Fact Check debunks Obama’s unemployment predictions
FactCheck presents a couple of insightful charts which falsify the Obama administration’s unemployment outlook and stimulus projections. Here are the basic features:
- Without a stimulus package, Obama’s team predicted unemployment would hit 9% early next year. However, it’s already at 9.4% and climbing.
- With a stimulus package, Obama’s team predicted unemployment would max out at 8% later this year. Again, it’s already at 9.4%.
Clearly these economic predictions have already been significantly falsified.
Back in early January, Obama stated that unless bold, government actions were taken, unemployment could hit double digits. Just yesterday, when asked by a reporter, “Will unemployment hit 10%?”, Obama said, “Yes.” The reporter then asked, “Before the end of this year?” Obama replied, “Yes.” So much for the bold, government actions.
Now, before everyone jumps on these failed predictions and obvious contradictions, let’s not forget that Fed Chairman, Ben Bernanke, and the Bush administration committed many of the same errors. Bernanke, throughout 2005-2008, repeatedly stated that America’s economy was strong, sound, and robust. Even in 2008, Bernanke stated that, at most, we might experience a minor slow down. As for the Bush administration, it wouldn’t even admit that the country was in a recession in 2008, until absolute proof came in September. Supposedly, the fundamentals were as sound as ever.
There’s an obvious pattern here. The Federal Government, including the Federal Reserve, has made a number of inaccurate predictions these last several years. Their projections have been a poor reflection of reality. The current administration is continuing a trend long in the making.
It would behoove We the People to view government numbers with a high degree of skepticism. We need to dig a bit deeper, do some research, and think for ourselves.
Read here.
Jackie said:
Now that’s change I can believe in! Isn’t the definition of insanity doing the same thing over and over and expecting a different result?
June 17th, 2009 at 8:06 am
Jo Ann Thomas said:
In an interview, Cheney openly admitted Bush pushed TARP through because the President did not want to see the automobile industry collapse under his administration. Thus the specter of political chickens crying out, “The Sky Is Falling!” Our state’s own Republican Rep. voted for TARP even though his constitutes loudly protested TARP. We want forget this in the next election.
In order for the present administration to enact its progressive agenda, they believe Americans must go through sacrificial suffering. Debunking fact checks are not sufficient reasons for them to redirect their policies. They believe in their agenda and will continue to pursue the changes, via smoke and mirror, until a reversable measure of force is brought upon those who represent us.
Neither party is showing the Constitutional backbone we need in order to move us back into the freedoms we hold true. We must return to our historical political roots and remind our politicians they serve the citizen and not themselves or their parties interest. We write, we contact, we show up at rallies to show strength in numbers, and then we vote. It is not, “We the politicians…” is is “We the people…”
June 18th, 2009 at 9:49 am
June Moore said:
We are asking all to go to your federal bldgs at 9:00 tomorrow. Hold vigils against the passing of a tax on the American people. Call the 8 conservatives that voted for it and the 3 that voted present and ask them how they can justify a vote against the American people. WE sat as they passed tarp, we sat as they passed the stimulus, we will sit no more. SILENT NO MORE.
@junmoore on twitter…..Let’s Roll!!!!
June 26th, 2009 at 7:32 pm
Has Anything Gone Right So Far? | Obama Pundit said:
[...] accounts are trickling in of wasted money and various other boondoggles. Also, unemployment is higher than what was predicted without a [...]
June 28th, 2009 at 11:46 pm
David Leasure said:
The Lord Giveth and the Lord Taketh away. I guess Obama thinks he is God, but we are still children of God and not Obama. He is taking the people down, fast. There is no stopping him, Pelosi or Reid. Self righteous bastards.
July 2nd, 2009 at 7:38 am
Nashville_fan said:
I keep hearing posters here and members of the media saying:
“President Obama said that if the economic stimulus bill was passed, unemployment would not go over 8%.”
One small problem with this statement . . . it is simply NOT TRUE.
As a public service, and since the media seems incapable of using “the Google”, I have done some RESEARCH to see WHAT is fueling this . . .
