4/28/2010

New Fox News piece: Obama's Economic Failure on Unemployment

My new Fox News piece starts this way:

As President Obama travels today to Illinois, Iowa, and Missouri, he will try to convince voters that his economic policies are creating jobs. But a year after Obama claimed that the stimulus had started creating jobs, it is not just the general public that believes that the stimulus was a waste of money, so do the experts. This week a new survey from the National Association for Business Economics found that 73 percent of business economists believe that the stimulus "has had no impact on employment."

Many will point out that the unemployment rate has soared well above what the Obama administration predicted would occur if the stimulus were enacted. On Feb. 28, 2009, Eleven days after the stimulus bill signed into law, the White House predicted that the national unemployment rate would average 8.1 percent in 2009 and then decline to an average of 7.9 percent in 2010. Clearly things got much worse than the administration predicted. While the unemployment rate stood at 8.1 percent in February, 2009, by the end of last year it had risen to 10 percent. It still remains very high at 9.7 percent.

As President Obama and other Democrats have correctly pointed out many times, this has been a worldwide recession. Why not compare the changes in unemployment rates in other countries to the unemployment rate in the U.S. . . .

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