Remember back in 2009, when President Obama and his team told us that we needed to spend $800 billion on a so-called stimulus package?
This stimulus package spending, we were told, was going to save the day, which ignored the fact that similar efforts historically had failed, for Hoover and Roosevelt in the 1930s, for Japan in the 1990s, and for Bush in 2008.Nonetheless, we were assured that the stimulus was needed to keep unemployment from rising above 8 percent.
Well, that claim has turned out to be hollow. In the immortal words of Bob Grant, these were the words of a liar, a phony, and a fraud.
New numbers from the Labor Department re-confirm that the White House prediction was wildly inaccurate. The 8.2 percent unemployment rate is 2.5 percentage points above the administration’s prediction.
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