White House Admits Stimulus Already Losing Steam

The US unemployment rate rose from 7.6% to 9.8% under Obama… the highest rate in 26 years.

Chart from the Bureau of Labor Statistics– via Sweetness and Light
Obama said with the Stimulus Bill the unemployment rate would not go over 8% but the unemployment rate is currently at 9.8%.

The White House admitted today that the record $787 billion stimulus was losing steam.
The AP reported:

A top White House economist says spending from the $787 billion economic stimulus has already had its biggest impact on economic growth and will likely not contribute to significant expansion next year.

Christina Romer, the chair of President Barack Obama’s Council of Economic Advisers, said Thursday that the $194 billion already spent gave a jolt to the economy that contributed to growth in the second and third quarters of the year. She told a congressional panel that by the middle of next year, the impact of the stimulus will level off. Romer said spending so far has saved or created 600,000 to 1.5 million jobs but warned that unemployment will remain high, above 9.5 percent, through the end of 2010.

There we go with those bogus “created or saved” numbers again.
In truth Barack Obama promised his stimulus plan would create 2.5 million jobs. Instead, the record spending produced 30,083 jobs including reportedly 20 jobs in Connecticut, 28 jobs in Vermont and 22 jobs in New Hampshire.

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