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What happened to that 5% unemployment rate promised by the stimulus?

Wehrwolfen

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Rick Moran
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James Pethokoukis has a devastating chart and blog post over at AEI outlining the utter, complete, and total failure of the president's economic policies.


On the surface, the July jobs report - the unemployment rate dipped to 7.4% last month thanks to a shrinking workforce as the economy added a disappointing 162,000 net new payrolls - is just another dismal data point in America's "new normal" recovery. But it's also an important milestone and metric for judging the Keynesian fiscal experiment known as Obamanomics.

In January 2009, Team Obama economists put together a report - half quantitative analysis, half sales pitch - outlining the potential economic impact of the proposed $800 billion stimulus. (See above chart from that report.) If Congress passed the plan, the report forecasted, the economy would generate enough additional demand, output, and employment that two big things would happen:

First, the unemployment rate would never reach 8%. Unfortunately, we hit 10% unemployment in October 2009. Failure number one.

Second, the unemployment rate would return to its long-term "natural rate" of 5% by July 2013 (a jobless rate, it should be noted, above the low points of the Bush and Clinton presidencies). Labor markets would be back to peak health. The Great Recession would truly and finally be over.​

Read more:
http://www.americanthinker.com/blog...e_promised_by_the_stimulus.html#ixzz2aw71V6l1


Of course this is another ploy to disgrace Obama, who himself claimed, "Those shovel ready jobs weren't so shovel ready after all." Nudge, nudge, Chuckle, chuckle.
 

Moot

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Those "shovel ready jobs" were a "blessing" in my state. They've been shoveling and paving and building all over the place. I'm really getting tired of the roads all tore up and the traffic jams it's causing, though.
 

Redress

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Rick Moran
August 3, 2013


James Pethokoukis has a devastating chart and blog post over at AEI outlining the utter, complete, and total failure of the president's economic policies.

On the surface, the July jobs report - the unemployment rate dipped to 7.4% last month thanks to a shrinking workforce as the economy added a disappointing 162,000 net new payrolls - is just another dismal data point in America's "new normal" recovery. But it's also an important milestone and metric for judging the Keynesian fiscal experiment known as Obamanomics.

In January 2009, Team Obama economists put together a report - half quantitative analysis, half sales pitch - outlining the potential economic impact of the proposed $800 billion stimulus. (See above chart from that report.) If Congress passed the plan, the report forecasted, the economy would generate enough additional demand, output, and employment that two big things would happen:

First, the unemployment rate would never reach 8%. Unfortunately, we hit 10% unemployment in October 2009. Failure number one.

Second, the unemployment rate would return to its long-term "natural rate" of 5% by July 2013 (a jobless rate, it should be noted, above the low points of the Bush and Clinton presidencies). Labor markets would be back to peak health. The Great Recession would truly and finally be over.​

Read more:
http://www.americanthinker.com/blog...e_promised_by_the_stimulus.html#ixzz2aw71V6l1


Of course this is another ploy to disgrace Obama, who himself claimed, "Those shovel ready jobs weren't so shovel ready after all." Nudge, nudge, Chuckle, chuckle.
Can you show where the promise of 5 % unemployment was made? I read the report that Romer et al put out, and it did not promise anything of the sort.

Maybe you swhould stop drinking the koolaide from sites that say what you want and actually read facts.
 

shagg

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Rick Moran
August 3, 2013


James Pethokoukis has a devastating chart and blog post over at AEI outlining the utter, complete, and total failure of the president's economic policies.


On the surface, the July jobs report - the unemployment rate dipped to 7.4% last month thanks to a shrinking workforce as the economy added a disappointing 162,000 net new payrolls - is just another dismal data point in America's "new normal" recovery. But it's also an important milestone and metric for judging the Keynesian fiscal experiment known as Obamanomics.

In January 2009, Team Obama economists put together a report - half quantitative analysis, half sales pitch - outlining the potential economic impact of the proposed $800 billion stimulus. (See above chart from that report.) If Congress passed the plan, the report forecasted, the economy would generate enough additional demand, output, and employment that two big things would happen:

First, the unemployment rate would never reach 8%. Unfortunately, we hit 10% unemployment in October 2009. Failure number one.

Second, the unemployment rate would return to its long-term "natural rate" of 5% by July 2013 (a jobless rate, it should be noted, above the low points of the Bush and Clinton presidencies). Labor markets would be back to peak health. The Great Recession would truly and finally be over.​

Read more:
http://www.americanthinker.com/blog...e_promised_by_the_stimulus.html#ixzz2aw71V6l1


Of course this is another ploy to disgrace Obama, who himself claimed, "Those shovel ready jobs weren't so shovel ready after all." Nudge, nudge, Chuckle, chuckle.
i'm sure 10% unemployment had nothing to do with the housing/mortgage bubble popping, or the guy who was in office for 8 years leading up to it. It was completely on the shoulders of the guy who'd been in office for less than a year.
 

