Chart of the Day: CBO report an F on the 2009 stimulus package

Today we, er, celebrate the third anniversary of the 2009 stimulus package’s presidential signature.  When Barack Obama applied his signature, he promised that the $800 billion authorized to his administration by a Democratic Congress would allow him to keep unemployment under 8% and revamp the American economy for long-term prosperity and solid economic growth.  Yesterday, in an early anniversary present, the CBO scored the performance of the stimulus and the Obama administration on that very metric, and the first paragraph delivers the verdict clearly, emphases mine:

The rate of unemployment in the United States has exceeded 8 percent since February 2009, making the past three years the longest stretch of high unemployment in this country since the Great Depression. Moreover, the Congressional Budget Office (CBO) projects that the unemployment rate will remain above 8 percent until 2014. The official unemployment rate excludes those individuals who would like to work but have not searched for a job in the past four weeks as well as those who are working part-time but would prefer full-time work; if those people were counted among the unemployed, the unemployment rate in January 2012 would have been about 15 percent. Compounding the problem of high unemployment, the share of unemployed people looking for work for more than six months—referred to as the long-term unemployed—topped 40 percent in December 2009 for the first time since 1948, when such data began to be collected; it has remained above that level ever since.

Frankly, there isn’t much to be added to this score.  It’s a good, solid F- for the stimulus and the President who wasted $800 billion on it, three years after insisting that his gimmicky approach to economics would create a modern economy that would generate prosperity for all.  But just in case you need it, the CBO includes this very helpful chart on unemployment at the beginning of the report:

The NRSC “celebrates” the third anniversary with a new video, and a large number of quotes from Democrats running for the Senate in 2012 who assured their constituents that the stimulus was just what America needed:

Nelson: “Florida’s Drastic Rise In Unemployment Deserves Immediate Attention And Swift Action. The Senate’s Stimulus Package Will Provide Jobs That Lay A Foundation For A Clean-Energy Future. It Also Has Special Provisions That Will Help Homeowners Who Are Facing Foreclosure.” (Senator Bill Nelson Website, “Floridians’ Top Concerns: Retirement, Health Care, Jobs,”, Accessed 12/13/10)

Kaine Said The Stimulus Was One Of The First Flagstones In The “Road To Recovery.” “From his efforts came the first flagstones in the road to recovery. The Recovery Act, which put vital dollars back into the pockets of working families, pumped critical funding into high-growth industries and promoted projects that employed Americans and improved vital infrastructure.” (Tim Kaine, Op-Ed, “The President’s Progress,” Politico, 12/31/10)

Berkley Said The Stimulus Bill Would “Create Or Save 4 Million Jobs Over The Next Two Years,” Nationwide. Shelley Berkley: “The American Recovery and Reinvestment Act will create or save 4 million jobs over the next two years. In my district, thousands of construction workers will be put back to work improving infrastructure, building renewable energy facilities, improving school buildings and generally strengthening the future of our nation.” (“Rep. Berkley Urges Passage Of Broad Stimulus Package,” Congresswoman Shelley Berkley Press Release, 1/27/09)

Tester’s Press Release Said The Stimulus Would Create “Millions Of New Jobs” And Cut Taxes “By Hundreds Of Billions Of Dollars.” “Both of Montana’s U.S. Senators today voted in favor of a plan to rebuild America’s struggling economy by creating millions of new jobs, investing in long-term infrastructure, and cutting taxes by hundreds of billions of dollars. Senators Max Baucus and Jon Tester voted to pass the Jobs Bill, formally known as the American Recovery and Reinvestment Act.” (Senator Jon Tester, “Baucus, Tester Vote For Final Jobs Bill, At Least $626 Million For Montana,” Press Release, 2/13/09)

Stabenow: “So This Is — This Is A Jobs Bill, Number One, Jobs Rebuilding America, Jobs In The Green Economy. It’s Also About Making Sure We Keep People Working, Keep Our Police Officers On The Streets, And Focus On Quality Schools.” (Fox News Channel, 1/28/09)

Sherrod Brown: “So It’s Not Just Shovel-Ready Projects That Are Ready To Go Now That Will Create Jobs, It’s Also – It’s Also Green Jobs, And It’s Also Building For The Future, So When You Do Economic Stimulus, It Really Needs To Look At What Kinds Of Jobs It’s Going To Create, Not Just Immediately But Two Years, Five Years, Ten Years Down The Road.” (ABC’s, “This Week,” 12/28/08)

Baldwin Said The Stimulus Would Create Or Save 67,000 Jobs In Wisconsin. Baldwin: “In Wisconsin alone, this bill will create or save more than 67,000 jobs, and provide more than $1 billion in health care for the uninsured, Baldwin explained.” (Rep. Tammy Baldwin, “Baldwin Votes For Economic Recovery Plan,” Press Release, 1/29/09)

Heinrich Called The Stimulus A “Jobs Creation Package” And Said It Would “Rebuild America’s Economy.” “‘This jobs creation package will rebuild America’s economy, making us more globally competitive and energy independent, while providing 95% of Americans with immediate tax relief,’ aid Rep. Heinrich.” (Congressman Martin Heinrich, “New Mexico Delegation Supports American Recovery And Reinvestment Act That Could Create 22,000 Jobs In New Mexico,” Press Release, 2/13/09)