Tuesday, May 12, 2009

The Obama Administration and Unemployment Projections. Oops

From Geoff at Innocent Bystander we find that the Obama Administration's projections at how unemployment levels would be with and without the Stimulus. Turns out with the trillions things aren't working out too well. We'll never know if the numbers might have actually gotten better without the Stimulus. But then I guess that's just trillions under the bridge so to speak.


Anonymous said...

Yes, that original claim to "create or save 3 million jobs" was absurd on its face. How could anyone ever find out about, let alone quantify, private sector jobs that were supposedly "saved"? It was just a weasel word to allow the BO forces to claim success no matter what.

Anonymous said...

Actually, the claim to save 3 million jobs was based on economic forecasts from people like Mark Zandi at Moody's,(McCains's advisor) Blue Chip Concensus, the Federal Reserve, CBO, several other leading economists. The plan hasn't failed contrary to what the folks who see a glass as half-empty think. It's working!!!!!!!!!!!!

The unemployment forecasts were low across the board and that means that without the stimulus which over 75% of economists support, we would probably be closer to 11% unemployment.

Of course, there are those few folks who would rather see the country go down the tubes and sit on their hands than stand up like Americans and make an effort to get the ship back on course.

Jack said...

Please show me the report that says the CBO agreed with these rosy predictions. They have been more conservative (realistic) all along.

Yesterday the administration admitted itself that we were "too optimistic".

And blaming other financial gurus for what the Obama administration projected as its own research at the time is lame - but consistent with BHO blaming everyone else.