Obama and Democrats created high unemployment and blame Bush and others, Obama inherited 2 years of a Democrat controlled Congress, Unemployment and gas prices began climb in Jan 2007
“What do you think a stimulus is? It’s spending – that’s the whole point! Seriously.”…Barack Obama
“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. America has a debt problem and a failure of leadership. Americans deserve better. I, therefore, intend to oppose the effort to increase America’s debt.”…Barack Obama
“And if all others accepted the lie which the Party imposed
–if all records told the same tale–then the lie passed into
history and became truth. “Who controls the past,” ran the
Party slogan, “controls the future: who controls the present
controls the past.”…George Orwell, “1984″
The catalyst for this article came several days ago after a brief conversation with a young college student. It is my understanding that this young man is not a Obama supporter. However he believed that unemployment had gone down since Obama took office. I enlightened him.
Citizen Wells began quoting George Orwell early in 2008 for a reason. Obama, in concert with the mainstream media, has been telling non stop lies. One of the constant themes of lies has to do with the Obama stimulus bill and job creation and unemployment.
There has been much debate about whether or not Obama promised that the stimulus bill would keep unemployment at a maximum of 8 percent or not. It does not matter. Obama stated that the stimulus would save and create jobs and the following graph from a report prepared by Christina Romer and Jared Bernstein shows unemployment staying below 8 percent with the implementation of Obama’s stimulus bill.
The Washington Post has more on this.
From Investors Business Daily February 17, 2012.
“Obama Stimulus Turns Three: What Has It Achieved?”
“Without any fanfare whatsoever from the White House, February 17 marks the three-year anniversary of the day President Obama signed the much ballyhooed stimulus into law.
At the time, Obama claimed that it would “create or save” up to 3.5 million jobs, and that “a new wave of innovation, activity and construction will be unleashed across America.” The stimulus, would, he promised””ignite spending by businesses and consumers” and bring “real and lasting change for generations to come.”
So three years later, how do the stimulus results stack up? Here’s where various indicators stood in or around February 2009, and where they stand today.
Unemployment rate: The jobless rate is unchanged from February 2009 to January 2012, the latest month for which we have data. Both stood at 8.3%, according to the Bureau of Labor Statistics. Obama’s economists had initially predicted that with the stimulus, unemployment would stay below 8%.
Number of long-term unemployed: The number of workers who have been unable to find a job in 27 months or more has shot up 83%, with their ranks now at 5.5 million.
Civilian labor force: It has shrunk by 126,000. In past recoveries, the labor force climbed an average of more than 3 million over comparable time periods.
Labor force participation: The share of adults in the labor force — either looking or working — has dropped 3% — also highly unusual in a recovery. At 63.7%, labor force participation is at a low not seen since the middle of the very deep 1981-82 recession, when fewer women were in the work force. A lower participation rate makes the unemployment rate look better.
Household income: Median annual household income is about 7% below where it was in February 2009, according to the Sentier Research Household Income Index.
National debt: Up $4.5 trillion, or 41%, according to the Treasury Department’s monthly reports. The latest Treasury figures put the national debt at $15.4 trillion, larger than the entire U.S. economy.
Deficits: The deficit for fiscal year 2009 totaled $1.4 trillion. The Obama administration’s proposed deficit for 2012 is $1.3 trillion, which would mark the fourth year of deficits topping $1 trillion.
Gross Domestic Product: Real GDP has climbed just 6% between Q1 2009 and Q4 2011, according to the Bureau of Economic Analysis.
Spending by consumers and businesses: Personal consumption has managed to climb 10% in the past three years, according to the BEA, but companies continue to hoard cash, with cash on hand up 27% since Q1 2009, according to the Federal Reserve Bank.
Stimulus price tag: The original estimate for the cost of the stimulus was $787 billion. Now the Congressional Budget Office says that, when all is said and done, it will have cost$825 billion .
Perhaps the best measure of the success or failure of the stimulus, however, is the fact that President Obama in his latest budget plan has called for still another round of stimulus spending, this time totaling $350 billion over the next four years, for what is labeled “short-term measures for jobs growth.””
The Democrats took control of Congress in January 2007. Obviously Obama inherited the damage they inflicted on the economy and made it worse.
US unemployment data, from the federal government, Jan. 2007 to Jan. 2012.
More details here.