http://www.cmyjobs.com/new-unemployment-report-friday/
NYT’s Stevenson Makes ‘Nuanced’ Defense of Obama’s 2009 Prediction of 6.5% Unemployment (news busters )
In “Missed Jobs Forecast in 2009 Resonates in Campaign,” Richard Stevenson’s
“Political Memo” buried in the New York Times’s Saturday Business section, the
paper’s political editor mounted a defense of Obama’s prediction of 6.5%
unemployment and “stimulus,” while regretting the administration’s “nuanced”
argument would be buried by misleading Republicans: “Despite repeated
Republican claims to the contrary, the stimulus bill created at least hundreds
of thousands of jobs, according to nearly all nonpartisan analysts, including
the Congressional Budget Office. But it’s impossible to compress the nuance
onto a bumper sticker.”
Ten days prior to Mr. Obama’s taking the oath of office in January 2009, his
economic team released a report outlining the estimated benefits of the $775
billion stimulus plan he was seeking. The projections were quite specific. The
stimulus legislation passed just a few weeks later at about the size the White
House had sought. Had all gone as promised by the report, the unemployment
rate right now would have been around 6.5 percent, heading down to around 6
percent by the end of this year and a little over 5 percent at the end of next
year.
Of course it didn’t turn out that way: “The …
News Update: Labor Department Reports 125000 US Jobs Lost in June