Barney Frank to Obama: "That Was a Dumb Thing to Do"
Barack Obama is the worst jobs president since the Great Depression and possibly is the worst jobs president in US History.
(Source: US Misery Index)
The democrats wanted to fundamentally change America. They did.
The US unemployment rate has not fallen below 10.8 percent in the last
12 13 months. This is unprecedented.
It was “dumb” for President Obama and his aides to promise that unemployment would not surpass 8 percent if the stimulus act passed, a top House Democrat said Tuesday.
Rep. Barney Frank (D-Mass.), the chairman of the House Financial Services Committee, called into question the wisdom of projections issued by the Obama administration during the congressional fight over the stimulus bill that argued it would prevent higher levels of joblessness.
“President Obama, whom I greatly admire … when the economic recovery bill — we’re supposed to call it the ‘recovery bill,’ not the ‘stimulus’ bill; that’s what the focus groups tell us — he predicted or his aides predicted at the time that if it passed, unemployment would get under 8 percent,” Frank said Tuesday evening during an appearance on the Fox Business Network. “That was a dumb thing to do.”
The administration famously released a chart during the fight over its signature $787 billion American Recovery and Reinvestment Act (ARRA) showing that, if that package were enacted, unemployment would not exceed 8 percent. The projection, authored by Council of Economic Advisers (CEA) Chairwoman Christina Romer, argued that without the stimulus, unemployment would reach a high of 9 percent in the third quarter of 2010.
The current unemployment rate, according to the Bureau of Labor Statistics, stands at 9.6 percent.