A HISTORIC MISTAKE… 3 Years Ago Today Obama Signed Failed Trillion Dollar Stimulus Into Law
Three years ago today… Barack Obama signed his failed stimulus into law.
The National Republican Senatorial Committee released this as a reminder of the colossal failure.
It’s been 3 years since President Obama signed the stimulus passed by the Democrat Majority in the Senate. Those 3 years? “The longest stretch of high unemployment in this country since the Great Depression”
It was a historic failure.
Unemployment rate: The jobless rate is unchanged from February 2009 to January 2012, the latest month for which we have data. Both stood at 8.3%, according to the Bureau of Labor Statistics. Obama’s economists had initially predicted that with the stimulus, unemployment would stay below 8%.
Number of long-term unemployed: The number of workers who have been unable to find a job in 27 months or more has shot up 83%, with their ranks now at 5.5 million.
Civilian labor force: It has shrunk by 126,000. In past recoveries, the labor force climbed an average of more than 3 million over comparable time periods.
Labor force participation: The share of adults in the labor force — either looking or working — has dropped 3% — also highly unusual in a recovery. At 63.7%, labor force participation is at a low not seen since the middle of the very deep 1981-82 recession, when fewer women were in the work force. A lower participation rate makes the unemployment rate look better.
Household income: Median annual household income is about 7% below where it was in February 2009, according to the Sentier Research Household Income Index.
National debt: Up $4.5 trillion, or 41%, according to the Treasury Department’s monthly reports. The latest Treasury figures put the national debt at $15.4 trillion, larger than the entire U.S. economy.
Deficits: The deficit for fiscal year 2009 totaled $1.4 trillion. The Obama administration’s proposed deficit for 2012 is $1.3 trillion, which would mark the fourth year of deficits topping $1 trillion.