Rick Santelli's Chicago Tea Party

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Fact Check debunks Obama’s unemployment predictions Posted: 17 Jun 2009 07:48 AM PDT FactCheck presents a couple of insightful charts which falsify the Obama administration’s unemployment outlook and stimulus projections.  Here are the basic features: Without a stimulus package, Obama’s team predicted unemployment would hit 9% early next year.  However, it’s already at 9.4% and climbing. With a stimulus package, Obama’s team predicted unemployment would max out at 8% later this year.  Again, it’s already at 9.4%. Clearly these economic predictions have already been significantly falsified. Back in early January, Obama stated that unless bold, government actions were taken, unemployment could hit double digits.  Just yesterday, when asked by a reporter, “Will unemployment hit 10%?”, Obama said, “Yes.”  The reporter then asked, “Before the end of this year?”  Obama replied, “Yes.”  So much for the bold, government actions. Now, before everyone jumps on these failed predictions and obvious contradictions, let’s not forget that Fed Chairman, Ben Bernanke, and the Bush administration committed many of the same errors.  Bernanke, throughout 2005-2008, repeatedly stated that America’s economy was strong, sound, and robust.  Even in 2008, Bernanke stated that, at most, we might experience a minor slow down.  As for the Bush administration, it wouldn’t even admit that the country was in a recession in 2008, until absolute proof came in September.  Supposedly, the fundamentals were as sound as ever. There’s an obvious pattern here.  The Federal Government, including the Federal Reserve, has made a number of inaccurate predictions these last several years.  Their projections have been a poor reflection of reality.  The current administration is continuing a trend long in the making. It would behoove We the People to view government numbers with a high degree of skepticism.  We need to dig a bit deeper, do some research, and think for ourselves. Read here.

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