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Unemployment May 2012

Created on June 1, 2012

Unemployment May 2012

President Obama promised that government spending would “stimulate” the economy and quell rising unemployment by “creating or saving” millions of jobs. In January 2009, Obama’s advisers produced a chart visualizing the positive results of his recovery plan. But actual unemployment (in red) has far exceeded the White House estimates.

CHART 1

October 2009: 10.1%

May 2012: 8.2%

IB 3619

ACTUAL UNEMPLOYMENT

WHITE HOUSE ESTIMATES

Sources: Unemployment data from the Bureau of Labor Statistics; original chart from Christina Romer and Jared Bernstein, “The Job Impact of the American Recovery and Reinvestment Plan,” January 10, 2009.