The Obama Administration famously predicted its so-called stimulus plan would “save or create 3.5 million jobs.”  However, the unemployment rate in June reached 9.5%, well above the 8% level the Administration projected if stimulus passed.  This means 2.5 million more Americans unemployed than the President promised. While the President… Read more

The Obama Administration famously predicted its so-called stimulus plan would “save or create 3.5 million jobs.”  However, yesterday the President admitted that, “we haven’t always gotten the numbers right.”  An understatement?  You decide: two million jobs have been destroyed between February and June 2009.  The unemployment rate reached 9.5% in June, well above the 8% level the… Read more

Today’s UI benefit claims data from the U.S. Department of Labor reveals another record number of Americans collecting unemployment insurance (UI) benefits.  The almost 9 million currently collecting UI benefits is an increase of 1 million from the level before the so-called stimulus bill.  This counts the 6 million receiving State UI benefits (payable for up to six months) and the… Read more

Washington, DC – Following the release of the June 2009 jobs report this morning, Ways and Means Ranking Member Dave Camp (R-MI) issued the following statement: “American workers didn’t need to wait for the latest jobs report to know that the President’s trillion dollar spending bill is not creating jobs.  At 9.5 percent in June, our current unemployment rate is 1.6 percentage points… Read more

Last week’s initial UI benefit claims data [1] from the U.S. Department of Labor set off a common refrain in the media that the number of individuals collecting UI benefits supposedly “plunged,” which is touted as “evidence the job market is starting to thaw.” [2] Headlines included “Continuing Claims Fall for Jobless Benefits” (Washington Post), “Unemployment Rolls Post Decline” (Chicago… Read more

WASHINGTON, DC – Following the jobs report this morning, Ways and Means Ranking Member Dave Camp (R-MI) released the following statement: “Jobs have not been saved—they have been lost.  And, thousands more will be out of work this summer as GM and Chrysler lay off workers, shutter plants and eliminate dealerships – the ripple effect of which will be felt throughout U.S. manufacturing… Read more

Fact: The latest documents on the President’s Budget, released yesterday, assume an average unemployment rate of 8.1% in 2009, well below current CBO and Blue Chip forecasts.   *click on the chart for a high resolution image   Fact: On Sunday, the President’s Economic Adviser,… Read more