Monday, June 08, 2009


Re: Unemployment

We're now at a point where unemployment is actually worse than it was supposed to be if Obama's much-ballyhooed stimulus hadn't been passed at all -- if that makes any sense. This here chart, which makes a whole lotta sense, will help explain the subject at hand:

Then there's this from National Review:

National unemployment rate the month that the stimulus was signed into law: 8.1 percent.

National unemployment rate today: 9.4 percent.

Obama, today: "President Barack Obama promised Monday to deliver more than 600,000 jobs through his $787 billion stimulus plan this summer, with federal agencies pumping billions into public works projects, schools and summer youth programs."

Obama's staff, today: "Obama is ramping up his stimulus program this week even as his advisers are ramping down expectations about when the spending plan will affect a continuing rise in the nation's unemployment."

It's troubling when the left hand doesn't know what the further left hand is doing.

That said, some economists are predicting that U.S. unemployment will peak above 10 percent in 2010. Given that Obama and his Congressional allies seem unwilling to abandon Keynesian demand-side economic policies, 10 percent may be a low-ball figure.

Call me crazy, but the only thing Obama's stimulus seems to be, well, stimulating is more unemployment. Is that how it was supposed to work ...?!

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