Sunday, December 25, 2011

Obama predicting the stimulus would prevent double digit unemployment

Someone recently challenged me to prove that Obama predicted a dire outcome if we reached a 10% unemployment rate.... and that the way out of it was a stimulus.

From AP:

Throughout his remarks, Obama painted a stark picture, including double-digit unemployment and $1 trillion in lost economic activity—that recalled the days of the Great Depression in the 1930s.

Huh.

But wait. Maybe AP misunderstood what Barack said at George Mason on Jan 8th, 2009?

Now, I don't believe it's too late to change course, but it will be if we don't take dramatic action as soon as possible. If nothing is done, this recession could linger for years.

The unemployment rate could reach double digits. Our economy could fall $1 trillion short of its full capacity, which translates into more than $12,000 in lost income for a family of four.

We could lose a generation of potential and promise as more young Americans are forced to forgo dreams of college or the chance to train for the jobs of the future. And our nation could lose the competitive edge that has served as a foundation for our strength and our standing in the world.

In short, a bad situation could become dramatically worse.

Hmm. I guess not.

But that was just one speech... right?

These are America’s problems, and we must come together as Americans to meet them with the urgency this moment demands. Economists from across the political spectrum agree that if we don’t act swiftly and boldly, we could see a much deeper economic downturn that could lead to double digit unemployment and the American Dream slipping further and further out of reach.
Of course, you can't trust that source. Its Change.gov.