Administration’s Revisionist History: Putting the Economy’s “Incredible Progress” in Perspective
Administration Previously Predicted 5.9 Percent Unemployment by 2012
Now (October 2014)
“Our economy is making incredible progress.” For example, 5.9 percent unemployment is “a number many economists didn’t think we’d see for years.”
Sources: White House press release and email from CEA Chairman Jason Furman, October 3, 2014.
Then (January 2009)
The Obama Administration predicted that, with Democrats’ stimulus plan, the U.S. unemployment rate would fall to 5.9 percent by early 2012. Even without stimulus, the Administration forecast the unemployment rate would fall to 5.9 percent by late 2012 – that is, two years ago.
Source: Administration’s January 2009 Romer/Bernstein Report.