Time Magazine
The $787 billion stimulus plan is turning out to be far less stimulating than its architects expected.
Back in early January, when Obama was still President-elect, two of his chief economic advisers, and leading proponents of a stimulus bill, predicted that the passage of a large economic-aid package would boost the economy and keep the unemployment rate below 8%. It hasn't quite worked out that way. Last month, the jobless rate in America hit 9.5%, the highest level it has reached since 1983. (See 10 ways your job will change.)
The two advisers who wrote the paper, Christina Romer and Jared Bernstein, went on to land key jobs in Obama's Administration. Romer is the head of Obama's Council of Economic Advisers, Bernstein is the chief economist and economic-policy adviser to Vice President Biden. And the stimulus bill that both economists championed became law in mid-February. What has not come to pass, however, is the boom in job creation that Romer and Bernstein predicted. A little over a month ago, the Administration said the stimulus bill had created or saved 150,000 jobs. That's a far cry from the 3 million to 4 million jobs that Romer and Bernstein foresaw back in January.[...]
The $787 billion stimulus plan is turning out to be far less stimulating than its architects expected.
Back in early January, when Obama was still President-elect, two of his chief economic advisers, and leading proponents of a stimulus bill, predicted that the passage of a large economic-aid package would boost the economy and keep the unemployment rate below 8%. It hasn't quite worked out that way. Last month, the jobless rate in America hit 9.5%, the highest level it has reached since 1983. (See 10 ways your job will change.)
The two advisers who wrote the paper, Christina Romer and Jared Bernstein, went on to land key jobs in Obama's Administration. Romer is the head of Obama's Council of Economic Advisers, Bernstein is the chief economist and economic-policy adviser to Vice President Biden. And the stimulus bill that both economists championed became law in mid-February. What has not come to pass, however, is the boom in job creation that Romer and Bernstein predicted. A little over a month ago, the Administration said the stimulus bill had created or saved 150,000 jobs. That's a far cry from the 3 million to 4 million jobs that Romer and Bernstein foresaw back in January.[...]