Last night during his news conference he said something that really just made me go "DID THAT REALLY JUST HAPPEN?"
He said and i QUOTE:
The comment was made after he said he had inherited the worst recession since the great depression.Originally Posted by obama
Couple of Key Points:
1) Unemployment was at 7% when Bush Left Office IIRC, Obama passed Stim 1 cause if we didnt, 8% unemployment was going to happen. We are at 9.6% NOW and almost every economist even the FEDERAL RESERVE says we will top out 10% before the year is out.
The administration vowed to use stimulus policies to keep the jobless rate below 8 percent; it is now just shy of 10 percent.
2) Jobless claims have steadily continued to RISE DESPITE Stimulus 1 being passed. This month was 550,000 (50,000 more than expected)
3) As of now, only about 5-8% of the Stimulus money has been SPENT and is actually doing anything. Most economists estimate little to no jobs have been created since it was passed in FEB. The bulk of the money will not be spent until 2010. And this was a STIMULUS that had to be enacted NOW or we were certain for collapse :lame: