In mid-February, President Obama signed the massive $787 billion stimulus bill into law. According to the Bureau of Labor Statistics, a net of 3.6 million jobs have been lost since Obama was sworn in. In addition, the numbers show that the unemployment rate has risen from 7.6 percent to 9.8 percent … a 26-year record high.
Now, the latest news on the impact of the stimulus bill is that 49 out of 50 states have seen more job losses.
That’s right. In a recent report from the House Ways & Means Committee, only the state of North Dakota has seen net job creation with a total of 1,800. The state hardest hit by the stimulus bill is California with a total of over 336,000 jobs lost. Taken collectively, the nation has seen 2.7 million jobs disappear.
John Williams currently is a member of the Young Leaders Program at the Heritage Foundation. His views do not necessarily reflect the views of the Foundation. For more information on interning at Heritage, please visit: http://www.heritage.org/about/departments/ylp.cfm