Thursday, March 27, 2014

FLASHBACK: "Team Obama said in ’09 stimulus would have unemployment below 6% by 2012"

By Sean Higgins, Aug. 3, 2012
Today’s news that the unemployment rate moved up to 8.3 percent is as good of a time as time as any to revisit the promises the then-incoming administration made in 2009 regarding the economic stimulus bill. Back then they said the stimulus would have unemployment below 6 percent by now.
Not only that but they claimed that the unemployment would be at that 6 percent level now even if the stimulus bill was not passed. That is, that they predicted the economy would recover to that level naturally. In short, the White Houses projections regarding stimulus and the economy were wildly off.

The report, entitled “The Job Impact of the American Recovery and Reinvestment Plan,” was released on Jan. 9, 2009. It was put out by the office of the president-elect was written by economists Christina Romer and Jared Bernstein. Romer would become chairwoman of the Council of Economic Advisers for President Obama. Bernstein was Vice President Biden’s chief economic advisor.

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