Obama Predicted a 5.6% Jobless Rate By Now. We Are at 8.2%

When President Obama succeeded in getting the Congress to pass his $800 billion stimulus package in 2009, he predicted the unemployment rate by the summer of 2012 would be 5.6 percent.   He wasn’t even close.  The latest numbers show a stagnant recovery at best.  Some numbers to ponder from aei-ideas.org. and other sources…

  • U.S. economy created 80,000 jobs in June.  Economists had forecasted 90,000 jobs
  • Private-sector job growth 84,000, down from 105,000 in May
  • Longest streak of unemployment over 8 percent – 41 months – since the Great Depression
  • If people stayed in the job market, instead of dropping out, actual rate wold be 10.9 percent
  • Job growth under Obama per month: 75,000
  • Job growth under Reagan per month: 273,000
  • U.S. work force shrinks with just 58.6 percent employed
  • Jobless rate for blacks up to 14.4 percent
  • Jobless rate of Hispanics is 11 percent
  • 780,000 fewer women employed under Obama
  • 85,000 more people went on disability in June

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