The Obama people, have begun a new phase in their campaign strategy, one that finds them denying that promises were made limiting unemployment to 8% if the Reinvestment Act (the stimulus) was put into law. We all heard the man makes such claims, but, good luck trying to find an existing copy of an Obama video in which he makes the claim.
I took the time to evidence what we already knew to be true, that Obama, indeed, told the American people his stimulus would prevent unemployment in excess of 8%. Here is the Lie and the truthful rebuttal:
The Democrat Lie
From the Liberal Values blog:
“One of Mitt Romney’s many lies on the economy is a false claim that Obama promised to reduce unemployment to under 8 percent with the stimulus. The 8 percent figure was based upon projections by staffers before the final economic statistics were available. Eight percent unemployment was projected when data at the time suggested that the GDP had contracted by 3.8 percent in the previous quarter under George Bush. When the final analysis was done it was found that the GDP had actually contracted by 8.9 percent. In other words, things were far worse because of Bush’s policies than was realized at the time leading to staffers to make more optimistic projections. This was not a promise as is being claimed by Romney.”
Now, the truth. First ,
Understand that this chart is a production of Obama and his Economic Council, chaired by Christiana Romer and Jared Bernstien along with Timothy Geithner, Larry Summers, and others. That report, titled The Job Impact of the American Recovery and Reinvestment Act, is the source for both the chart and all of the information used by Obama in his radio address of January 10th. Both are included, below.
Obama’s Radio Address of January 10th
Based on his January 9th Economic Report
We start this new year in the midst of an economic crisis unlike any we have seen in our lifetime. We learned yesterday that in the past month alone, we lost more than half a millionjobs– a total of nearly 2.6 million in the year 2008. Another 3.4 million Americans who want and need full-time work have had to settle for part-timejobs. And families across America are feeling the pinch as they watch debts mount, bills pile up and savings disappear.
These numbers are a stark reminder that we simply cannot continue on our current path. If nothing is done, economists from across the spectrum tell us that this recession could linger for years and the unemployment rate could reach double digits – and they warn that our nation could lose the competitive edge that has served as a foundation for our strength and standing in the world.
It's not too late to change course – but only if we take immediate and dramatic action. Our first job is to put people back to work and get our economy working again. This is an extraordinary challenge, which is why I've taken the extraordinary step of working – even before I take office – with my economic team and leaders of both parties on an American Recovery and Reinvestment Plan that will call for major investments to revive our economy, createjobs, and lay a solid foundation for future growth.
I asked my nominee for Chair of the Council of Economic Advisers, Dr. Christina Romer, and the Vice President-Elect's Chief Economic Adviser, Dr. Jared Bernstein, to conduct a rigorous analysis of this plan and come up with projections of how manyjobsit will create – and what kind ofjobsthey will be. Today, I am releasing a report of their findings so that the American people can see exactly what this plan will mean for their families, their communities, and our economy.
The report confirms that our plan will likely save or create three to four millionjobs. 90 percent of thesejobswill be created in the private sector – the remaining 10 percent are mainly public sectorjobswe save, like the teachers, police officers, firefighters and others who provide vital services in our communities.
Thejobswe create will be in businesses large and small across a wide range of industries. And they'll be the kind ofjobsthat don't just put people to work in the short term, but position our economy to lead the world in the long-term.
We'll create nearly half a millionjobsby investing in clean energy – by committing to double the production of alternative energy in the next three years, and by modernizing more than 75% of federal buildings and improving the energy efficiency of two million American homes. These made-in-Americajobsbuilding solar panels and wind turbines, developing fuel-efficient cars and new energy technologies pay well, and they can't be outsourced.
We'll create hundreds of thousands ofjobsby improving health care – transitioning to a nationwide system of computerized medical records that won't just save money, but save lives by preventing deadly medical errors. And we'll create hundreds of thousands morejobsin education, equipping tens of thousands of schools with 21st century classrooms, labs and computers to help our kids compete with any worker in the world for any job.
We'll put nearly 400,000 people to work by repairing our infrastructure – our crumbling roads, bridges and schools. And we'll build the new infrastructure we need to succeed in this new century, investing in science and technology, and laying down miles of new broadband lines so that businesses across our nation can compete with their counterparts around the world.
Finally, we won't just createjobs, we'll also provide help for those who've lost theirs, and for states and families who've been hardest-hit by this recession. That means bi-partisan extensions of unemployment insurance and health care coverage; a $1,000 tax cut for 95 percent of working families; and assistance to help states avoid harmful budget cuts in essential services like police, fire, education and health care.
Now, given the magnitude of the challenges we face, none of this will come easy. Recovery won't happen overnight, and it's likely that things will get worse before they get better.
But we have come through moments like this before. We are the nation that has faced down war, depression and fear itself – each time, refusing to yield; each time, refusing to accept a lesser fate. That is the spirit that has always sustained us – that belief that our destiny is not written for us, but by us; that our success is not a matter of chance, but of our own courage and determination. Our resources may be finite, but our will is infinite. And I am confident that if we come together and summon that great American spirit once again, we will meet the challenges of our time and write the next great chapter in our American story.
Citation: Barack Obama:"The President-Elect's Radio Address," January 10, 2009.Online by Gerhard Peters and John T. Woolley,The American Presidency Project. http://www.presidency.ucsb.edu/ws/?pid=85391.
Paul Krugman thought much of this was too optimistic, and registered his criticism of the plan in an article he wrote for the NY Times. If you read his article, linked below, you should note that Krugman is nowhere critical of the assertion that the Stimulus will keep unemployment at 8%, only that the without the stimulus, unemployment would, perhaps, rise above the 9% mark. Words taken from that brief article include the following:
"One more point: the estimate of what would happen to the economy in the absence of a stimulus plan seems kind of optimistic. The chart above has unemployment ex-stimulus peaking at 9 percent in the first quarter of 2010 and coming down through the year; the CBO estimates an average unemployment rate of 9 percent for 2010, so the Obama people are more optimistic than the CBO, and a lot more optimistic than I am."
The Krugman article can be found here
I think this is humorous. Between the time I found, read and copied parts
of the Krugman Article, it was taken down. The link no longer works,
proven, of course, my supicions that the Leftists are busy cleansing the
web of the evidence disproving their lie. I intend to go back and print
out the Economic Councils report, as well. No doubt it will be a target
of the Left's deceit, as well. -- blog editor.
See the on-lone copy at the Obama campaign/president elect site here: http://www.presidency.ucsb.edu/ws/index.php?pid=85391&st=jobs&st1=#axzz1OPNVsvHl