Today’s jobs report is a broken record, with the unemployment rate stuck at 8.2 percent. The Department of Labor reports that only 80,000 jobs were added in June—consistent with other data revealing the economy has downshifted from slow to slower. This picture is starkly different from the economy President Obama promised of a strong recovery and millions of “saved or created” jobs a few years ago.
In 2009, the President promised that his “recovery plan” composed almost entirely of government spending was the only way to stave off rising unemployment. The White House even drafted a chart showing projected unemployment with the economic stimulus plan and without it—to scare lawmakers into voting for it. According to their projections, by now, unemployment should be at 5.5 percent. Instead, of course, it’s 8.2 percent—and has been above 8 percent for 41 straight months.
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