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  • Padres Fan Padres Fan Nov 16, 2008 3:20 AM Flag

    2012 Election Preview

    On assuming office in 2008, President Obama inherited an economy that was slowly emerging from a recession. He had severely criticized former President Bush for his failures to meet the mortgage crisis and relieve unemployment, but after four years of the Obama's presidency, both interest rates and unemployment were considerably worse than at the time of his inauguration. The annual mortgage rates rose from 4.8% in 2008 to 6.8% in 2009, 9% in 2010, 11% in 2011, and hovered around 12% at the time of the 2012 election campaign. Although Obama had pledged to eliminate federal deficits, the doubled by the end of his term. With approximately 16 million people out of work, the unemployment rate had leveled off to a nationwide average of about 7.7% by the time of the 2012 election campaign when Obama was resoundingly voted out of office.

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