“The president’s stimulus plan was sold as a magic elixir that would lower the unemployment rate to 5.6 percent. Instead, Americans know it has remained stubbornly above 8 percent for over 40 straight months. They have seen their net worth decline some 40 percent as deficits reached record levels and debt as a percent of GDP grew alarmingly.”
That’s the indictment from Nancy Pfotenhauer, the former RNC Chief Economist who delivered a blistering blow to the President’s economic policy last month over at U.S. News and World Report.
The most potent piece of data brandished by Pfotenhauer is, without a doubt, the 40% decline in family net worth since Obama assumed office. While arguments over spending can sometimes be a bit esoteric, American families are worth 40% less now than they were four years ago, and that’s pretty real.
Much of the argument over the Obama economic agenda surrounds treatment of the stimulus which, even by the President’s own devices, was a gross failure. Consider this 2009 projection from the President’s Economic Council on the impact the stimulus would have on unemployment. Even without the stimulus, the administration projected less than 7% unemployment by 2012 (with the stimulus, they reached for the stars at just over 5%). Unemployment has now been over 8% for a record 40 straight months. By the Obama Administration’s own standard, they have failed.