Many people remember that President Barack Obama promised that the unemployment rate would not top eight percent if the stimulus was passed. The actual rate has been around nine percent or higher for the past two years, reaching 10.1 percent in October 2009.
What’s really telling about the ineffective Obama stimulus — in fact, the futility of his entire economic program — is that unemployment has been worse than what his administration predicted it would be if the stimulus had not been passed.
The following chart from e21 illustrates, showing the predicted path of the unemployment rate with and without the stimulus, and what actually happened. The accompanying article is Revisiting unemployment projections.