On 3rd Anniversary of Obama's $787B Stimulus, Unemployment Sets Record

February 17, 2012 - 4:29 PM

(CNSNews.com) - On the third anniversary of President Barack Obama’s $787-billion stimulus spending program, the unemployment rate set a new record, staying above 8 percent for the longest period since the end of World War II – 36 months.

President Barack Obama and stimulus

President Barack Obama signed an economic stimulus law, now determined by the CBO to cost $821 billion, at the Denver Museum of Nature & Science on Feb. 17, 2009. (AP photo)

That is the longest continuous period of above-8-percent unemployment since the end of World War II, according to figures from the Bureau of Labor Statistics (BLS).

In fact, the unemployment rate, currently at 8.3 percent, is exactly where it was three years ago when Obama signed the stimulus into law.

The previous post-WWII record of unemployment (over 8 percent) was 27 months, from November 1981 to January 1984.

The Republican National Committee (RNC) highlighted this and dozens of other facts in a 52-page book listing some of the biggest failures of the Obama stimulus. The book is entitled, Obamanomics: Stimulus Deconstructed, Three Years of Failed Policies.

Among the things promised by the White House that the stimulus failed to deliver were promises to create hundreds of thousands of so-called shovel-ready jobs in the construction and trade sectors.

The White House – in the Job Impact of the American Recovery and Reinvestment Plan produced by Council of Economic Advisors Chair Christine Romer and Vice President Biden’s chief economist Jared Bernstein – promised that the stimulus would create 678,000 construction jobs by the end of 2010.

In reality, the construction industry lost 971,000 jobs by the end of 2010, according to BLS figures.

Unemployment Benefits

In this Jan. 25, 2012 photo, job seekers attend a job fair held by JobEXPO, a company hosting hiring events, in New York. (AP Photo/Bebeto Matthews)

The same report also predicted that the stimulus would create 408,000 manufacturing jobs by the end of 2010. In reality, America lost 811,000 manufacturing jobs in that timeframe.

Romer and Bernstein also claimed the stimulus would create 26,000 jobs in the mining industry by the end of 2010. In reality, the economy lost 9,600 mining jobs in that time.

They also claimed the stimulus would create 98,000 jobs in the transportation and warehousing industry by the end of 2010. However, that industry too saw massive job losses instead, shedding 107,400 jobs by the end of 2010.

Finally, Romer and Bernstein claimed the stimulus would create 244,000 jobs in government. As with the private sector, this promise also failed to come true as the government sector shed 319,000 jobs by the end of 2010.