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After Predicting The Stimulus Would Create 4 Million Jobs And Keep Unemployment Under 8%, The Administration Tells 3.4 Million Americans Who Lost Their Job That The Near 10% Unemployment “Exceeds Our Projections”
JARED BERNSTEIN, Chief Economic Advisor to Vice President Joe Biden: “The Direct Count By Recovery Act Recipients Of Jobs Created Or Saved From This Small Percentage Of The Recovery Act Exceeds Our Projections.” (The White House, Press Release, 10/15/09)
3,386,000 Jobs Lost February – September, 2009
(U.S. Dept. Of Labor, “Employment, Hour, And Earnings From The Current Employment Statistics Survey (National),” Accessed 9/4/09)
Unemployment Rate: 9.8%
(Bureau Of Labor Statistics, “The Employment Situation – September 2009,” Press Release, 10/2/09)
The Administration’s Projections Of The Stimulus In February
PRESIDENT OBAMA: “… My Bottom Line Is, Are We Creating 4 Million Jobs?” (President Obama, Press Conference, 2/9/09)
VICE PRESIDENT BIDEN: In “18 Months” Stimulus Will “Create 3.5 Million Jobs … Literally Drop-Kicks Us Out Of This Recession.” “This is a monumental project, but I think it's doable. But I just think we got to stay on top (inaudible) and we got to stay on top of that on a weekly basis. Because this is about getting this out and spent in 18 months to create 3.5 million jobs and do -- to set -- tee this up so the rest of the good work that's being done here literally drop-kicks us out of this recession and we begin to grow again and begin to employ people again.” (Vice President Biden, Remarks At Recovery Plan Implementation Meeting, The White House, 2/25/09)
JARED BERNSTEIN & CHRISTINA ROMER: The “Unemployment Rate With … The Recovery Plan,” Would Not Exceed Eight Percent “With Recovery Plan.” (Christina Romer & Jared Bernstein, “The Job Impact Of The American Recovery And Reinvestment Plan,” P.4, 1/9/09)
• JARED BERNSTEIN, Chief Economic Advisor to Vice President Joe Biden: “It's Not A Promise; It's A Pretty Standard Economic Analysis. And Actually, This Part Is Not Rocket Science.” Q: “Obama back in January in his radio address, he actually cited your January 9 report, ‘The Job Impact of the American Recovery and Reinvestment Plan,’ that says the economic recovery plan will save or create 3 to 4 million jobs. How can you promise such big numbers, Jared?” JARED BERNSTEIN, Chief Economic Advisor to Vice President Joe Biden: “Well, first of all, it's not a promise; it's a pretty standard economic analysis. And actually, this part is not rocket science. I know there's lots of economic forecasting that's awfully tough to understand. This isn't it.” (CNN’s “Newsroom,” 2/6/09)
• CHRISTINA ROMER, Chair Of The President’s Council Of Economic Advisors: “From The Very Beginning, The President Has Said As His Goal That He Wanted To Be Sure It Created Between Three And Four Million Jobs. And We Absolutely Think It’s Going To Do That. … I’ve Run The Numbers. We Firmly Believe It Is Going To Create About 3.5 Million Jobs.” (MSNBC, 2/12/09)
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