Today marks the one-year anniversary of President Obama’s and Washington Democrats’ launch of the “Recovery Summer,” a three-month stimulus spending spree that was supposed to create jobs. At the end of the three months, unemployment grew to 9.7% and Democrats called for yet another stimulus – in other words: their stimulus failed.
Unemployment Increases At The End Of President’s “Recovery Summer.” The U.S. economy has shed jobs for three straight months, though the losses in August were about half the 110,000 predicted by economists in a Dow Jones Newswires survey. The unemployment rate, calculated using a separate household survey, edged up to 9.6%, as expected, after holding at 9.5% for previous two months. (Tom Barkley & Victoria McGrane, “Private Sector Adds 67,000 Jobs,” The Wall Street Journal, 9/3/11)
Summer Of Recovery – “Jobs Never Materialized.” “But with summer quickly coming to an end, those jobs gains and a robust economic recovery have not yet materialized, leaving Democrats on the verge of a fall election campaign in which Republicans are poised to make them eat their words.” (Devin Dwyer, “GOP Targets Obama’s ‘Recovery Summer’ Amid Economic Gloom,” ABC News, 8/24/10)
A year later, things aren’t better. The past few weeks have reminded Americans that the Obama Administration’s economic policies have failed to grow our economy, create jobs and tackle our debt. Unemployment remains high at 9.1%, private sector growth is languishing and Americans’ confidence in President Obama and the Congressional Democrats’ economic policies is plunging.