This is a companion piece with the one below were Boob Biden claims that the stimulus is working and people are going back to work.
The President Moves the Economic GoalpostsRead the rest here. It's solid gold!
The stimulus isn't working as originally advertised.
By Karl Rove
Wall Street Journal
July 16, 2009
So what's a president to do when the promises he made about his economic stimulus program fail to materialize? If you're Barack Obama, you redefine your goals and act as if America won't remember what you said originally. That's a neat trick if you can get away with it, but Mr. Obama won't. His words are a matter of public record and he will be held to them.
When it came to the stimulus package, the president and his administration promised, in the words of National Economic Director Larry Summers, "You'll see the effects begin almost immediately." Now it's clear that those promised jobs and growth haven't materialized.
So Mr. Obama is attempting to lower expectations retroactively, saying in an op-ed in Sunday's Washington Post that his stimulus "was, from the start, a two-year program." That is misleading. Mr. Obama never said if his stimulus were passed things might still get significantly worse in the following year.
In February, Mr. Obama said this about the goals of his stimulus package: "I think my initial measure of success is creating or saving four million jobs." He later explained the stimulus's $787 billion would "go directly to . . . generating three to four million new jobs." And his Council of Economic Advisors issued an official analysis showing that the unemployment rate would top out in the third quarter of this year at just over 8%.
That quarter began on July 1, and unemployment is now 9.5%, up from 7.6% when Mr. Obama took office. There are 2.6 million fewer Americans working than there were on the day Mr. Obama was sworn in. The president says now that unemployment will exceed 10% this year, and his advisers say it will remain high through much of next year.
Earlier this year, Mr. Obama assured us that most of the stimulus money "will go out the door immediately." But it hasn't. Only about 7.7% of the stimulus has been spent in the six months since its passage, and more of it will be spent in the program's last eight years than in its first year. So now the president claims he said something different. "We also knew that it would take some time for the money to get out the door," Mr. Obama said in his weekly radio address on Saturday.