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  • Obama's Failed Stimulus in Pictures: 10.2% Unemployment


    octjobs

    When President Barack Obama was pitching his $787 billion economic stimulus package, the White House produced a report claiming their plan would keep unemployment under a peak of 8%.

    Reality has not been kind to President Obama’s promises. On November 6, the Bureau of Labor Statistics released their Employment Situation Summary showing that the nation’s unemployment rate had soared from 9.8% to 10.2% in October. You can see how President Obama’s promises compare to reality to the right.

    Reading the BLS report more closely, Heritage fellows Rea Hederman and James Sherk note:

    Jobs losses in October–190,000–were higher than expected. … The unemployment rate for males is 10.7 percent while the teenage unemployment rate is 27.6 percent. These are the highest levels of unemployment for these groups since the Great Depression.

    The unemployment rate increased even as 31,000 potential workers left the labor force. The labor force participation rate has now fallen to 65.1 percent–the lowest since 1986. When people reenter the labor market to find work, the unemployment rate will further increase.

    Despite this ongoing deterioration in the job market, the Obama Administration continues to argue that the $800 billion stimulus bill has improved the economy. On October 30, the Administration released data claiming that the stimulus has created or saved 640,000 jobs. These claims are mistaken, as demonstrated by the 2.8 million jobs that have been lost since the stimulus became law. The Administration’s figures greatly exaggerate the positive effect of the stimulus for two reasons:

    1. The data used to create these estimates contains serious flaws. The Administration provided unclear guidelines for how to report jobs created or saved. Media analyses of these jobs reports have found severe errors. For instance, the Associated Press found that two-thirds of the 15,000 jobs one agency reported creating or saving did not really exist. Rather, the agency reported workers who received raises with stimulus funding as having their jobs “saved.” In another case, a shoe store in Kentucky that provided nine pairs of boots to the Army Corps of Engineers for $889.60 reported saving nine jobs. Such errors pervade the stimulus job creation estimates.
    2. A deeper problem with the Administration’s numbers is that they estimate the wrong figures. The Administration estimates the jobs directly funded by stimulus spending. However, they ignore the jobs that the money spent on the stimulus would have otherwise created. Congressional spending does not create wealth; it redistributes it. Had Congress not passed the stimulus bill, the private sector would have used those funds on other projects that would have also created jobs.

    Posted in Economics [slideshow_deploy]

    36 Responses to Obama's Failed Stimulus in Pictures: 10.2% Unemployment

    1. Andrew Beyon, Scotts says:

      Maybe if Congress spends another $787 billion in the name of job creation, it can get the jobless rate up to 12% or 13%.

    2. steve swenson atlant says:

      Cut Taxes And That will free up some revenue and people will start to spend..but No throw some more stimulus money at it see if that helps! which hasent helped at all! Maybee another billion.

    3. Leon, Durango, CO says:

      I guess my comments are irrelevant. Ask Ann Coulter if I am wrong about Impeaching Obama. If you want me to quit blogging on your site, all you have to do is ask. A scant fifty years ago Nikita made this half vast boast, "We will bury you." The subject is destroying American Jobs, infiltrating government and writing Unconstitutional Legislation. The Half Vast Left Wing Conspiracy fails in its announced intentions, but succeeds in bring Communism to America.

      The Stimulus was designed to harm America, not to help her. Don't let the Communists write Obama's Articles of Impeachment, the way they did with Clinton. Clinton Abused Power purging federal prosecutors and obtaining free blackmail information about Republicans from the FBI. Unlawfully he used government to 'go after' the Loyal Opposition. The Unconstitutional Legislation has reached unreviewable proportions. Oh yeah! The CIA can't see it. Not since Clinton blinded them the last time Demo-crats had power.

      We may never know unless Obama's Impeachment has a wide net. Clinton was part of a conspiracy, the half vast left wing conspiracy, and their violations of Constitutional Law are so many as to be unreviewable by the Supreme Court.

      Nikita was right, we are buried.

    4. Leon, Durango, CO says:

      I guess my comments are irrelevant. Ask Ann Coulter if I am wrong about Impeaching Obama. If you want me to quit blogging on your site, all you have to do is ask. A scant fifty years ago Nikita made this half vast boast, "We will bury you." The subject is destroying American Jobs, infiltrating government and writing Unconstitutional Legislation. The Half Vast Left Wing Conspiracy fails in its announced intentions, but succeeds in bringing Communism to America.

      The Stimulus was designed to harm America, not to help her. Don't let the Communists write Obama's Articles of Impeachment, the way they did with Clinton. Clinton Abused Power purging federal prosecutors and obtaining free blackmail information about Republicans from the FBI. Unlawfully he used government to 'go after' the Loyal Opposition. The Unconstitutional Legislation has reached unreviewable proportions. Oh yeah! The CIA can't see it. Not since Clinton blinded them the last time Demo-crats had power.

      We may never know unless Obama's Impeachment has a wide net. Clinton was part of a conspiracy, the half vast left wing conspiracy, and their violations of Constitutional Law are so many as to be unreviewable by the Supreme Court.

