Facing Poor Unemployment, Foreclosure & Bankruptcy Rates, Obama Campaigns on Economy in Lead-Up to Nov. Midterms It's the economy stupid. As President Obama faces devastating unemployment, foreclosure and bankruptcy rates, with no end in sight, he's begun a 10-week campaign around the country leading up the November midterm elections. We speak with John Nichols, the Washington correspondent for the Nation magazine, who says Obama should borrow a page from FDR and call for economic justice.