Three years ago today, while Barack Obama demanded almost $800 billion in stimulus funds, he told NBC that the money would generate millions of net new jobs and a new period of growth in short order. “If I don’t have this done in three years,” Obama told NBC, “then there’s going to be a one-term proposition.” The RNC “celebrates” the third anniversary deadline on Obama’s promise, and shares the grades he gets … from his fellow Democrats, including at least one of the advisers who built the stimulus plan. Needless to say, their remarks don’t indicate “a good, solid B-plus”:
Heck, we don’t even need to hear what Democrats have to say about the economy. The CBO projections released this week for the economic future under Obama’s policies show that Obamanomics gets a good, solid F-minus, emphases mine:
In part because of the dampening effect of the higher tax rates and curbs on spending scheduled to occur this year and next, CBO expects that the economy will continue to recover slowly, with real GDP growing by 2.0 percent this year and 1.1 percent next year (as measured by the change from the fourth quarter of the previous calendar year). CBO expects economic activity to quicken after 2013 but to remain below the economy’s potential until 2018.
In CBO’s forecast, the unemployment rate remains above 8 percent both this year and next, a consequence of continued weakness in demand for goods and services. As economic growth picks up after 2013, the unemployment rate will gradually decline to around 7 percent by the end of 2015, before dropping to near 5½ percent by the end of 2017.
Yeah, that’s one hell of a report card, isn’t it? Don’t forget that the economic recovery began more than two and a half years ago, and that Obama got his $800 billion by promising that it would prevent unemployment from reaching eight percent. It hasn’t been below it since, and now the CBO expects it to remain above the 8% mark not just this year but also all of next year, too.
If a 1.1% GDP annual growth rate in the fourth year of a recovery is your idea of Hope and Change, well, you’ve got the right guy in office now. The rest of us would like to collect on that one-term pledge, please. The RNC needs to cut this down to 60 seconds and start airing it in swing states.
Update: For those spluttering, “That wasn’t a promise Obama made!”, I know. I’m also not really wishing him a “happy anniversary.” It’s called snark, and we like it from time to time.