Monday, January 09, 2012

Obama Was Right, but Pissed Away $825Bn Anyway

Well, at least one of their guesses was correct.

The 8.5 percent unemployment rate announced on Friday is in line with the rate the Obama administration forecast if the $825-billion stimulus package did not pass – it was signed into law in February 2009 and, besides funding myriad government projects and more public employees, was supposed to keep unemployment below 8 percent.

Without the stimulus, unemployment was projected to rise to 8.8 percent by the fourth quarter of 2010, according to a report by Christina Romer, then the chairwoman of the Council of Economic Advisors, and Jared Bernstein, then the chief economist for Vice President Joe Biden.

Too bad about that $825Bn, eh?  Hope your kids enjoy paying it back.

HT:  Zippers

No comments: