Rich Galen

In all of that, the biggest problem looming for President Obama got buried in the small type in the financial sections last week.

An organization called the Organization for Economic Cooperation and Development (OECD) is an outfit made up of 33 nations which looks after economic data across the globe.

The OECD released a report projecting that the U.S. economy would slow from 2.7 percent this year to 2.2 percent in 2011 and only grow to 3.1 percent in 2012.

Not only that, but Reuters reported

The OECD estimated that the 16-nation euro zone economy would grow 1.7 percent in both 2010 and 2011 as governments tighten strained budgets and peripheral members including Greece and Ireland battle crippling debt burdens.

Why is this such a big deal? Because 2.2 percent growth in the world's largest economy isn't enough to reduce 9.6 percent unemployment. A growth rate of 3.1 percent will only make a dent - if that.

So, the President will be heading into his re-election campaign at the helm of a recession (in effect, if not in fact) which will be in its fifth year.

None of this bodes well for President Obama to be able to lord his "I won, get over it" attitude over a rejuvenated and already feisty Republican Congressional delegation beginning on January 5, 2011.

This may be a one-term slump for Obama.

Rich Galen

Rich Galen has been a press secretary to Dan Quayle and Newt Gingrich. Rich Galen currently works as a journalist and writes at