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Back in February 2009, the Obama Administration promised the American public that after their nearly trillion dollar stimulus took effect, the unemployment rate would drop down to 5.2% at the end of his first term.
Today it’s at 8.3%.
The White House's famous graph projecting with and without the stimulus:
Obama tried to convince America that they could spend their way out of recession.
The famed Rosy Scenario, coined in the early days of the Reagan White House when large tax cuts and higher defense spending were assumed to be paid for in part by strong economic growth, is a cornerstone of the Obama administration’s first multiyear budget.
After contracting at a 1.2% rate in 2009, a more modest drop than the Congressional Budget Office and Blue Chip Consensus forecasts assume, the White House sees growth domestic product growth snapping back by 3.2% next year and then 4% or higher the three years after that.
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The unemployment rate at the end of President Barack Obama‘s term in 2013 will be just 5.2%,according to the White House. The rate currently sits at 7.6%, and many economists expect it to climb past 9% before the recession ends. A report Thursday showing jobless claims at a 26-year high supports the more pessimistic forecasts, at least in the short run.
If Obama was working in the private sector he would have been canned a long time ago.
Thinks look bad for Bo in November. It appears, due to Obama's incompetence, that several democratic senators will lose thier seat and will deliver the Senate to the republicans.
Obama has been the best thing to happen to the republican party in years. I hope that the dems come up with another candidate like him in 2016.
Good job numbers today were a plus for Obama. Stocks jumped. Consumer confidence will strengthen on the numbers as well. Expect it to continue and improve into the fall. Obama is looking more unbeatable every day!
But Latta's statement suggests Obama was offering some sort of guarantee.
The administration never characterized it that way and included plenty of disclaimers saying the predictions had "significant margins of error" and a higher degree of uncertainty due to a recession that is "unusual both in its fundamental causes and its severity." It was an economic projection with warnings of a high margin for error, not a take-it-to-the-bank pledge of an upper limit on unemployment. Those are critical facts that Latta’s claim ignores.
My business that I BUILT myself thrived during the Bush years.
New owner is struggling under porky debt ridden Obama.
I doubt your business was thriving in 2008 when the economy took a 6% dive (pssst, 2008 was before Obama was president.)
How, exactly, are the new owner "struggling under porky debt ridden Obama?" Are interest rates high? No, they're at record lows.
Is the government borrowing crowding out private businesses? No, there are trillions on the sidelines.
I would suggest that you think about what you're typing before you do it. Otherwise, you run the risk of people thinking you are just making up nonsense on the spot.
We would be at 11% UE rate if labor participation rate was the same as when obama took office. Under his ministrations, MILLIONS have left the workforce.
Quote:
No, there are trillions on the sidelines.
Do you realize what they're waiting for yet? Along with consumers? I'll give you a hint. You'll see a difference Nov 7th if all well and this country gets on the right path.
As Mitt Romney has lectured to us, the Government doesn't creat jobs. Private industry does. And in those industries that have seen some success the owners have chosen to pile more work on current employees instead of adding employees ... as they would have done a decade ago. Productivity has risen sharply in the USA. So, really, it's private business which bares some responsibility for the lack of employment. Also, too, we don't live in a vaccume. We live in a worldwide economy ... and there are various serious financial problems abroad which have impacted purchases of goods/services from the USA and from subsidiaries of USA companies operating abroad. Add to all of this an anti-American House of Representatives, on the GOP side, which has embarked on a plan to bring our nation to its knees for its selfish purposes. Its a wonder that our nation has done as well as it has recently given the attacks. Thank God we have President Obama standing up to the extremists.
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