Below you’ll find a chart, using the administration’s own forecast of how unemployment would decline with and without the president’s recovery plan. This helped them sell the $800 billion plan to a skeptical public, already upset with the previous administration for not doing enough to hold the line on spending.
I circled the points on the chart that correspond to the middle of this year. Had we done nothing, the president’s economists warned us, unemployment today would be a tad above 8% and declining.
With the latest figures of 9.1% unemployment, up one-tenth of a point over last month, unemployment is a full point ahead of where it was supposed to be without the near- one trillion dollar increase in federal debt.
Yesterday, we learned that we’re not creating as many jobs as are normally created right after a steep economic downturn:
Payrolls grew at the slowest pace in eight months and the U.S. jobless rate unexpectedly climbed to 9.1 percent in May, reinforcing signs that a slowdown in the world’s largest economy is persisting into the second quarter.
Employers added a less-than-projected 54,000 jobs last month, after a revised 232,000 gain in April that was smaller than initially estimated, Labor Department figures showed today in Washington.
Emphasis added. Link via ILoveCapitalism. It seems the president and his economic team are uncertain what to do fix the economy now that it’s clear that their original recovery plan failed to produce the results promised. They just won’d admit the “stimulus” failed nor, as David Harsanyi suggests, do they have any new ideas to generate more growth and create jobs:
But what exactly has this administration done right? What creative ideas have they offered? How many alternative realities (you know, ‘things could have been worse’?) do we have to accept? Fact is, while these condescending technocrats accuse their opponents of being nihilists, ideologues and radicals, they are the ones that refuse to deviate from dogma no matter how much evidence of failure confronts them.
Via Instapundit. Harsanyi’s not exactly a fan of some of the ideas Republicans have put forward, but right now we’re wondering what ideas the party which controls half of the legislative branch and all the executive branch has any other plans to put forward beyond those that have already failed.
And why is it, even when their policies don’t come close to meeting expectations, Democrats can’t admit their errors?
UPDATE: “The White House’s chief economist Austan Goolsbee“, Nile Gardiner writes
. . . has described the figures as a mere “bump in the road.” In reality they should be a massive wake-up call for an administration that refuses to acknowledge the huge damage its big government policies have done to the American economy, with 13.9 million Americans now out of work.
Under President Obama unemployment has remained above 8 percent for every single month, with the exception of January 2009 when he entered the Oval Office, rising as high as 10.1 percent in October 2009. By any measure, this is a terrible track record, and as even The New York Times acknowledged earlier this week, “no American president since Franklin Delano Roosevelt has won a second term in office when the unemployment rate on Election Day topped 7.2 percent.”