I can’t help but notice how this administration is often surprised as stats are released. The rise in jobless numbers is unexpected, etc, etc. Now their whole forecast seems to be off and the answer will most likely be that more tax dollars will be called for through new stimulus plans. The result will be more financial stress on employers and families which will prolong the problem with expensive, if any, results from all the spending.
Excerpt from Hot Air
posted at 10:55 am on February 11, 2010 by Ed Morrissey
Thirteen months ago, Christina Romer and the aggregated economic advisers of Barack Obama claimed that the stimulus package they demanded from Congress would curtail unemployment by stimulating the economy, keeping the unemployment rate under 8% in 2009 and forcing in down throughout 2010. Yesterday, Romer essentially admitted that her analysis had completely failed. Now, even with the 2009 Porkulus and another stimulus bill Obama will push for Congressional approval, the US economy will only generate an anemic 95,000 jobs a month in 2010 — not enough to keep up with population growth:
The article shows more info on the subject and points to the lack of ability for politicians to predict the future. Central planning hasn’t been able to predict economic results in the past and it can’t do it today.
On another note, do we remember this Obama pledge?
“No family making less than $250,000 will see any form of tax increase. … not any of your taxes.”
We should have known, and many of us did, that this would never hold up.
Jim Geraghty says that the expiration dates come too fast and furious to keep pace these days, but this one’s a doozy. After having insisted all along that anyone suggesting his economic policies would require middle-class tax hikes was deliberately lying, Obama suddenly proclaims himself an “agnostic” on whether imposing higher taxes on people earning under $250,000 will be necessary: