Remember The Hype & Promises on Election Day

A Final, Pre-Election Review of ObamaNomics

In February, 2009 President Obama sought to portray himself and Congress as heroic first responders, rescuing America from a soaring unemployment crisis.  In an editorial in the Washington Post he said in part:

I feel such a sense of urgency about the recovery plan before Congress. With it, we will create or save more than 3 million jobs over the next two years…Every day, our economy gets sicker — and the time for a remedy that puts Americans back to work, jump-starts our economy and invests in lasting growth is now.

The editorial, that still appears on the white house website here, went on to make extravagant promises of miraculous stimulus benefits in education, energy production, health care and most of all jobs.

In the run-up to House and Senate votes on the stimulus or  “recovery plan,” the President, the Democrats and the media relentlessly hectored us with urgent warnings of economic doom if it didn’t pass immediately.

The chart above, from a “report” by the Obama economic team, purported to project the total number of jobs to be created at 3,675,000.  The report even included precise figures breaking down the jobs to be created by industry.   In his weekly Internet/radio address President-elect Obama claimed:

The report confirms that our plan will likely save or create three to four million jobs.  90 percent of these jobs will be created in the private sector – the remaining 10 percent are mainly public sector jobs we save, like the teachers, police officers, firefighters and others who provide vital services in our communities.

In the final days before Congressional votes Democrats cranked up the urgency.  David Obey, Chairman of the House Appropriations Committee suggested that passing the stimulus would result in a halt in job losses the very next week:

Another week that we delay is another 100,000 more people unemployed.  I don’t think we want that on our consciences.

House Speaker Nancy Pelosi told Fox News:

We were — we will lose half a million jobs a month the longer we go without a package.

In a January 8 speech President Obama said:

I have moved quickly to work with my economic team and leaders of both parties on an American Recovery Act that will immediately jumpstart job creation and long term growth.

These comments were designed to build support by convincing the public that passing this legislation would bring about immediate results, that layoffs would all but cease, existing jobs would become secure, and millions of new jobs would be created.

As Obama’s chart above shows, results fell far short of political promises.  The Obama chart shows a projected unemployment rate of 7.3% for September, 2010 with a recovery act or 9% without it.   After 20 months of “stimulus” the actual rate in September was 9.6%.

2 Comments so far

  1. […] 11 Oct Amplify’d from libertyworks.com […]

  2. World Spinner on October 16th, 2010

    Remember The Hype & Promises on Election Day | Liberty Works |…

    Here at World Spinner we are debating the same thing……