The Five Biggest Failures From President Obama’s Stimulus Law
Three years later, the law isn’t producing the results it was supposed to
Some milestones are worth celebrating. Others, we’d much rather forget. Today, sadly, is the latter. On this day in 2009, President Barack Obama signed the stimulus bill into law.
Three years and $825 billion later, the results are clear. Instead of producing an economic recovery, the stimulus produced only broken promises and massive debt. The stimulus failed—and by the president’s own standards at that.
In early 2009, the incoming administration offered detailed predictions of exactly what the stimulus would accomplish. Those predictions, especially the five boldest, have proven to be terribly wrong. So on this anniversary, in lieu of gifts, let us offer the president a little accountability.
First, Obama’s economic advisers promised the stimulus would keep the unemployment rate below 8 percent. In 2012, the unemployment rate was supposed to fall below 6 percent. The prediction was not meant to be taken lightly. In a January 2009 radio address, Obama announced he was releasing a report based on “rigorous analysis” that charted unemployment through 2013 so “the American people can see exactly what this plan will mean for their families.”
Today, 12.8 million Americans are unemployed, 8.2 million cannot find enough work