The Leader Board

Unemployment Reality

Feb 09 2012

The Obama Administration Said Their Stimulus Package Would Keep Unemployment Below 8 Percent, But That's Not What Happened

SEN. MITCH MCCONNELL (R-KY): "Three years ago this month President Obama signed a trillion dollar Stimulus bill that we were told would keep unemployment below 8 percent and drop-kick us out of the recession." (Sen. McConnell, Remarks (As Prepared) At CPAC, Washington, D.C. 2/9/12)

The Obama Economy

The unemployment rate has stood above 8% for 36 months (Feb. 2009 – Jan. 2012).  ("The Unemployment Situation – January 2012," Bureau Of Labor Statistics, 2/3/12) ; (BLS, Accessed 1/24/12) 

Average duration of unemployment was 40.1 weeks in Jan. 2012.("Table A-12. Unemployed Persons By Duration Of Unemployment," Bureau Of Labor Statistics, 2/3/12) 

428,000 jobs lost Feb. 2009 – Jan. 2012. (U.S. Dept. Of Labor, "Employment, Hour, And Earnings From The Current Employment Statistics Survey (National)," Accessed 11/28/11)

5,614,000 jobs lost Jan. 2008 – Jan. 2012. (U.S. Dept. Of Labor, "Employment, Hour, And Earnings From The Current Employment Statistics Survey (National)," Accessed 11/28/11) 

The black unemployment rate is 13.6%. ("Table A-2. Employment Status Of The Civilian Population By Race, Sex, And Age," Bureau Of Labor Statistics, 2/3/12) 

The Hispanic unemployment rate is 10.5%. ("Table A-3. Employment Status Of The Hispanic Or Latino Population By Sex And Age," Bureau Of Labor Statistics, 2/3/12) 

The 20-24 years old unemployment rate is 13.3%. ("Labor Force Statistics From The Current Population Survey: Unemployment Rate 20-24 Years," Bureau Of Labor Statistics, Accessed 2/7/12)

 

Stimulus Promise:  It 'Literally Drop-Kicks Us Out Of This Recession'

VICE PRESIDENT BIDEN: In "18 months" stimulus will "create 3.5 million jobs… literally drop-kicks us out of this recession." (Vice President Biden, Remarks At Recover Plan Implementation Meeting, The White House, 2/25/09)

Obama advisors Christina Romer & Jared Bernstein claimed that the "unemployment rate with… the recovery plan," would not exceed eight percent. (Christina Romer & Jared Bernstein, "The Job Impact Of The American Recovery And Reinvestment Plan," P.4, 1/9/09)

 

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