"Here is an embiggened version of the infamous jobs chart prepared by Obama administration economists Jared Bernstein and Christina Romer back in January 2009 (and now updated again by me with data from the August jobs report)."
Unemployment rate with and without stimulus plan, and actual, 2009 - 2013
"The issue is the graph on Page 1. It shows two blue lines sloping gently upward and then drifting back down. The darker line — 'With recovery plan' — forecasts unemployment peaking at 8 percent in 2009 and falling back below 7 percent in late 2010.
Three years later, with the economy still in tatters, that line has formed the core of the case against the Obama administration’s economic policies. That line lets Republicans talk about 'the failed stimulus.' That line has discredited the White House’s economic policy.
But the other line — 'Without recovery plan' — is more instructive. It shows unemployment peaking at 9 percent in 2010 and falling below 7 percent by the end of this year. That’s the line the administration used to scare Congress into passing the single largest economic recovery package in American history. That line is the nightmare scenario.
And yet this is the cold, hard fact of the past three years: The reality has been worse than the administration’s nightmare scenario. Even with the stimulus, unemployment shot past 10 percent in 2009."
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