HoodaThunk?

June unemployment figures are in: now at 9.5%

Another month into the gotta-pass-it-now-or-unemployment-might-go-above-9% “stimulus” package and the performance of the economy with respect to jobs – you know, the jobs the stimulus package was going to “create or save” by the millions – continues to degrade. Thanks to the folks at Innocent Bystanders we have this wonderfully concise and easily-understood graphic to display the situation:

As was done in their graphic last month, the maroon dots represent the actual unemployment figures while the blue lines were trends plotted out by the Obama administration. That blue line arcing way up there to the top was what Obama & team said would happen to unemployment if we didn’t pass the $800 billion Dem-supporter payoff “stimulus” bill.

You will note that the actual numbers are higher than that trend. Which means that the situation is worse than what Obama’s team suggested would happen if we did nothing. Which, by the way, is what several reputable economists were suggesting at the time – that we let the market handle the recovery and not screw things up attempting to fix our previous overspending by… well… overspending.

It’s pretty clear from the actual numbers that so-called “stimulus” package is not having the effect it was advertised that it would. Saddling our future with the massive debt that it calls for when it’s obviously not having the beneficial effect that was promised is foolhardy. Congress should cancel any remaining spending called for in that package and look, instead, to proposals that have histories of actually performing the tasks required.

July 2nd, 2009 Posted by ricjames | Economy, Politics | one comment