Editorial: Obama’s 17% unemployment rate

That’s what we got for almost a trillion in stimulus spending

The Washington Times

The president is full of it when he talks about creating or saving jobs. During his State of the Union address Wednesday night, he said, “Now, because of the steps we took, there are about 2 million Americans working right now who would otherwise be unemployed. … Economists on the left and the right say this bill has helped save jobs and avert disaster. … That is why jobs must be our No. 1 focus in 2010, and that’s why I’m calling for a new jobs bill tonight.” This is pure fiction. Job losses under President Obama’s watch have increased steadily without remission.

The unemployment rate is stuck at 10 percent. If calculations include Americans who aren’t in the labor force because they stopped looking for work or were forced to take part-time jobs, the unemployment rate has been above 17 percent since September. The Obama administration promised that the incredibly costly stimulus package would keep unemployment down to 8.1 percent, but the result of so much spending has been more job losses – and Americans are angry.

Mr. Obama used the State of the Union to push a second stimulus package. But with massive deficits mounting and stimulus cash going to everything from unknown ZIP codes to $1.57 million to search for fossils in Argentina, it’s painfully obvious that a second stimulus would simply throw more money down the drain. Contrary to Mr. Obama’s bizarre assertion that all economists support his orgiastic spending, basic economic data suggest the stimulus actually increased unemployment and delayed recovery.

The editorial continues at the Washington Times.

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