      Nikita was right, we are buried.

    5. Steve Shirk Alanta, says:

      I have come to believe Obama has every intention of driving our economy into the ground and our dollar into worthlessness. He can then declare an emergency condition, and implement a whole new series of controls, the likes of which have never been seen in this country. Our liberty is at stake, our republic in peril, and he is passing trillion dollar medical plans, multi trillions in extra taxes via cap and trade, and a second stimulus is on its way already, the media is just not reporting it yet.

    6. Pingback: Obama's Failed Economic Policies, A Pictorial. | Right Wing Finance

    7. Pingback: Heritage: Obama’s Failed Stimulus in Pictures [link] « Taking It Back

    8. Doug, Castle Rock says:

      No one in the Democrat Party controlled government is addressing the real issues. One issue is our trade deficit of about $700 billion annually since 2003. There is good news and November 2009 has declined by 28.7%. This means the USA cannot afford to buy as much crap from China and oil from OPEC.

      2003 to 2009 at $700 billion per year is about $4.2 trillion sent out to other nations. The giant sucking sound is the money drain. Sure we get goods and oil but once you are out of money then all you have is credit.

      Let me know if my figures are wrong and if a UAW worker can compete with a Chinese worker and still be able to buy a gallon of milk. How do you compete with the largest and cheapest (slave labor) pool in the world? Help me figure this one out.

      We continue to give our best technology to the Chinese so that they can make it cheaper and sell it back to us.

    9. Earl, QUEENS, NY says:

      It probably will continue to rise, because with the Dummocrats in power, we will never get the real solution – that is – cut taxes across the board and stop all the profligate spending.

      The 10.2% jobless rate is further proof of the failure of BHO’s policies. Perhaps a bigger worry is the long-term. Hopefully conservatives will take back The White House and Congress by 2012, but it could take even longer to clean up BHO’s mess than it did for Reagan to clean up after Carter. In that case we can only hope that some 63,000,000 voters will not get impatient and repeat the foolish error they made on 11/4/08. As long as the GOP stands by its principals of fiscal responsibility and cutting taxes and regulations, the trend should be toward prosperity which we won't get with the Dummocratic Party.

      I'm ashamed to admit that I got impatient with the Nixon/Ford economy, and made the mistake of voting for Carter when I was 18 in 1976. If I learned a lesson at that young age, why can’t all other voters learn the same lesson? That is – voting for Dummocrats will not fix the economy, but only make a bad situation worse. This is what we are seeing now. And people are so ignorant when they believe Dummocrats like BHO who pretend to be moderate to conservative. GET REAL!! There are no Reagan-like JFKs in today’s Dummocratic Party!! All of you – think about how much better the economy would be now had you not, on 11/4/08, made One Big Awful Mistake America!!

    10. Pingback: PA Pundits - International

    11. Peter H says:

      The time has come for a true grass roots effort. As an example while in Germany a few years ago I needed to buy a small duffle bag to carry some purchases home. My German friend and I went to several stores to check the selection and every store showed only local made goods. When the sizes did not fit my need I asked if there were any others to show me and he reluctantly admitted that he did have a Chinese made one in the back if I wanted to look at it. Unfortunately, I did like the size and design and the disdain I felt as I purchased the Chinese import from the store clerk was very evident. My friend told me that for some time they common folk have shuned the Asian imports especially those from China. It is time we did this here since we need the locally manufactured goods especially for the everyday consumer goods. The Politically Correct government can not say so but We The People can.

    12. Betty Hanicke, Kansa says:

      Many of us started fighting communists in the 50's and many of the cells were in the schools. In the 20's some of the semenaries were teaching prospective ministers, especially methodists. This can be documented in John Stormers book "None Dare Call It Treason" written in the early 60's. John Stormer is in education and researched the information in the book when he worked for a senatorial candidate, Crosby Kemper, in 1960. Nothing is completely new. Some of us have gone down this road before!

    13. Betty Hanicke, Kansa says:

      Many of us started fighting communists in the 50's and many of the cells were in the schools. In the 20's some of the semenaries were teaching prospective ministers, especially methodists. This can be documented in John Stormers book "None Dare Call It Treason" written in the early 60's. John Stormer is in education and researched the information in the book when he worked for a senatorial candidate, Crosby Kemper, in 1960. Nothing is completely new. Some of us have gone down this road before!

    14. philip says:

      THEY CAN'T SEE PASS THEIR LIES OR PAST A TAX THAT THE DEMS WANT TO ADD

    15. Tim Az says:

      We the people don't need pictures to recognize Mao-Bamas failed stimulus policies. All we have to do is talk to each other and watch Mao-Bamas trickle up poverty take its toll upon the American citizenry. As to why Mao-Bama is doing this see Steve Shirk's posting above.

      How's that hope and change working out for you?

