Show me the Jobs!
With the Obama administration finally having to address the public’s actual number one concern-jobs, the inevitable talk of a second stimulus comes up. First, we should turn the clock back to when they were trying to sell us on the first stimulus. They promised that if we passed the stimulus bill, unemployment would not rise above 8%, and they warned if we did not pass it, we would run the risk of hitting 9% unemployment. The Obama team had it all plotted out nicely for us how it would work, and it did not mention “created or saved” anywhere. By looking at their own graph, one can see what a complete and utter failure the stimulus has been using their own numbers. Here is the chart.
Any supporter of a second stimulus should be pointed to the above graph which shows clearly and graphically that not only did the stimulus not produce the intended unemployment rate, but the stimulus made the unemployment worse faster than if we had done nothing at all. There is not one shred of evidence here that would support a second stimulus, and the data clearly debunks the Kensayian model of economic theory.