The Labor Department announced this morning that employers eliminated another 216,000 American jobs last month, driving the unemployment rate to 9.7%. However, just yesterday, Vice President Joe Biden stated that, “the recovery act is doing more, faster, more efficiently and more effectively than we had hoped.”
“The so-called stimulus bill has disastrously failed to meet its main objective: getting Americans back to work,” said Ways and Means Ranking Member Dave Camp (R-MI). “The unemployment numbers today confirm that the only thing this bill stimulated was more deficit, which will haunt us for years to come.”
In January 2009, the President’s senior economists projected that if stimulus passed the unemployment rate in August 2009 would be 7.9%, far below the actual level of 9.7%. In the current labor force of 154.6 million, that difference means there are now 2.8 million more unemployed workers than the Administration projected in touting its stimulus package.