    16. Jeanne Stotler, wood says:

      I would like to know who He, Obama , really eorks for, he sure doesn't have this country's best interest at heart. He likes to see himself on Tv and hear himself talk, the other thing is flying all over creation in AF one, he doesn't know the first thing about governing, he never ran a business never ran a state and served very little time in both state and federal senate seats, he was too busy campaigning for the next level, he now is campaining for Ruler of the world, he has a Napolian complex.

    17. Pingback: AntiObamaBlog.com » Obama’s Failed Stimulus in Pictures: 10.2% Unemployment

    18. Pat, New Jersey says:

      Nikita Krushchev also said… One day America will accept communism and will not even know it. How prophetic.

    19. Jerry from Chicago says:

      The Bureau of Labor Statistics must be absolutely overrun with racists. How else could they have come up with numbers so different that what Mr. Obama has represented as the truth to the rest of us? The people who work there must have all been hired by George Bush.

    20. Valerie German-Atasc says:

      Help me understand how this man who wouldn't even pass a backround check for your local police department became president. He was and still is

      surrounded by people who couldn't pass one either. I didn't vote for him and I got over the historical significance of his election when he did the New York, fly over photo op thing, or was it before that. This man is more than an embarrassment to this country, he is undermining our economy,our national security and everything else he gets his hands on. He needs to be removed from office before he does any more damage.

    21. Trisha Donley Ozark, says:

      the estimates for the 787 billion was not george bush or barak obama but was nanci pelosi and the leftist house and the congress and the house of represenatives which since 2006 the left has been the majority. The house or rep. and the senate. George bush's mistake was not heading up anything to disassemble the corruption … Read Morethat chris dodd and barney frank along with the carter nixon and roosevelt admonistration established in the housing market. By way of sub prime lending fanny mae and freddie mac. Bush's other problem was bailing the auto makers out the first time. Did barak obama inherrite a mess ya i guess you could say that but he took the job. And theoretically the mess was not george Bush the economy started declining in the wake of 2006 and the president is only 1 official in one branch of government. congress and the house of rep. represent the majority of the executive and legislative branch of government in this country but barak obama decided to waste over a trillion dollars because you have to include interest on this because he has no idea what he is doing. if you look at history take japan in the 90's they released 10 different economic stimulus packages and none of them worked. they wound up with a lot of debt and a longer recession because of it because if you think about it in a common sense everyday life factor if your broke you dont spend your way out of it. if work cuts back your hours and your car breaks down you dont go out and buy a 250,000 dollar house to make it better. and if you think about the problems the biggest problem on top of the list is this country and our politicianers ie. the leftist spending freaks and some republicans base the wealth on interest off deficit. instead of the wealth of capital. if you are going to have an opinion on something you need to make sure that you know everything that you are making an opinion on, because this whole blame bush is just an easy way to voice a far leftist liberal opinion without having to know the facts.

    22. harv, Pa says:

      If the Obama government were to count the people who took part time jobs and those no longer able to collect unemployment benifits they would find out that the true rate would be clouser to 20% not 10.2%. The lies keep comming and they keep manipulating all aspects of the government to suit their adgenda, and to hell with the people.

    23. dennis.... florida says:

      This unemployment figure cannot be correct. Unemployment has to be higher because according to what i hear, they only count people currently drawing employment benefits. Those who have dropped off are not counted, even though they are still unemployed. I guess we'll just have to grin and bear it until we get these nuts out. Meanwhile, just keep pestering them, and annoying your rep's and senators.

    24. Jeff, CO says:

      You people are all losers, blame this on Barack when GW ran this country into the ground. What about the 1 trillion dollars we've wasted in IRAQ which was all GW's war. You losers always fail to mention that. You stood by and said nothing about a ill conceived war and all you can do now is complain about the guy who has to clean up all this elephant dung. take your heads out of the sand and wake up…..you people are pathetic.

    25. Pingback: CtTaxed.com, Our Government Eats Too Much » Blog Archives » Obama’s Failed Stimulus in Pictures: 10.2% Unemployment

    26. Pingback: Outside the Beltway: $1.2 Billion for Michigan, But No Stimulus Jobs Created | Conservative Principles Now

    27. Tom, MA says:

      Wow Betty Hanicke, you seem a veteran of this war and a long war it is.

    28. Gina, FLORIDA says:

      And while we're at it, lets bring up the Florida unemployment, stated at 11.2 but actually more like 15 or 16% because of the devastating economy here (housing, tourism both in the crapper). So where's my bail out, I was layed off last month!?!?! An August NYTimes article states we are 7th worst in the nation, and tie with Oregon for the longest time for people to find jobs. That's real encouraging, JOBAMA, thanks for your support.

    29. Pingback: House Votes to Kill Job Creation Again | Step Down Obama

    30. terry, maine says:

      Cut Taxes And That will free up some revenue and people will start to spend..but No throw some more stimulus money at it see if that helps! which hasent helped at all! Maybee another billion.

      That worked so well inb the past 8 years

    31. Pingback: Gateway Pundit

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    33. Pingback: Morning Bell: Don’t Celebrate First Failed Stimulus with a Second One | The Foundry: Conservative Policy News.

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    36. Meridia says:

      Meridia <a

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