Early this year, as the U.S. Congress prepared to debate a $787 billion spending bill that's better known as the stimulus plan, President Barack Obama claimed that immediate action was necessary to prevent unemployment from skyrocketing.
"Experts agree that if nothing is done, the unemployment rate could reach double digits," Mr. Obama said in a January 24 radio address. "If we do not act boldly and swiftly, a bad situation could become dramatically worse." The same month, his economic advisors released a report saying that, without the stimulus, unemployment would hit around 8.5 percent by April 2009, and 7.8 percent with it.
We know what happened next: a Democratic Congress quickly approved the legislation. But what may not be as obvious is that even with the stimulus, current unemployment is far worse than the Obama administration had predicted: it's already 8.9 percent.
In the last few days, a marked-up version of that chart has rocketed around economics and public policy blogs, with some administration critics arguing it showed the stimulus was unnecessary. (For perspective, the stimulus' generous $787 billion is roughly 60 percent of the total revenue that the IRS collects each year from Americans' personal income taxes, or almost seven times the entire GDP of New Zealand.) - CBS News Story
Obama sold his bill of goods to everyone who thought he was the Great Mesiah. Without his bold plan and swift action things were going down the crapper. It was all Bush's fault and he was here to save us all from the Evil Doer George W. Bush.
Well, now we know, he is just another Politician that is full of it up to his eyes. He got the Billions of our dollars and threw them right down the crapper. Who is going to save us next?
No comments:
Post a Comment