Stimulus Not Putting a Halt to Unemployment

June 6, 2009
By

Earlier this year we heard on and on that we had to pass massive stimulus bill to avert the certain disaster that was inherited by the current administration.  If we did not act “boldly”, we were headed off the cliff. 

We were even told that if we didn’t pass the stimulus “now”, unemployment could reach as high as 9%.  So in the middle of the night, the so called stimulus bill was released.  Many of our elected representative voted for the bill without even reading it.  Either that or they were for the AIG bonuses that so outraged them a few months later that they all voted to protect.

A great post over at hotair details how we have gotten exactly what we wanted to avoid. 

On Friday, the jobs data indicated that unemployment had reached 9.4%.

The post included a chart from Innocent Bystanders that updated the figures put forth by the Obama administration.

 

unemploymentgraph2 

With the maroon triangles showing the actual numbers, it appears that not only did they not accurately predict the impact of the stimulus, they neglected to catch that fact that the stimulus would lead to unemployment numbers worse than they predicted without the stimulus.

The bulk of the stimulus money has not been spent yet.  Several critics of the plan pointed that out prior to the passage of the bill.  Perhaps if the bill were posted to the public for 5 days as we were promised, more Americans would have realized the details of the bill.

Instead, the American people were sold on a $800 billion that had to be passed immediately or else.  With the “purpose” of the bill to keep unemployment below 9 %, it apparently is a huge failure.

Perhaps we will all remember this when the next “emergency must pass now” bill is pushed out in the middle of the night.

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4 Responses to Stimulus Not Putting a Halt to Unemployment

  1. Michael on June 6, 2009 at 8:43 pm

    Actually, the current chart includes May, and can by found here.

  2. Michael on June 6, 2009 at 8:44 pm

    In other words, you had to click the link at Hot Air to get to the current chart.

  3. admin on June 11, 2009 at 8:47 pm

    Michael, thanks for pointing that out. I updated the chart. I can’t wait for the new one to come out!

  4. [...] Continues to Rise Despite Stimulus Saturday, September 5, 2009 By admin We reported earlier in the year that the stimulus bill isn’t helping the employment picture.  When the Obama [...]

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