The nation's economy is increasing at a faster pace than what the economists had previously predicted. That revelation came from an Associated Press (AP) survey that has just been released. AP conducted this survey in later part of February, and according to this survey the unemployment rate is expected to fall from its current rate of 8.3 percent to 8 percent by the Election Day. This new expectation shaves nearly half a percentage point from what the economists had thought when surveyed in last December.
This information could not come in a better time for the President, whose job approval rating has been hovering around 48 percent for some time. In a recent statement while campaigning in Ohio, GOP Presidential candidate Mitt Romney sounded dovish compared to Obama when he was trying to console a woman who had lost her son in the War on Terror. Traditionally, defense is an issue where Republicans want to seem tougher than Democrats; however, at present that advantage is slim to nil. Therefore, the strongest weapon the Republicans have against the President is unemployment and economic downturn. Any good news on that front will blunt that GOP weapon.
The AP Economy Survey indicates that by the end of 2013, the unemployment rate will drop to 7.4 percent, which is an improvement from their earlier estimate of 7.8 percent. There is solid evidence that the AP survey should be taken seriously since the US economy has been steadily getting better for quite some time. The industrial output jumped for two consecutive months, automobile sales remained brisk and the consumer confidence had peaked, and even the fragile housing sector is showing signs of new life.
So long as American people feel happy about the economy, President Obama's reelection prospects and the Democrats' prospects of regaining both houses in the next November election will look only brighter with time.