Wednesday, September 26, 2012

Free Beacon Reminds Us about Obama's Economic Forecasts--and Their Failures

The Washington Free Beacon reminds of the promises of economic recovery:
In January 2009, before Obama took office, his future economists Christina Romer and Jared Bernstein released a report projecting the effects of the incoming President’s proposed stimulus package. In the forecast, Romer and Bernstein predicted that the stimulus would prevent the unemployment rate from ever hitting 8 percent. If Congress didn’t adopt the President’s plan, the unemployment rate would rise to 9 percent but fall back down to 6 percent by the third quarter of 2012, they argued. In reality, Obama’s massive stimulus package was adopted and the unemployment rate rose to 10 percent in October 2009 and currently sits at 8.1 percent—a number achieved only because millions have given up looking for work altogether.
In June 2010, the Obama Administration claimed the “Summer of Economic Recovery” had arrived. Treasury Secretary Tim Geithner welcomed Americans to the recovery in August 2010. But as of summer 2012, “Americans [were] still waiting for the recovery,” according to Sen. John Thune (R., S.D.). The economy has yet to recover. Unemployment remains above 8 percent and the economy consistently adds less than 100,000 jobs per month.
Obama's Forecast Failures || The Washington Free Beacon

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