Three years ago today, President Barack Obama signed into law his trillion-dollar stimulus plan, a measure that he promised would save or create 3 million jobs by the end of 2010 and would prevent unemployment from ever going above 8 percent. And though the President today will likely claim that thanks to his efforts, the U.S. economy is surging, don’t believe him. The verdict is in: Obamanomics has failed.
But you don’t have to take our word for it. Yesterday, the Congressional Budget Office (CBO) released a report offering an analysis of the last three years of the Obama economy. In short, the stimulus did not live up to the President’s promises.
The CBO writes that America’s unemployment rate has exceeded 8 percent since February 2009, making this the longest stretch of high unemployment since the Great Depression. To make matters worse, unemployment will remain above 8 percent until 2014. And the level of long-term unemployment — those looking for work for more than six months — is over 40 percent, the highest since at least 1948, when that data was first collected.
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