Unemployment Improving Fast – Unlike After Great Recession

Unemployment Improving Fast  – Unlike After Great Recession
Solis, File)

Current unemployment rates show the US job market is bouncing back from the coronavirus recession far faster than experts recently predicted. That stands in stark contrast to 2009, when Americans experienced much higher unemployment rates than projected by proponents of the Obama stimulus plan.

As Democrats’ February 2009 stimulus law was in its final drafting stages, the lead economists for the incoming Obama-Biden administration released a report summarizing their expectations for the “Job Impact of the American Recovery and Reinvestment Plan.” That January 2009 report included a memorable chart showing projected unemployment rates with and without the stimulus legislation (the blue lines below). But when reality didn’t match those projections, Congressional Republicans turned the chart into a political cudgel, regularly adding actual unemployment rates (the red line) to show how Democrats’ stimulus wasn’t delivering jobs as promised:

 

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