Back in February 2009, the Obama Administration promised the American public that after their nearly trillion dollar stimulus too effect, the unemployment rate would drop down to 5.3% at the end of his first term.
Today it’s at 8.3%.
What’s another trillion dollars among friends?
Via Instapundit… JAMES PETHOKOUKIS: July jobs report: America’s labor market depression continues. Plus, once again, the damning graph comparing Obama’s stimulus promises with actual results. “Not only is the 8.3% unemployment rate way above the 5.6% unemployment rate that Team Obama predicted for July 2012 if Congress passed the $800 billion stimulus plan. It’s way above the 6.0% unemployment rate they predicted if no stimulus was passed.”
They really believed they could spend their way out of recession.
The Wall Street Journal reported:
The famed Rosy Scenario, coined in the early days of the Reagan White House when large tax cuts and higher defense spending were assumed to be paid for in part by strong economic growth, is a cornerstone of the Obama administration’s first multiyear budget.
After contracting at a 1.2% rate in 2009, a more modest drop than the Congressional Budget Office and Blue Chip Consensus forecasts assume, the White House sees growth domestic product growth snapping back by 3.2% next year and then 4% or higher the three years after that.
The last time the economy preformed that well was the New Economy heyday of the late 1990s.
The 2010-2013 forecasts are slightly more optimistic than CBO but much rosier — in some cases by well over one percentage point — than what the Blue Chip Consensus calls for. A separate private-sector gauge, the Survey of Professional Forecasts, also projects a much weaker economy this year and next.
The unemployment rate at the end of President Barack Obama‘s term in 2013 will be just 5.2%, according to the White House. The rate currently sits at 7.6%, and many economists expect it to climb past 9% before the recession ends. A report Thursday showing jobless claims at a 26-year high supports the more pessimistic forecasts, at least in the short run.
If Obama was working in the private sector he would have been canned a long time ago.