Obama’s Ecomony, Not Bush’s The Bad News, He Wants Us Further in Debt
It’s Obama’s Economy
June 8, 2011
By Jonah Goldberg
“Now, my administration has a job to do as well, and that job is to get this economy back on its feet,” President Barack Obama declared on July 14, 2009, in Warren, Mich. “That’s my job, and it’s a job I gladly accept. I love these folks who helped get us in this mess and then suddenly say, well, this is Obama’s economy. That’s fine. Give it to me.”
OK. It’s yours.
The unemployment rate then was 9.5 percent. It’s now 9.1 percent, well above the 8 percent cap that the administration advisers projected under the stimulus bill. But that’s not the amazing part. According to a White House report written by economic advisers Jared Bernstein and Christina Romer in January 2009 in support of the bill, if we had passed no stimulus package at all, the unemployment rate would have topped out at around 8.8 percent in the last quarter of 2010.
Instead, we got Obama’s vital “investments.” Since his speech in Warren, we’ve spent another $2.8 trillion in borrowed money. Presumably, we could have cut the unemployment rate by four-tenths of a percentage point more cheaply than that?