Whichever administration official just laid out this vision for NBC’s Chuck Todd, he might as well update his résumé: “Obama administration lays down unemployment rate markers: by the end of 2010, it will be below 10 percent; by the end of 2011, below 9 percent and by end of 2012, just below 8 percent.”

So they’re projecting that for the duration of Obama’s term, unemployment will be higher than it was during the Bush years? And come 2012, when Obama seeks another term, it will have improved to between 7 and 9 percent?

How does that old Democratic-party theme song go?

Happy days are here again The skies above are clear again So let’s sing a song of cheer again Happy days are here again