The DNC attempts to conduct economic analysis in their pre-buttal to tonight’s GOP presidential primary debate at the Reagan Library, claiming that cutting our $1.3 trillion deficit, capping spending, and balancing the budget would cost 9.5 million jobs. The Democrats claim their “analysis” is valid because it is based on the “conservative Romer-Bernstein rule of thumb that equates 1 percent of GDP to 1 million jobs.”
Using that same “conservative Romer-Bernstein rule of thumb” led Obama and Democrats to make their infamous claim that Obama’s $825 billion stimulus would keep unemployment below 8 percent.
We all know how that turned out: the unemployment rate increased from 8.2 percent to 9.1 percent. We’ve had a post WWII-record 31 months of unemployment above 8 percent.
And today we learned from The Washington Post’s Fact Checker that the Obama claim that Democrats signed the biggest middle-class tax cut is just not true, receiving the maximum four Pinocchio’s (i.e. a really big lie). When asked for outside validation of their claim, the Obama White House cited a report that … cited White House talking points.
But with Obama’s dismal record on the economy – 2.4 million jobs lost, 9.1 percent unemployment, $4 trillion added to the national debt – why worry about credibility?
DNC PRE-BUTTAL - "DNC Report: Tea Party Economic Plan [Cut, Cap and Balance] Endorsed By GOP Presidential Field Would Cost 9.5 Million Jobs If Fully Phased In By 2012 ... This new report ... uses the conservative Romer-Bernstein rule of thumb that equates 1 percent of GDP to 1 million jobs. ... The Tea Party economic plan endorsed by the GOP presidential field, euphemistically referred to as Cut, Cap and Balance, might make for great sound bites at a Tea Party Express rally, but based our analysis, it would be devastating to American workers and the middle class." http://my.democrats.org/DNC-report
Obama’s Economic Advisors – Christina Romer and Jared Bernstein – Predicted That The Stimulus Would Keep The Unemployment Rate Below 8 Percent With Stimulus. (Christina Romer and Jared Bernstein, "The Job Impact Of The American Recovery And Reinvestment Plan," 1/9/09)
Since President Obama Took Office The Nation Has Lost 2.4 Million Jobs. (Bureau Of Labor Statistics, BLS.gov, Accessed 9/6/11)
Since President Obama Took Office, The Unemployment Rate Has Increased From 7.8 Percent To 9.1 Percent. (Bureau Of Labor Statistics, BLS.gov, Accessed 9/6/11)
Since President Obama’s $825 Billion Stimulus Bill Passed, The Unemployment Rate Has Increased From 8.2 Percent To 9.1 Percent. (Bureau Of Labor Statistics, BLS.gov, Accessed 9/6/11)
Since Obama Took Office, The National Debt Has Increased By $4 Trillion. (Department Of The Treasury, “Debt To The Penny And Who Holds It,” TreasuryDirect.gov, Accessed 9/6/11)
Economy Jobs, Wages and Unemployment