The stimulus package is a failure, and Democrats are worried that “Blame Bush” won’t cut it for much longer:
Alarmed by the rising jobless rate, Democrats are scrambling to “do something” to create jobs. You may have thought that was supposed to be the point of February’s $780 billion stimulus plan, and indeed it was. White House economists Christina Romer and Jared Bernstein estimated at the time that the spending blowout would keep the jobless rate below 8%.
The nearby chart compares the job estimates the two economists used to help sell the stimulus to the American public to the actual jobless rate so far this year. The current rate is 9.8% and is expected to rise or stay high well into the election year of 2010. Rarely in politics do we get such a clear and rapid illustration of a policy failure.
This explains why political panic is beginning to set in, and various panicky ideas to create more jobs are suddenly in play.
(Via the Corner.)
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