The Catastrophe Obama Predicted Is Upon Us

October-UI-rate-chartIn January President Obama’s economic team published a report, including this chart, predicting the number of jobs that would be created “or saved” by borrowing and spending $787 Billion on so-called “stimulus,” also called the Recovery Act.

Blinded by their own hubris, Obama and the report’s authors promised exactly 3,675,000 jobs would be created by the “stimulus” or Recovery Act.  They even included figures by industry.  For example, 499 Thousand jobs would be created or saved in the Leisure and Hospitality Industry – not 500 or 4 98.

Obama hectored us continuously with urgent warnings that there would be millions more layoffs if Congress didn’t act immediately, without stopping to think. In January he said…

A failure to act, and act now, will turn crisis into a catastrophe and guarantee a longer recession, a less robust recovery, and a more uncertain future. Millions more jobs will be lost.

Stimulus Results By The Numbers:

In the eight months ending January, 2009 when the President warned “catastrophe” would result without his stimulus, unemployment increased by 3.1 million workers.

In the eight months from February, when the stimulus was enacted, through October, unemployment grew by 3.2 million workers.

This morning, Obama claimed his program has succeeded and reminded us that re-employment has always been a “lagging indicator” as recessions end and recoveries begin.

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2 Comments so far

  1. uberVU - social comments on November 7th, 2009

    Social comments and analytics for this post…

    This post was mentioned on Twitter by boomerjeff: Stimulus was Obamatastrophe #1. Today Pelosi forces reluctant members to vote on Obamatastrophe #2 http://bit.ly/1wUUm1 #tcot #killbill #p2…

  2. Drew on November 10th, 2009

    This summer I predicted that the unemployment rate might breach the 11% mark. That prediction is looking better all the time.

    That will be a sad event and I take no joy in the result, except that it might hasten the exit of this horrific crew of leftists that currently occupy Congress and the White House.