This week marks the five year anniversary of Barack Obama's stimulus bill. We spent $830 billion and what do we have to show for it?
The Obama administration promised that if we passed his bill, unemployment not go above 8 percent and our economy would return to at least a 4 percent GDP growth rate. It's obvious that neither of those promises panned out.
GDP growth has average a paltry 2.4 percent.
Unemployment stayed above 8 percent for years, climbing over 10 percent even after the stimulus was passed. Although the unemployment rate is back below 8 percent, this is because Americans have dropped out of the labor force, giving up looking for work.
Did you know that only 10% of stimulus spending actually went to building infrastructure? Instead, the Wall Street Journal points out that the money went toward projects like studying why young people consume malt liquor and marijuana or why college kids “hookup.”
Obama's stimulus only plunged us further into debt and did little to actually live up to its name of stimulating the economy.
Source: Wall Street Journal