The Jobs Search – For Americans Still Looking for Work, It’s an Unhappy Second Birthday for Stimulus
February 17, 2011, marks the second anniversary of President Obama’s signing into law the Democrats’ failed stimulus plan. At the time, the President predicted that “it will create or save 3.5 million jobs over the next two years.” One year later, he said it, “is on track to save and create another 1.5 million jobs in 2010.” As the law marks its second birthday, Americans looking for work can only wish either claim were true.
As the data below reflects, current payroll employment is over 7 million jobs short of the Administration’s pre-stimulus forecast. And instead of causing unemployment to fall below 7 percent by now, the unemployment rate in January 2011 remained stuck at 9 percent or higher for the 21st consecutive month – the longest period since the Great Depression.
JOBS: Over 7 million fewer jobs than the Administration predicted by now with stimulus
|
Administration prediction for end of CY 2010 |
137.55 million |
|
January 2011 actual |
130.26 million |
|
Difference |
-7.3 million fewer jobs than predicted |
UNEMPLOYMENT RATE: More than 2 percentage points higher unemployment rate than the Administration predicted by now with stimulus
|
Administration January 2011 prediction |
6.9% |
|
January 2011 actual |
9.0% |
|
Difference |
+2.1 percentage points higher than predicted |
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