Yesterday, at a townhall meeting in Annandale, Virginia, President Obama declared the stimulus bill a success. “It’s done its job,” he said.
Unfortunately, someone forgot to tell the nation’s employers, both private and public. This morning the Bureau of Labor Statistics announced that the economy shed another 467,000 jobs in June. The job loss was worse than expected and drove the unemployment rate to 9.5%, the highest in 26 years. Even governments–contrary to Obama’s assurance about teachers and firefighters–cut over 50,000 jobs.
This graphic shows how effective the “stimulus” bill and other Obama administration measures have been in curbing unemployment:
President Bush was widely, albeit unfairly, ridiculed for delivering a speech on board a ship in front of a banner that said “Mission Accomplished.” It strikes me that Obama’s counterfactual proclamation that the pork-laden stimulus bill has succeeded deserves at least equal derision.