The Fed projections on the economy are getting worse

How will Obama explain having an unemployment higher than when he became president? From Reuters:

In fresh quarterly projections, the Fed lowered its forecasts for growth and raised its forecasts for unemployment for this year, 2012 and 2013. Policymakers did not see the jobless rate, now at 9.1 percent, falling to a level they consider consistent with full employment even at the outer edge of their forecasting horizon, the final quarter of 2014.

Officials now expect the world's largest economy to grow by a tepid 2.5 percent to 2.9 percent next year, down from the rosier 3.3 percent to 3.7 percent they were expecting in June.

They saw the unemployment rate going no lower than 8.5 percent to 8.7 percent by the end of 2012, up from the more sanguine 7.8 percent to 8.2 percent range envisioned in June.

Fed officials believe the economy will have reached full employment when the jobless rate drops to between 5.2 percent and 6 percent. In their forecast, the unemployment rate would still be at 6.8 percent to 7.7 percent at the end of 2014. . . .