mr2shim
Well-Known Member
NLXSK1,..
https://www.rollitup.org/politics/563148-obama-gave-us-commerce-gun-10.html#post8005064
https://www.rollitup.org/politics/563148-obama-gave-us-commerce-gun-10.html#post8005064
"We were promised. The president said we would keep unemployment under 8.5 percent (if the stimulus passed)." Since then, it has become frequent conservative talking point -- cited repeatedly by Fox's Sean Hannity, Glenn Beck and others. So we thought it was worth revisiting.
First, we could find no instance of anyone in the administration directly making such a public pledge. Rather, it comes via a Jan. 9, 2009, report called "The Job Impact of the American Recovery and Reinvestment Plan" from Christina Romer, chairwoman of the president's Council of Economic Advisers, and Jared Bernstein, the vice president's top economic adviser.
Their report projected that the stimulus plan proposed by Obama would create 3 million to 4 million jobs by the end of 2010. The report also included a chart predicting unemployment rates with and without the stimulus. Without the stimulus (the baseline), unemployment was projected to hit about 8.5 percent in 2009 and then continue rising to a peak of about 9 percent in 2010. With the stimulus, they predicted the unemployment rate would peak at just under 8 percent in 2009.
As Will rightly noted, it went higher. The unemployment rate peaked around 10 percent in late 2009 and is now around 9.5 percent. And Will is also right that the cost of the stimulus rose dramatically.
But what we saw from the administration in January 2009 was a projection, not a promise. And it was a projection that came with heavy disclaimers.
"It should be understood that all of the estimates presented in this memo are subject to significant margins of error," the report states. "There is the more fundamental uncertainty that comes with any estimate of the effects of a program. Our estimates of economic relationships and rules of thumb are derived from historical experience and so will not apply exactly in any given episode. Furthermore, the uncertainty is surely higher than normal now because the current recession is unusual both in its fundamental causes and its severity."
Repost from post #107, since you seem to be avoiding this I'll keep posting it until you own up it.SO, Obama... Who said we wouldnt have unemployment over 8% if we spent a trillion dollars (it has not been BELOW 8% since then), the guy that said he would cut the deficit in half by the end of his first term (the deficit has never been higher), the guy that said that American family's would already be paying thousands less in health care costs (which did not happen), the guy that said it would cost 900 billion dollars (while the CBO actually admits the number is over 2.7 trillion), the guy that double counts medicare cuts and transfers to Obamacare, the guy that tells the CBO to plug these numbers in and give him an answer not tied to reality....
That guy said it will be cheaper?? Whew.... I was worried there for a moment..
