In the pogrom of fear and terror the Obama administration unleashed (with the help of an enthusiastic media) in the days prior to the rush crafting and passing of the rapacious "stimulus bill", we were told that time was of the essence, we couldn't wait a moment or cut a dime, or the unemployment spiral would look thusly:
The pale blue line on top indicates where the Obama administration told us the unemployment rate would be (8.9%, based on the chart) if we failed to ratify the stimulus bill. Well, we did, and the April unemployment figures are out, and with the stimulus plan in full effect, the April unemployment figure is....8.9%.
So we would have been here anyway, except we wouldn't have created a trillion dollar debt (with interest) for our children to cover for us.
How clueless are our Ivy League trained masters? Take a look at what Geithner's Treasury considers a "worst-case" scenario:
To take one example, the "adverse" scenario envisions the U.S. jobless rate gradually rising from 6.9% at the end of 2008 to 8.9% at the end of 2009.
Hey, geniuses, we're already there. The unemployment figures would have to start dropping tomorrow in order for us to get below 8.9%. But although the Fed and the media will lie to the people, they can no longer lie to themselves:
Policymakers admitted that the odds have increased that joblessness will reach adverse-case levels of 10.3% by 2010.
Hmm....betcha Obama and the Dems are sweating that timing....