Travel in time back to January 2009 when President Barack Obama’s advisers painted a portrait of the future under the President’s recovery plan. It turns out that their prediction was much rosier than reality.
With the plan, they predicted in their chart, unemployment today would be somewhere in the neighborhood of 6.5 percent. Today, after the President’s $787 billion stimulus, unemployment still stands at 9 percent. In a new paper, Heritage’s Rea Hederman, Jr. and James Sherk write, “The labor market is adding jobs and holding steady but not improving fast enough to make up for the depths of the great recession.”
In the chart below, see the difference between the Obama’s advisers’ predictions (in blue) and where we are today (in red).