So much for the promise of three million new or "saved" jobs!
Readers may recall that the Congressional Budget Office warned in February that passing the massive stimulus bill might actually damage the economy and in many ways was worse than doing nothing.
Democrats who cited the CBO as the gold standard of economic analysis when it criticized Bush Administration forecasts were quick to dismiss the CBO report.
Guess who was right?
Christina Romer, who now chairs the White House Council of Economic Advisors, put out this report as part of the incoming Administrations forecast of how Obama's plan would save jobs. The following chart is taken from page 5 of the pdf of that report, with the actual unemployment numbers added in red by Innocent Bystander.
What's worse is that the same bunch who brought you this obvious fiasco have published budget and spending forecasts that nearly all independent analysts criticize for being hopelessly flawed. The massive deficits, already at levels higher than at any time in our nation's history, will cause even greater economic disruption.
Yes, Rosy Scenario is back in town in D.C. but she brought along her brother, Painful Truth. And the painful reality of the Obama Administration's sheer incompetence on economic matters is already abundantly clear to the millions who are out of work due to Obamanomics.