Is former President Barack Obama to thank for pulling us out of the worst financial crisis since the Great Recession? His trillion dollar stimulus generated plenty of debate, and there's no question that we did rebound from recession under his administration, but how connected are the two, and how does this recovery compare to countless others in history?
Obama told us not long after passing the stimulus that it had created or saved 150,000 jobs in June, and would save or create another 600,000 by September.
How the heck does one measure a "Saved" job? Simple, create a baseline prediction, and then if the economy were to only lose 200,000 jobs, Obama could claim he "Saved" 800,000 jobs.
Prior to passing the stimulus to find out what's in it, the Obama administration predicted the unemployment rate would never top 8% with the stimulus passed.
As you may have noticed, not only did unemployment crack eight percent, nine percent, and ten percent, the actual unemployment rate was always higher than the unemployment rate that was predicted without the stimulus.
Since Obama taking office to his departure, the number of Americans employed rose by 9.9 million - compared to 14.6 million who left the labor force.
The labor force participate rate of those aged 65 and older actually increased during the Obama years, meaning this shrinkage in the labor force under his watch cannot be attributed to people leaving the labor force by retiring.
https://www.bongino.com/did-obamas-stimulus-work/
Obama told us not long after passing the stimulus that it had created or saved 150,000 jobs in June, and would save or create another 600,000 by September.
How the heck does one measure a "Saved" job? Simple, create a baseline prediction, and then if the economy were to only lose 200,000 jobs, Obama could claim he "Saved" 800,000 jobs.
Prior to passing the stimulus to find out what's in it, the Obama administration predicted the unemployment rate would never top 8% with the stimulus passed.
As you may have noticed, not only did unemployment crack eight percent, nine percent, and ten percent, the actual unemployment rate was always higher than the unemployment rate that was predicted without the stimulus.
Since Obama taking office to his departure, the number of Americans employed rose by 9.9 million - compared to 14.6 million who left the labor force.
The labor force participate rate of those aged 65 and older actually increased during the Obama years, meaning this shrinkage in the labor force under his watch cannot be attributed to people leaving the labor force by retiring.
https://www.bongino.com/did-obamas-stimulus-work/
No comments:
Post a Comment