The Obama administration forecast unemployment to fall to 6.5% by the end of 2011 if their stimulus package was passed and implemented.
They predicted 7.5% if the stimulus was not passed and implemented
Unemployment currently stands at 9.7%.
Reliable forecasters says it will hover around the 9.7%-10% range through the end of 2011.
Unemployment was 6.5% when Barack Obama was elected.
And the administration seems to be more worried about the deficit than actually putting people back to work (HINT: Put people back to work, get the economy revving again, the deficit becomes less of a problem.)
So we will get no new stimulus, no FDR jobs programs that put people to work while investing in the country and rebuilding the infrastructure.
This sounds like a miserable statistical failure even by the administration's own standards to me.
Question: Isn't it time for an administration "turnaround" where all the economic advisers and the president have to reapply for their jobs?
Based upon prior performance of economic policy (lots of bailout cash and gutted regulations for Wall Street, few actual jobs programs for Main Street, horrific long-term unemployment rate, persistently high unemployment), I'm pretty sure we won't be rehiring some of them back.
Maybe all of them.