Wehrwolfen

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Those "shovel ready jobs" were a "blessing" in my state. They've been shoveling and paving and building all over the place. I'm really getting tired of the roads all tore up and the traffic jams it's causing, though.
In Obama's own words:

 

CRUE CAB

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i'm sure 10% unemployment had nothing to do with the housing/mortgage bubble popping, or the guy who was in office for 8 years leading up to it. It was completely on the shoulders of the guy who'd been in office for less than a year.
And over 5 years down the road Obama has done nothing about it.
 

Wehrwolfen

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i'm sure 10% unemployment had nothing to do with the housing/mortgage bubble popping, or the guy who was in office for 8 years leading up to it. It was completely on the shoulders of the guy who'd been in office for less than a year.
Only if you don't consider that there were improvements to head off the "Housing/mortgage" Bubble popping being blocked by Democrats and Barney Frank in particular.

Frank's fingerprints are all over the financial fiasco - The ...

www.boston.com › Globe › Opinion › Op-ed
Sep 28, 2008 · The government has to get us out of it." That's Barney Frank's ... Because while the mortgage crisis convulsing ... As long as housing prices kept ...
~~~~~~~~~~~~~~~~~~~~~~~~~


Another HUD - Barney Frank Disaster on the Way! | The National ...

thenationalrealestatepost.com/2011/06/21/another-hud-barney-frank...

Barney Frank Disaster on the Way ... Raise home prices or at least keep them from falling further and begin ... There is no motivation for anyone to stay in a ...
~~~~~~~~~~~~~~~~~~~~


RealClearPolitics - Is Barney Frank?

www.realclearpolitics.com/articles/2010/10/19/is_barney_frank...

So it is no surprise that Barney Frank was very protective ... Everybody except Barney Frank. "There is no guarantee ... The housing market is fine.'" His reply? "No, ...


Of course in making that statement you exclude the truth about the role Barney Frank and Democrats had in bringing about this fiasco..
 
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shagg

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And over 5 years down the road Obama has done nothing about it.
so dubya mucked it up, but obama is at fault for not picking up the pieces fast enough despite republicans blocking anything with obamas name on it (including their own ideas), gotcha.
 

CRUE CAB

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so dubya mucked it up, but obama is at fault for not picking up the pieces fast enough despite republicans blocking anything with obamas name on it (including their own ideas), gotcha.
How did "dubya" muck it up?
And Obama ran on a platform of being able to fix things and he hasnt.
 

shagg

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Only if you don't consider that there were improvements to head off the "Housing/mortgage" Bubble popping being blocked by Democrats and Barney Frank in particular.

Frank's fingerprints are all over the financial fiasco - The ...

www.boston.com › Globe › Opinion › Op-ed
Sep 28, 2008 · The government has to get us out of it." That's Barney Frank's ... Because while the mortgage crisis convulsing ... As long as housing prices kept ...
~~~~~~~~~~~~~~~~~~~~~~~~~


Another HUD - Barney Frank Disaster on the Way! | The National ...

thenationalrealestatepost.com/2011/06/21/another-hud-barney-frank...

Barney Frank Disaster on the Way ... Raise home prices or at least keep them from falling further and begin ... There is no motivation for anyone to stay in a ...
~~~~~~~~~~~~~~~~~~~~


RealClearPolitics - Is Barney Frank?

www.realclearpolitics.com/articles/2010/10/19/is_barney_frank...

So it is no surprise that Barney Frank was very protective ... Everybody except Barney Frank. "There is no guarantee ... The housing market is fine.'" His reply? "No, ...


Of course in making that statement you exclude the truth about the role Barney Frank and Democrats had in bringing about this fiasco..
2 of your links are broken and the third leads to the front page of a real estate blogging and network site. how long have you had them bookmarked lol? If anything this further implies Dubya let this happen on his watch since he couldn't overcome opposition from the juggernaut known as barney frank.
 

Wehrwolfen

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so dubya mucked it up, but obama is at fault for not picking up the pieces fast enough despite republicans blocking anything with obamas name on it (including their own ideas), gotcha.

Did I make that claim?

Since you prefer to make statements in that vein, I'll try to reveal to you that the Republican majority prior to 2007 tried to repair and improve Freddie Mac and Fannie Mae coming problems. Democrats like Barney Frank blocked those efforts and kept telling us to move along there was nothing to see here until 2008 when everything fell apart. Could that be why Frank is no longer running for office?
 

specklebang

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Blaming Bush is getting kind of old at this point. Blaming Obama is certainly more timely but is an exercise in futility.

If I could posses Obama, why I could solve the employment issue by imprisoning any CEO who transferred any jobs overseas or hired any H1B workers as a cost savings unless there was really, truly, no American qualified for the job. I would also create a special tax bracket for any company that increased automation. We will call that the Robot Tax which will be an adjustable figure that confiscates any savings generated by the robots.

I (Obama) will reinstate the draft. As soon as any family members applies for welfare, all their children from age 17 to age 30 will be immediately placed in the Military and shipped to the war front. Unless, of course, that child is already employed.

