In releasing a new study concocted by the same people who said the unemployment rate would never exceed 8 percent if stimulus was passed (at 10 percent it currently stands 25 percent higher), Christina Romer, the chair of the President’s Council of Economic Advisors, said the Democrats’ bill had a “truly stunning and important effect” on jobs and that “it has done exactly what we have anticipated it would do.” That is certainly news to the record 10 million Americans currently receiving unemployment benefits and a total rewriting of the Administration’s own predictions. As shown by the chart below, unemployment is now well above the level the Administration predicted even without stimulus.
To see how else the Administration’s jobs promises fell short, click here.
Source: Projection from January 2009 Romer/Bernstein report, with actual unemployment rate data from Department of Labor, Bureau of Labor Statistics.
(Click to Enlarge)