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Fact Check Debunks Obama’s Unemployment Predictions

FactCheck presents a couple of insightful charts which falsify theObama administration’s unemployment outlook and stimulus projections. Here are the basic features:

  • Without a stimulus package, Obama’s team predicted unemploymentwould hit 9% early next year.  However, it’s already at 9.4% andclimbing.
  • With a stimulus package, Obama’s team predicted unemployment would max out at 8% later this year.  Again, it’s already at 9.4%.

Clearly these economic predictions have already been significantly falsified.

Back in early January, Obama stated that unless bold, governmentactions were taken, unemployment could hit double digits.  Just yesterday,when asked by a reporter, “Will unemployment hit 10%?”, Obama said,“Yes.”  The reporter then asked, “Before the end of this year?”  Obamareplied, “Yes.”  So much for the bold, government actions.

Now, before everyone jumps on these failed predictions and obviouscontradictions, let’s not forget that Fed Chairman, Ben Bernanke, andthe Bush administration committed many of the same errors.  Bernanke,throughout 2005-2008, repeatedly stated that America’s economy wasstrong, sound, and robust.  Even in 2008, Bernanke stated that, atmost, we might experience a minor slow down.  As for the Bushadministration, it wouldn’t even admit that the country was in arecession in 2008, until absolute proof came in September.  Supposedly,the fundamentals were as sound as ever.

There’s an obvious pattern here.  The Federal Government, includingthe Federal Reserve, has made a number of inaccurate predictions theselast several years.  Their projections have been a poor reflection ofreality.  The current administration is continuing a trend long in themaking.

It would behoove We the People to view government numbers with ahigh degree of skepticism.  We need to dig a bit deeper, do someresearch, and think for ourselves.

Read here.

2009-07-03

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