Remember back in early 2009 when Nancy Pelosi said the stimulus bill would create jobs "immediately"? Yeah, she did. President Obama also promised his lavish spending plan would create jobs. Here we are, 20 months later, and unemployment rates are as high as ever. Is this what the Democrats call "success"?
We've been keeping tabs on these "successes." See a few examples:
Lack of Job Creation: On August 6, 2010, the Bureau of Labor Statistics reported that the economy lost 131,000 jobs in the month of July, and the unemployment rate was unchanged at 9.5 percent.
More Jobs Lost: On August 12, 2010, the AP reported, “The economy is looking bleaker as new applications for jobless benefits rose last week to the highest level in almost six months…First-time claims for jobless benefits edged up by 2,000 to a seasonally adjusted 484,000, the Labor Department said Thursday. That's the highest total since February. Analysts had expected claims to fall. Initial claims have now risen in three of the last four weeks and are close to their high point for the year of 490,000, reached in late January. The four-week average, which smooths volatility, soared by 14,250 to 473,500, also the highest since late February.”
Shrinking Economy: On August 10, 2010, Federal Reserve officials met and expressed concern about the lack of growth in the economy. According to an August 11, 2010 Wall Street Journal article, “The Fed noted that high unemployment, modest income growth, lower housing wealth and tight credit were holding back household spending. Meanwhile, lending by banks ‘has continued to contract,’ the Fed said, while construction remains weak and employers remain reluctant to increase payrolls.”
With only a few weeks of summer left, how much more disappointing "recovery summer" examples will they bring us?