FRONT PAGE CONTRIBUTOR
The Infamous, Updated, Romer-Bernstein Chart.
Via James Pethokoukis comes an updated version of the graph (originally created by Obama’s economic advisers Christina Romer and Jared Bernstein) that has been succinctly countering (for years) any and all attempts to argue that the misnamed ‘stimulus’ worked:
For those without access to the picture: it’s a modified version of this graph, which was used to sell the idea that with a stimulus, unemployment would not rise above 8%; and that without a stimulus, unemployment might rise all the way to… 9%!!!!!! That last sentence is what usually gets emphasized in these discussions, and for good reason (it was a nitwit prediction). But I’d [like] to note that according to the original chart we were forecast to be having about 6.5% or so unemployment at this point, with that number dropping rapidly. For that matter, I’d also like to note that neither Romer nor Bernstein are currently employed by the Obama administration; they were more or less booted as quietly as could be managed, once the magnitude of the stimulus disaster was fully grasped by the White House.
Alas, the damage has been done.
Moe Lane (crosspost)