The unemployment rate dropped to 9.7 percent in January from 10 percent in December.
That’s good news, but let’s not forget that the Obama administration told us that the so-called stimulus would keep unemployment under 8 percent. More particularly, they told us that the stimulus would create between three and four million jobs by the end of 2010, and that without the stimulus unemployment would hit about 8.5 percent in 2009 and then continue rising to a peak of about 9 percent in 2010. With the stimulus, they predicted the unemployment rate would peak at just under 8 percent in 2009.
To paraphrase Al Gore, repeat after me – ”He betrayed this country! He played on our fears! He took America on an ill-conceived [domestic] adventure dangerous to our [economy], an adventure preordained and planned before [Goldman Sachs] ever took place.” Of course, to really paraphrase Al, make sure that you are screaming at the top 0f your lungs and gesturing wildly.