Is the Answer Really More Stimulus?
As President Obama’s budget director in 2009 and 2010, Peter Orszag implemented a stimulus law that yielded two results – a failure to deliver the jobs promised and two of the largest budget deficits in U.S. history. After leaving the Obama Administration for Wall Street, he now admits the U.S. labor market remains “extremely weak,” even after trillions of dollars in stimulus and deficit spending. His ironic answer? Even more stimulus and deficit spending. Perhaps, before we consider such a suggestion, it is worth considering the effects of the Democrats’ failed trillion-dollar 2009-stimulus plan, and where that has actually left the U.S. economy.
Source: Department of Labor unemployment rate data and Obama Administration projections.