I found the chart below over at Innocent Bystanders. The original chart is the work of Christina Romer (Chair of President Obama’s Council of Economic Advisers) and then Vice President Elect Joe Biden. It was released on January 10, 2009. The black dots for March, April and May of 2009 illustrate the difference between what the President and Democrats were selling and what the public actually got:
During the heady days of early January, when the Congressional Democrats and President Obama were selling the stimulus spending legislation by trying to incite full scale panic, a lot of ridiculous promises were made. Among them was the promise of stemming the rising tide of unemployment. As the chart above indicates, the effect of stimulus spending on unemployment has been negligible (to put the best Democrat spin on it). The unanimous Republican minority opposition to the spending bill is finally finding a voice now that the data is coming in:
Republicans noted that a report by the Obama transition team in early January said that without a large stimulus plan, unemployment would go above 9%. It is now above that level, despite passage of the stimulus plan, though less than 5% of funds have been spent.
Total job losses in May were 345,000 which put the unemployment rate at 9.4%. You have to dig a little further to find out that there were 70,000 jobs created in May by the government, not the private sector. Private sector employment fell by 611,000.
How’s that stimulus working out for you?