Upon taking office in 2009, the Obama Administration projected that its unprecedented government spending “stimulus” would prevent unemployment from exceeding 8%, which would occur all the way back in October 2009 and be down to approximately 6% today.
Instead, with today’s announcement from the Labor Department, unemployment held steady at 8.3% last month. That makes 37 consecutive months above the 8% mark the Obama Administration said we wouldn’t exceed at all, the most since the federal government began keeping records. Moreover, the number of new jobs added is barely enough to tread water, despite Obama Administration celebrations to the contrary. Whereas unemployment quickly plummeted from 10.8% to 6.7% following implementation of Reagan’s tax cuts, it has increased under Obama from 7.8% to over 10% and three straight years over 8%.