Thanks to President Obama’s stimulus plan, which promised to keep unemployment below 8%, we’re now seeing unemployment hitting double-digits at 10.2%. This is despite the president’s promise that the billion dollar stimulus plan passed in February would spur economic growth.
Report from Heritage:
On November 6, the Bureau of Labor Statistics announced that the unemployment rate had soared from 9.8 percent to 10.2 percent in October. Jobs losses in October–190,000–were higher than expected. As job losses mount, the monthly jobs report continues to demonstrate both the failure of the stimulus bill and the hollowness of the Administration’s claim that it created or saved 640,000 jobs. Congress and the Administration should encourage private-sector investment and entrepreneurship instead of attempting to plan a recovery from Washington.
The Heritage Foundation put together a fantastic chart showing how abysmally wrong the White House’s estimates were compared to the reality that is our new 10.2% unemployment number:
Here’s another graph illustrating Obama’s obvious failures:
This is further exacerbated for the administration given the falsities continuing to be uncovered in their claim of jobs being “saved or created,” which is total nonsense. Hot Air has a story showing that 25% of the “saved or created” jobs on California are bogus according to the Sacramento Bee.