Recently the Obama economic team was attempting to explain why the nation’s unemployment rate

was so much higher than their initial projections.  Pedaling his so-called stimulus plan last January President Obama vowed to create 3.5 million jobs by 2010 with its passage.  Painting a dire economic picture he recollected the 1930s economic conditions and claimed the nation was experiencing its “worst economy since the Great Depression”, President Obama warned that without his plan’s passage, the unemployment would hit 8.8% by the last quarter of 2010 and claimed passing his plan would keep unemployment under 7%.

Five months after passage of the plan the unemployment rate has already reached 9.4% with the United States economy only in its third quarter of fiscal year 2009.  Obama economic team members Christine Romer and Jared Bernstein attempted an explanation for such mistaken forecasts in a June 8 press briefing, 

"When we made our initial estimates that was before we had fourth-quarter results on GDP, which we later found out was contracting on an annual rate of 6 percent, far worse than we expected at that time."

If this sounds familiar, it is because President Clinton used the same excuse when he reneged on his middle class tax cuts shortly after taking office in 1992.  As was the case then, Obama’s current claims that the economy was worse than they had thought is completely bogus.  Since this administration’s favored mantra, pre and post election, has been the false assertion that our nation is experiencing “the worst economy since the Great Depression”, it is not possible that a meager 6% economic contraction could have been “unexpected”.  After espousing his extreme “Great Depression” theory, the Obama economic team would have certainly modeled their economic plan to account for such a dire economic condition that existed at that time.  If the Obama Administration had been honest in their continual historical comparison to the Great Depression, 6% annual contraction would be modest in their computer modeling, since his economic team should have been modeling the 12%, 16.1% and 23.2% annual contractions characteristic of the nation’s economy during the Great Depression.  The failure to use such dire data in their modeling consistent with their extreme statements of comparison would certainly make the President and his staff appear to be incompetent demagogues, and we know by listening to the mainstream media that certainly can’t be the case. 

  
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