Nobody over the age of 70 who has over $500K in assets and $25K in income will receive a SS payment. Nor will anyone with over $500K in assets and $25K in other income be allowed to seek employment of any kind of general labor such as Walmart Greeter.

Failure by any employer of more than 50 people to use Everify will result in an immediate detention for a period of one year. During your year in the hoosegow, your company will be confiuscated and auctioned off to the highest bidder who commits to following the rules.

There will be no deductions or additional welfare for anyone who has more than 2 children.

So, what do you think of my plan? I promise you that unemployment will drop below 5%. Do you wish Obama was under my control?
 

Wehrwolfen

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2 of your links are broken and the third leads to the front page of a real estate blogging and network site. how long have you had them bookmarked lol? If anything this further implies Dubya let this happen on his watch since he couldn't overcome opposition from the juggernaut known as barney frank.
RealClearPolitics - Is Barney Frank?


Frank's fingerprints are all over the financial fiasco - The Boston Globe


Another HUD - Barney Frank Disaster on the Way! | The National Real Estate Post

They seemed to work for me. Try the above. And no I do not store info. Unlike you I rely on history, I do not make it up to revise it.
 

Moot

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Did I make that claim?

Since you prefer to make statements in that vein, I'll try to reveal to you that the Republican majority prior to 2007 tried to repair and improve Freddie Mac and Fannie Mae coming problems. Democrats like Barney Frank blocked those efforts and kept telling us to move along there was nothing to see here until 2008 when everything fell apart. Could that be why Frank is no longer running for office?
Fannie and Freddie are profitable again....


Fannie and Freddie spur home lending by buying mortgages from banks and packaging them into securities on which they guarantee payments of principal and interest. That frees up the banks to make more loans. Fannie Mae had its best year ever in 2012, reporting net income of $17.2 billion, outpacing companies such as Wal-Mart Stores (WMT), General Electric (GE), and Berkshire Hathaway (BRK/A), according to data compiled by Bloomberg. Freddie Mac reported earning $11 billion last year. Both say they expect to remain profitable....

Fannie and Freddie Are Super-Profitable, but Congress Doesn't Care - Businessweek
 

Wehrwolfen

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Fannie and Freddie are profitable again....


Fannie and Freddie spur home lending by buying mortgages from banks and packaging them into securities on which they guarantee payments of principal and interest. That frees up the banks to make more loans. Fannie Mae had its best year ever in 2012, reporting net income of $17.2 billion, outpacing companies such as Wal-Mart Stores (WMT), General Electric (GE), and Berkshire Hathaway (BRK/A), according to data compiled by Bloomberg. Freddie Mac reported earning $11 billion last year. Both say they expect to remain profitable....

Fannie and Freddie Are Super-Profitable, but Congress Doesn't Care - Businessweek
So you're claiming that the wrong done by the Democratic Party was justified then?
 

Moot

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So you're claiming that the wrong done by the Democratic Party was justified then?
No, I'm claiming that Fannie and Freddie are profitable again.
 

Vern

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Did I make that claim?

Since you prefer to make statements in that vein, I'll try to reveal to you that the Republican majority prior to 2007 tried to repair and improve Freddie Mac and Fannie Mae coming problems. Democrats like Barney Frank blocked those efforts and kept telling us to move along there was nothing to see here until 2008 when everything fell apart. Could that be why Frank is no longer running for office?
mmm, how is it possible that wolf has completely missed every one of my posts showing Bush was 100 % responsible for the Bush Mortgage Bubble. I'll just give him some quick snippets.

Here's testimony from W’s Treasury Secretary John Snow to the REPUBLICAN CONGRESS concerning the 'regulation’ of the GSE’s “Mr. Frank: ...Are we in a crisis now with these entities?

Secretary Snow. No, that is a fair characterization, Congressman Frank, of our position. We are not putting this proposal before you because of some concern over some imminent danger to the financial system for housing; far from it.


- THE TREASURY DEPARTMENT'S VIEWS ON THE REGULATION OF GOVERNMENT SPONSORED ENTERPRISES

here's Bush killing GSE reform (right after he said nothing was wrong with the GSEs)
"Despite what appeared to be a broad consensus on GSE regulatory reform, efforts quickly stalled. A legislative markup scheduled for October 8, 2003, in the House of Representatives was halted because the Bush administration withdrew its support for the bill,"

http://www.frbatlanta.org/filelegacydocs/er04_framewhite.pdf

Let me reiterate that point

"Strong opposition by the Bush administration forced a top Republican congressman to delay a vote on a bill that would create a new regulator for mortgage giants Fannie Mae and Freddie Mac."
Oxley pulls Fannie, Freddie bill under heat from Bush - MarketWatch

Here's Bush forcing GSEs to buy more low income home loans.


"NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday."
Home builders fight Bush's low-income housing - Jun. 17, 2004

and here's Bush's own words on GSE reform when a reform bill finally passed one of the chambers of the republican congress


STATEMENT OF ADMINISTRATION POLICY
The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.

George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005
 

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