"In the absence of stimulus, the economy could lose another 3 to 4 million more [jobs]. Thus, we are working to counter a potential total job loss of at least 5 million. As Figure 1 shows, even with the large prototypical package, the unemployment rate in 2010Q4 is predicted to be approximately 7.0%, which is well below the approximately 8.8% that would result in the absence of a plan."--"The Job Impact of the American Recovery and Reinvestment Plan," Obama transition team report, Jan. 9, 2009
So by the end of December this year, 2010, the President's economic team was projecting a 7% Unemployment rate IF their stimulus became law in early 2009. It did become law in mid-February of 2009. We are currently at 9.5% Unemployment in the 3rd quarter and most believe we will be well above 9% for the forseeable future. In fact if you take into account those that have given up looking for work which is not factored into the 9.5% the real unemployment rate is about 10.4%.
Which leads us to what the President said two days ago in Ohio:
"The truth is it's going to take a few years to fully dig ourselves out of this recession. It's going to take time to bring back 8 million jobs. Anybody who tells you otherwise is just looking for your vote."--President Obama, Aug. 17, 2010
So only cheap politicians looking to get a vote promise things like much lower unemployment within 2 years of passage of a bill. Glad you cleared that up Mr. President.
So by the end of December this year, 2010, the President's economic team was projecting a 7% Unemployment rate IF their stimulus became law in early 2009. It did become law in mid-February of 2009. We are currently at 9.5% Unemployment in the 3rd quarter and most believe we will be well above 9% for the forseeable future. In fact if you take into account those that have given up looking for work which is not factored into the 9.5% the real unemployment rate is about 10.4%.
Which leads us to what the President said two days ago in Ohio:
"The truth is it's going to take a few years to fully dig ourselves out of this recession. It's going to take time to bring back 8 million jobs. Anybody who tells you otherwise is just looking for your vote."--President Obama, Aug. 17, 2010
So only cheap politicians looking to get a vote promise things like much lower unemployment within 2 years of passage of a bill. Glad you cleared that up Mr. President.
