HoodaThunk?

They said if we didn’t pass that stimulus packge right now…

I’m sure you recall the hype – the mad, screaming stampede, if you’re going to be completely honest – to get the $800B stimulus package passed as quickly as it came to the floor of Congress. If we didn’t pass it, we were told, unemployment would rise much higher than it would otherwise. So, how’s that working out?

Power Line points us to a graphic put up by Innocent Bystanders that shows very clearly how it’s doing.

Note the trend lines for unemployment, in blue, showing what the unemployment figures would look like both with and without the plan being passed. That’s data provided by the Obama administration. Now, have a look at the actual figures, shown in red, for March, April and May unemployment numbers. That’s hard data, folks, and the only conclusion it supports is exactly what critics of the plan were saying all along: that plan was flawed and it wouldn’t – hasn’t – done what was promised. The actual figures are showing that the Obama team’s projections for what would happen were off. The only question now is whether the actuals are above what the projected trend line was for “Without Recovery Plan” because they’re such poor economists or because the stimulus plan has actually made things worse.

Elections have consequences, folks.

June 6th, 2009 Posted by ricjames | Economy, Human Interest, Politics | 2 comments