In a radio address given on January 3, 2009, President-Elect Barack Obama unveiled the name of his so-called “stimulus” plan: The American Recovery and Reinvestment Act.
“The number one goal of my plan,” Obama said in the address, “is to create three million new jobs, more than 80 percent of them in the private sector.”
According to the Labor Department, the unemployment rate in January 2009 was 7.6 percent, up from a George W. Bush-era low of 4.6 percent in September 2006. By January 2010, unemployment in America had reached 9.7 percent, with the actual rate at 16 percent or more. In fact, more than 4.1 million people lost their jobs during 2009 – according to the Bureau of Labor Statistics, the most job losses in a single year since 1940.
At the start of 2011, in January of last year, the Labor Department reported that the unemployment rate in America was up to 9.0 percent, despite the gains which are usually seen at this time of year due to temporary jobs filled during the holiday season.
Interactive book time! Quick – what is the unemployment rate now? 8.6 percent.
It’s a simple truth: uncertainty breeds unemployment. And, between its penchant for wealth redistribution and habit of unnecessarily increasing the tax and regulatory burden for businesses large and small, this administration foments uncertainty.
308 DAYS TO ELECTION DAY
383 DAYS UNTIL JANUARY 20, 2013