CBO Report Projects Unemployment Rate to Stay Well above Administration’s “With Stimulus” Forecast
On Tuesday, the Congressional Budget Office (CBO) released a report that predicts that the unemployment rate will remain close to 8 percent through the end of this year. That’s the same level the Obama Administration predicted the unemployment rate would max out at in mid-2009, back when they were trying to sell their trillion-dollar 2009 stimulus plan to Congress and the American people. Unfortunately for American workers and families, the Administration was wrong then, and they are wrong now. Despite four years of trillion dollar deficits, President Obama is again pitching many of these same failed policies he called for while promoting his failed stimulus plan. If the President truly wants to change the trajectory of the chart below, he should abandon these failed policies and join Republicans in their efforts to get Americans back to work and the economy back on track.
Source: Department of Labor unemployment rate data, Obama Administration projections, and CBO projections.