1. “Jump-Start” Job Creation
2. When “Jump-Starting” Doesn’t Work,Try “Accelerating” Job Creation
3. When “Accelerating” Doesn’t Work, Try “Jump-Starting” Again
Nearly 10 months after signing his $787 billion stimulus bill into law, President Obama will host a Stimulus II Jobs Summit tomorrow. According to the Chair of his Council of Economic Advisors, the purpose is to “jump-start job creation.” But, wasn’t that the goal of Stimulus I?
Despite all the rhetoric, the reality is that instead of “saving or creating” 3.5 million jobs, the national unemployment rate now stands at 10.2% – far higher than the Administration predicted and leaving 3.7 million MORE Americans unemployed than the Administration promised if stimulus passed.
Given the amount of new (or more likely recycled) rhetoric that will come out of tomorrow’s Stimulus II Jobs Summit, it is important to look at what the Administration previously said about its ability to create American jobs:
Before and shortly after the 2009 stimulus law was signed we were told it would “jump-start job creation”:
- “Obama said that his American Recovery and Reinvestment Plan would ‘immediately jump-start job creation and long-term growth.’”
- “Two weeks ago, I signed into law the American Recovery and Reinvestment Act, the most sweeping economic recovery plan in history. And already, its impact is being felt across this nation.”
But when the unemployment rate rose higher than Administration economists predicted it would go without stimulus, the rhetoric shifted to stimulus “accelerating” job growth:
- Vice President Biden: “But the speed of job growth will really pick up in the next few months.”
- “The President and Vice President met with Cabinet officials today to discuss the wide-ranging effects of the Recovery Act, as well as an ambitious plan announced by the Vice President this morning to accelerate efforts for the next 100 days called the Roadmap to Recovery….the Administration is boosting recovery efforts to build on the progress we’ve already made.”
Now that unemployment is above 10 percent and 3.7 million more Americans than predicted are unemployed, the Administration is back to “jump-starting” job creation:
- Christina Romer, the Chair of the President’s Council of Economic Advisors, wrote in this morning’s Wall Street Journal that “now we are moving ahead toward solutions that jump-start job creation.”