Yesterday, Minority Whip Hoyer declared the stimulus “did work.” The Obama Administration promised the stimulus would keep unemployment below 8%, however unemployment has averaged 9.4% since passage of the stimulus. Unemployment today is at 9.1%, nearly a full point higher than when President Obama forced the stimulus bill through Congress.
House Republicans have put forth a plan for job creators and are moving forward on afall legislative agenda to foster job creation, remove harmful regulations, boost economic growth and help get Americans back to work.
Obama’s Economic Advisors Predicted That The Stimulus Would Keep The Unemployment Rate Below 8 Percent With Stimulus. (The Job Impact Of The American Recovery And Reinvestment Plan, 1/9/09)
Last Week, CBO Said Unemployment Will Remain Above The Administration’s Projection Of 8% Until At Least 2014. That means a lousy job market for years to come. CBO expects the unemployment rate to fall from today’s 9.1 to 8.5 percent in the fourth quarter of 2012—and then to remain above 8% until 2014. (The Wall Street Journal, 8/24/11)
Under President Obama, Long-Term Unemployment Has Reached An Unprecedented Level. On average, 44 percent of workers who were unemployed in the first half of 2011 had been jobless for more than six months. Moreover, in mid-2011, 31 percent of unemployed workers had been jobless for at least a year. Those rates of long-term unemployment are unprecedented in the post–World War II era. (By comparison, workers who had been jobless for more than six months accounted for about 25 percent of all unemployed workers shortly after the 1981–1982 recession.) (CBO, 8/24/11)
There Are 2.5 Million Fewer Jobs Today Than When President Obama Took Office. The nation has 2.5 million fewer jobs today than the day Obama took office. (Politico, 8/4/11)