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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.
Actually, the 8.3 figure is much higher, more like 14-15%. We should be looking at real numbers because they represent real people.
Very true indeed!
When you count the people who've totally given-up on finding a job and everything else, it's TRULY bad.
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