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STIMULUS: DECONSTRUCTED

- February 17, 2012

Three Years Of Failed Policies

$825 BILLION WORTH OF BROKEN PROMISES

THE STIMULUS FAILED TO KEEP UNEMPLOYMENT BELOW EIGHT PERCENT

PROMISE: Obama’s Economic Advisors Crafted A Stimulus Bill They Predicted Would Keep Unemployment Below Eight Percent. (Christina Romer and Jared Bernstein, “The Job Impact Of The American Recovery And Reinvestment Plan,” 1/9/09)

  • Obama Released A Graph So “The American People Can See Exactly What This Plan Will Mean For Their Families, Their Communities, And Our Economy.” “I asked my nominee for Chair of the Council of Economic Advisers, Dr. Christina Romer, and the Vice President-Elect’s Chief Economic Adviser, Dr. Jared Bernstein, to conduct a rigorous analysis of this plan and come up with projections of how many jobs it will create – and what kind of jobs they will be. Today, I am releasing a report of their findings so that the American people can see exactly what this plan will mean for their families, their communities, and our economy.” (President-Elect Barack Obama, The President Elect’s Radio Address, 1/10/09)

BROKEN: Congressional Budget Office: Unemployment Has Remained Above Eight Percent For The Longest Stretch Since The Great Depression. “The rate of unemployment in the United States has exceeded 8 percent since February 2009, making the past three years the longest stretch of high unemployment in this country since the Great Depression.” (“Understanding And Responding To Persistently High Unemployment,” Congressional Budget Office, 2/16/12)

The Unemployment Rate Has Remained Above Eight Percent For A Post-WWII Record 36 Straight Months Since The Stimulus Was Passed. (Bureau Of Labor Statistics, Accessed 2/17/12)

Obama’s Advisors Made Projections About How Many Jobs The Stimulus Would Create That Were Dead Wrong

Obama Said His Advisors Conducted “A Rigorous Analysis” With Projections Of “How Many Jobs It Will Create – And What Kind Of Jobs They Will Be.” OBAMA: “I asked my nominee for Chair of the Council of Economic Advisers, Dr. Christina Romer, and the Vice President-Elect’s Chief Economic Adviser, Dr. Jared Bernstein, to conduct a rigorous analysis of this plan and come up with projections of how many jobs it will create – and what kind of jobs they will be.” (President-Elect Barack Obama, The President Elect’s Radio Address, 1/10/09)

Obama’s Advisors Predicted The Stimulus Would Create 26,000 Jobs In The Mining Industry By The End Of 2010. (Christina Romer and Jared Bernstein, “The Job Impact Of The American Recovery And Reinvestment Plan,” 1/9/09)

Obama’s Advisors Predicted The Stimulus Would Create 678,000 Jobs In The Construction Industry By The End Of 2010. (Christina Romer and Jared Bernstein, “The Job Impact Of The American Recovery And Reinvestment Plan,” 1/9/09)

Obama’s Advisors Predicted The Stimulus Would Create 408,000 Jobs In The Manufacturing Industry By The End Of 2010. (Christina Romer and Jared Bernstein, “The Job Impact Of The American Recovery And Reinvestment Plan,” 1/9/09)

Obama’s Advisors Predicted The Stimulus Would Create 158,000 Jobs In The Wholesale Trade Industry By The End Of 2010. (Christina Romer and Jared Bernstein, “The Job Impact Of The American Recovery And Reinvestment Plan,” 1/9/09)

Obama’s Advisors Predicted The Stimulus Would Create 604,000 Jobs In The Retail Trade Industry By The End Of 2010. (Christina Romer and Jared Bernstein, “The Job Impact Of The American Recovery And Reinvestment Plan,” 1/9/09)

Obama’s Advisors Predicted The Stimulus Would Create 50,000 Jobs In The Information Industry By The End Of 2010. (Christina Romer and Jared Bernstein, “The Job Impact Of The American Recovery And Reinvestment Plan,” 1/9/09)

Obama’s Advisors Predicted The Stimulus Would Create 214,000 Jobs In The Financial Activities Industry By The End Of 2010. (Christina Romer and Jared Bernstein, “The Job Impact Of The American Recovery And Reinvestment Plan,” 1/9/09)

Obama’s Advisors Predicted The Stimulus Would Create 499,000 Jobs In The Leisure And Hospitality Industry By The End Of 2010. (Christina Romer and Jared Bernstein, “The Job Impact Of The American Recovery And Reinvestment Plan,” 1/9/09)

Obama’s Advisors Predicted The Stimulus Would Create 11,000 Jobs In The Utilities Industry By The End Of 2010.. (Christina Romer and Jared Bernstein, “The Job Impact Of The American Recovery And Reinvestment Plan,” 1/9/09)

Obama’s Advisors Predicted The Stimulus Would Create 98,000 Jobs In The Transportation And Warehousing Industry By The End Of 2010. (Christina Romer and Jared Bernstein, “The Job Impact Of The American Recovery And Reinvestment Plan,” 1/9/09)

  • By The End Of 2010, The Transportation And Warehousing Industry Had Lost 107,400 Jobs. (Bureau Of Labor Statistics, Accessed 2/16/12)

Obama’s Advisors Predicted The Stimulus Would Create 244,000 Government Jobs By The End Of 2010. (Christina Romer and Jared Bernstein, “The Job Impact Of The American Recovery And Reinvestment Plan,” 1/9/09)

The Stimulus Has Fallen Far Short Of What Obama Predicted, Even He Admits That

To Richard Wolffe, Obama “Also Admitted That The Enormous Sums Of Money” In The Stimulus “Had Fallen Short.” “Yet he also admitted that the enormous sums of money had fallen short. ‘If we’re honest, part of the controversy also is that despite the extraordinary work that has been done through the Recovery Act, millions of Americans are still without jobs. Millions more are struggling to make ends meet. So it doesn’t yet feel like much of a recovery. And I understand that. It’s why we’re going to continue to do everything in our power to turn this economy around.’” (Richard Wolffe, Revival: The Struggle For Survival Inside The Obama White House, 2010, p. 155)

  • FactCheck.org: “It’s Accurate To Say The Stimulus Has Failed To Live Up To Initial Expectations.” “CBO's high estimate is still short of the 3.5 million jobs that Obama had said would be created by the end of 2010, so it's accurate to say the stimulus has failed to live up to initial expectations. White House advisers wrongly estimated that the stimulus would bring the unemployment rate down to 7 percent — though they also thought the rate without the stimulus would be lower than it actually is, and they made clear that ‘substantial uncertainty’ surrounded those estimates.” (Lori Robertson, “Dueling Economic Ads,” Fact Check, 6/30/11)

Read The Rest HERE.


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