoning was not entirely accurate. Now that I am of voting age, it is key for me to know why I vote for a given candidate. To expand from that, I’m not that far away from having a job/career of my own, and it’s important to have a viable job market so I can become financially stable and support myself independently. It’s pretty daunting for college students or post-grad students to think about finding a job, so it is important to stay current on the situation. I can’t think of how this correlates to my personal faith, other than having faith in God that he has a plan for my life and that I have to trust in Him.
Elaborating from this article, I would like to know more about the other presidential candidates and what their specific plans to continue improving unemployment are. To paraphrase the end of the article, it could be risky to choose another candidate entirely because of the unknown future of the economy and how they choose to direct it. Also, does Obama have it in him to continue the boost in the economy and keep unemployment down? I suppose only time can tell with the upcoming primaries and election!


Link from Bloomberg (redirected from Business Week):

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