I know, this is old news having came out four days ago, but I think it worth repeating. The administration spins the yarn that the multi-billion dollar stimulus bill is working. The President claims that jobs are being created or saved even when job loss continues.
While the beginning of the current economic downturn and job losses did not start under President Obama, it has been over a year now he has been in the saddle, and he and congress now bear responsibility. The very least the administration could do is level with the American people.
Here is a short excerpts from the Heritage Foundation article:
A year ago, White House economists predicted that the stimulus bill would create (not merely save) 3.3 million net jobs by 2010. Since then, 3.5 million more net jobs have been lost, pushing the unemployment rate above 10 percent.
More specifically, in January 2009, non-farm payroll employment totaled 134.3 million jobs. The White House estimated that without stimulus, the number of jobs would fall to 133.9 million, while the stimulated economy would total 137.6 million jobs by fall 2010. The stimulus was enacted, yet the number of jobs has since fallen all the way to 130.8 million. This represents:
* A net loss of 3.5 million jobs overall;
* A net loss of 6.8 million jobs relative to the White House's projection with the stimulus; and
* A net loss of 3.1 million jobs relative to the White House's projection even without the stimulus.
Granted, the White House has until fall 2010 to meet its jobs target, but the odds of the economy closing a 6.8 million jobs deficit in the next nine months range between slim and none.
It sure looks like spin to this observer. I suppose though we should have come to expect such from American politicians, government officials, and the POTUS.
Check out this video, "Change We Can Believe In."
Read the entire article here.
Via: The Heritage Foundation