Stimulus Plan=Epic Fail!
http://www.cnsnews.com/public/content/article.aspx?RsrcID=50521
"Unemployment hit 9.5 percent in June, according to the Department of Labor, putting the figure 2.5 percent higher than the White House had predicted it would be if a government stimulus spending program went into place. Moreover, the new figure is nearly one percent higher than where the White House said it would be without any stimulus spending at all.
In fact, the White House never predicted that unemployment would rise above nine percent regardless of whether Congress spent the nearly $800 billion in so-called economic stimulus spending it recommended at the time.
The predictions came from a Jan. 10, 2009, report issued by Christina Romer, now chair of the White House Council of Economic Advisors, and Jared Bernstein, currently Vice President Joe Biden’s chief economist. The administration used the report as both a blueprint and a justification for the $787-billion spending package Obama signed in February.
“The American Recovery and Reinvestment Act that I will sign today, a plan that meets the principles I laid out in January, is the most sweeping economic recovery package in our history,” Obama said at the bill’s Denver signing.
“What makes this recovery plan so important is not just that it will create or save 3½ million jobs over the next two years, including nearly 60,000 in Colorado. It's that we are putting Americans to work doing the work that America needs done,” he said.
That January outline predicted that with a stimulus bill, unemployment would be less than eight percent by the end of June 2009. Without the stimulus spending, unemployment was projected to rise to about 8.3 percent by June.
June’s unemployment numbers show that Obama’s estimates of how successful the stimulus would be were inaccurate and overestimated the effect that billions of federal dollars would have on employment. Under the estimate, the stimulus plan would have kept unemployment below eight percent, driving unemployment down by October 2009.
"
"Unemployment hit 9.5 percent in June, according to the Department of Labor, putting the figure 2.5 percent higher than the White House had predicted it would be if a government stimulus spending program went into place. Moreover, the new figure is nearly one percent higher than where the White House said it would be without any stimulus spending at all.
In fact, the White House never predicted that unemployment would rise above nine percent regardless of whether Congress spent the nearly $800 billion in so-called economic stimulus spending it recommended at the time.
The predictions came from a Jan. 10, 2009, report issued by Christina Romer, now chair of the White House Council of Economic Advisors, and Jared Bernstein, currently Vice President Joe Biden’s chief economist. The administration used the report as both a blueprint and a justification for the $787-billion spending package Obama signed in February.
“The American Recovery and Reinvestment Act that I will sign today, a plan that meets the principles I laid out in January, is the most sweeping economic recovery package in our history,” Obama said at the bill’s Denver signing.
“What makes this recovery plan so important is not just that it will create or save 3½ million jobs over the next two years, including nearly 60,000 in Colorado. It's that we are putting Americans to work doing the work that America needs done,” he said.
That January outline predicted that with a stimulus bill, unemployment would be less than eight percent by the end of June 2009. Without the stimulus spending, unemployment was projected to rise to about 8.3 percent by June.
June’s unemployment numbers show that Obama’s estimates of how successful the stimulus would be were inaccurate and overestimated the effect that billions of federal dollars would have on employment. Under the estimate, the stimulus plan would have kept unemployment below eight percent, driving unemployment down by October 2009.
"