In early January, then-PEBO had his staff deliver a white paper to provide economic justification for the stimulus bill. As you might remember, one of the key issues for putting the stimulus in place was that it was going to dramatically reduce job loss. In fact, the argument was that the stimulus would not only reduce job loss but quickly put us into the position of lowering the unemployment rate. PEBO’s staff put together the following chart to show how unemployment with the stimulus would compare to unemployment if we just left things alone:
What you can see here is that in early January, PEBO believed that without the stimulus package, unemployment would peak at a bit over 9% and then recede. However, with the humungous, pork laden, we’ll pay for it forever stimulus package, unemployment would peak around 8% and make a rapid descent.
Today, American Pravda notes that 4 states have hit double digit unemployment rates. That’s not good. However, that’s not the important part of the article. Here’s the money line from the article:
Some economists now predict the U.S. unemployment rate will hit 10 percent by year-end, and peak at 11 percent or higher by the middle of 2010.
Barely two months ago, Obama and his ilk saw unemployment capping at 9% if they did nothing. Now that they’ve done a major something, they’ve pushed unemployment to a potential of 11%!
Obama had better hope that these economists are wrong. If not, the growing skepticism from all sides of the political spectrum, will quickly turn into a full scale rout!
rout
Correction.
R I O T
Maybe with torches and pitchforks!
We can only hope. We could add several Republican Senators to the list including some who may be surprised by the hostility pushed in their direction!