2.4 Million Fewer Americans Working Now Than When Obama Signed Economic Stimulus

July 8, 2011 - 4:58 PM

Obama

President Barack Obama. (AP Photo/Steven Senne)

(CNSNews.com) – There were approximately 2.4 million fewer Americans working in June 2011 than there were when President Barack Obama signed the economic stimulus bill on Feb. 17, 2009, according to data from the Bureau of Labor Statistics (BLS).

According to the BLS, there were approximately 141.68 million people counted as “employed” in America back in February 2009. By June of 2011, that number had fallen to approximately 139.33 million, yielding a net reduction in jobs of approximately 2.4 million.

When the economic stimulus – the American Recovery and Reinvestment Act -- was created, Obama promised that the then-$787-billion spending package would create or save 3.5 million jobs, saying it would preserve the “American dream” for millions of people.

“We have begun the essential work of keeping the American dream alive in our time,” Obama said on Feb. 17, 2009 in a speech marking the signing of the stimulus bill.

unemployment, jobs

In this Nov. 4, 2010 photo, a sign turning away potential job-seekers is seen outside of a construction site in New Orleans. (AP Photo/Patrick Semansky)

“What makes this recovery plan so important is not just that it will create or save three-and-a-half million jobs over the next two years,” Obama said, “It's that we are putting Americans to work doing the work that America needs done in critical areas that have been neglected for too long – work that will bring real and lasting change for generations to come.”

June marks the 29th straight month that unemployment has been higher than the 8 percent level Obama promised it would stay below when the stimulus was signed.