Remember how we were told how important it was to pass the $787 billion "American Recovery and Reinvestment Act"?  Obama's chief economic advisor, Christina Romer, put out a nice study showing how many jobs would be created or saved with this "stimulus" bill. 

On page five of the report they had a nice graph projecting the unemployment rate with and without the stimulus bill being enacted.  That was in January of 2009, just 10 months ago.  Let's see how the best and brightest economic minds in Washington did vs. the reality of what has actually happened. 

With the Recovery Plan, the unemployment rate was projected to be 7.8% by now.  Without the Recovery Plan it was projected to be 8.8%.  The reality is that it's 10.2%.  The actual rate is 43% higher than they projected!!

I'll let you decide whether it's a matter of incompetence or a matter of deceit in order to get their agenda passed.

With this sort of track record, can we trust them at all with the projected cost of the proposed healthcare bill?

 

2 Comments on So How's the Stimulus Package Working? Wasn't Unemployment Supposed to be at 7.8% by Now?

NOV
06
385,243 Points 23 Featured Posts Outside Blog

Tim,

This is a very good indicator of  the effectiveness of all other government stimulus programs. It is like deciding to warm up a cold winter night with a candle, and when morning comes and it gets warmer, declare it a victory

11:49pm • #1
NOV
07
213,249 Points 34 Featured Posts Outside Blog

Jon,  I like your analogy. 

I just don't know why anyone has any confidence in these government statistics and studies.  I'm surprised that they don't come out with a study showing that without the stimulus the unemployment rate would have been 15%.

But they are getting smarter.  They are starting to make projections on numbers that no one can really verify, ie. number of jobs saved.  How can anyone know how many jobs were saved?  But when they keep repeating it over and over again, a good number of people start believing it. 

7:12am • #2

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