Fed Chief Says Job Outlook Will Improve When Obama Leaves Office

While the Obama administration tried to spin today's reported 9.4 percent unemployment rate as positive news, there are several reasons to think otherwise.

First, the number of new jobs created in December was just one-third the figure previously predicted.

Second, the 0.4-point decrease in joblessness was attributed in part to more people simply giving up their search for work.

While Vice President Joe Biden had predicted that the economy would be adding 500,000 jobs per month, the numbers have been running far short of that.

Fed Chairman Ben Bernanke threw cold water on prospects for employment gains by reiterating that it would be "four to five more years" before the jobless rate came back down to the 8 percent range. In other words: Wait until Obama is out of office.

Noting that unemployment has hovered above 9 percent for 20 straight months, Rep. Sandy Adams, R-Oviedo, said:

Another month of high unemployment confirms that the agenda of the Obama administration has failed and a new direction is needed. Employment in the private sector is still stagnant and people are leaving the work force at a rapid pace.

"States like Florida are still suffering a foreclosure crisis and the country is facing one of the largest debts in history due to the previous Congress unbridled spending. Four years of irresponsible fiscal policies have led to massive private-sector unemployment, and it must stop now."