Here is what I found:
In a report issued by his economic advisors on January 10, 2009 (BEFORE Barack Obama was even sworn in as President), economic advisors Christina Romer and Jared Bernstein issued a report titled “The Job Impact of the American Recovery and Reinvestment Plan”,
The VERY FIRST WORDS in the report are these:
“A key goal enunciated by the President-Elect concerning the American Recovery and Reinvestment Plan is that it should save or create at least 3 million jobs by the end of 2010. For this reason, we have undertaken a preliminary analysis of the jobs effects of some of the prototypical recovery packages being discussed. Our analysis will surely evolve as we and other economists work further on this topic. The results will also change as the actual package parameters are determined in cooperation with the Congress.”
http://otrans.3cdn.net/45593e8ecbd339d074_l3m6bt1te.pdf
Got that? The report is a PRELIMINARY ANALYSIS of a PROTOTYPICAL PACKAGE which will EVOLVE. Could it be stated any more clearly than that?
Now, here is the statement that has somehow been taken out of this PRE- PRESIDENTIAL report and put into the President’s mouth, as if by magic:
“First, the likely scale of employment loss is extremely large. The U.S. economy has already lost nearly 2.6 million jobs since the business cycle peak in December 2007. In the absence of stimulus, the economy could lose another 3 to 4 million more. Thus, we are working to counter a potential 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 the plan.
Second, as emphasized above, there is considerable uncertainty in our estimates: both the impact of the package on GDP and the relationship between higher GDP and job creation are hard to estimate precisely. . .”
Once again, it is CLEARLY STATED that these are ESTIMATES and LIKELY to be incorrect.
So why is the media, and many commenters here, pretending like the President predicted definitively that the stimulus would keep unemployment under 8% when he NEVER DID?
The unemployment rate in January 2009 was 7.6%, so CLEARLY nobody in there RIGHT MIND thought that the Stimulus package was going to be able to hold it under 8%. The stimulus bill wasn’t signed into law until mid February . . . the unemployment rate then was ALREADY 8.1%.
The bulk of the stimulus money has still NOT BEEN SPENT, so trying to decide how successful it has been is clearly a POLITICAL exercise, not an economic one.
I don’t have problem with those who criticize the President’s economic plans. But do so based on the TRUTH, not lies.
July 6th, 2009 at 9:58 am
bankmen said:
HEY ALL YOU IDIOTS, THE REASON THE TARP WAS PASSED BACK DURING THE BUSH ADMINISTRATION, WAS THE US ECONOMY WAS ON THE VERGE OF A MAJOR COLLAPSE AFTER LEHMAN BROTHERS DEBACLE. I AM IN THE BANKING INDUSTRY AND I COULD TELL YOU THAT DURING LAST SEPTEMBER, THIS COUNTRY WOULD HAVE SEEN THE WORST DEPRESSION THIS COUNTRY HAD EVER SEEN. SO STOP THE BS AND COMPLAINING THAT TARP WAS PASSED. I DONT AGREE WITH THEREAFTER PASSING THAT BULLSHIT 870B PORKULUS PLAN. THE REASON ITS NOT WORKING IS, MOST OF THE MONEY WAS USED FOR PORK PROJECTS.
HAD IT BEEN LEGITIMATE SPENDING THE ECONOMY SHOULD HAVE SOARING.
September 23rd, 2009 at 9:46 am
Rhetoric just more Rhetoric said:
A M E R I C A: We are going broke.
A M E R I C A: We take care of other countries over our own people.
A M E R I C A: Our Government is taking away our fundamental rights.
A M E R I C A: There IS NO SUCH THING AS A JOBLESS RECOVERY
A M E R I C A: We turn a blind eye to illegals in this country.
A M E R I C A: Has only been around a few hundred years a baby.
A M E R I C A: Socialism abounds
A M E R I C A: Government rams health care down our throats
A M E R I C A: The blame it on someone else mentality
A M E R I C A: No leadership none in years
A M E R I C A: Sad sad sad I was ONCE a proud AMERICAN no more ashamed
November 14th, 2009 at 2:45 pm
Jerry simon said:
the FACTS are stimulus to the economy might have helped but this was just a pile of 20 year old pork projects that really did nothing
November 15th, 2009 at 8:20 am