2011: (click for larger image)
2012: (click for larger image)
Story from James Pethokoukis of the American Enterprise Institute. (H/T Arthur Brooks)
After every jobs report, I update the jobs forecast and chart Team Obama put out in January 2009 that projected the future unemployment rate if Congress passed his stimulus plan. It shows the unemployment rate far higher today than what Obama economists predicted back then, 8.2% vs. 5.7%.
[...][T]his White House has continually overestimated the strength of the recovery — as the charts above and below indicate (based on official White House forecasts). This says to me the problem isn’t the data going into the forecast model, the problem is the forecast model built on Keynesian assumptions about the impact of government spending and temporary tax hikes. Obama simply has the wrong model for growth.
It seems to me that the Obama approach to the economy is not to encourage the private sector to create jobs in a sustainable way by lowering corporate taxes from their 35% (highest in the world!) rate and by reducing the regulatory burden. Their plan for the last 4 years was to basically borrow money from private sector job creators to give it to their campaign donors and union supporters. Does cronyism and corruption produce produce private sector job growth? I think not. And, in fact, this is what happened.
Obama was always a drug-taking, affirmative action fraud – even before the election in 2008. That’s why he can’t release his transcripts, and why he’s never run so much as a lemonade stand in the private sector. The man is a buffoon and he has made us into a laughingstock. The only question now is whether people pay attention to charts and figures this time, instead of watch TV ads and teleprompter-assisted emotional rhetoric. It’s your choice America.