Yesterday’s news that the unemployment rate moved up to 8.3 percent is as good of a time as time as any to revisit the promises the then-incoming administration made in 2009 regarding the economic stimulus bill. Back then they said the stimulus would have unemployment below 6 percent by now.
Not only that but they claimed that the unemployment would be at that 6 percent level now even if the stimulus bill was not passed. That is, that they predicted the economy would recover to that level naturally. In short, the White Houses projections regarding stimulus and the economy were wildly off.