Now they tell us that the stimulus won't work!

Pres Obama and the Dems sold us the "stimulus" to turn the economy around.

Unfortunately, someone forgot to tell Mr. Bernake at The Fed.

This is his revised forecast:

"The “central tendency” of forecasts by the presidents of the Federal Reserve’s district banks and of governors on the Federal Reserve Board showed that they expected unemployment to reach 8.5 to 8.8 percent in 2009.

Last October, policy makers expected unemployment to top out at 7.1 to 7.6 percent.

Fed policy makers also expect the economy to shrink this year in a range of 0.5 to 1.3 percent, which mainly reflects deepening gloom about the severity of the downturn in the first half of this year.

Last October, most Fed officials had predicted that the United States would come out of the recession quickly enough to end this year with a small gain."

Our friend Bill Katz directed us to the last paragraph of the article:

"...Bleak economic data reflecting a sharpening slide in housing, trade, industrial production, spending and employment rates “more than offset” any potential impact from an economic stimulus plan, the Fed said, forcing it to cut its economic outlook."

I guess that $787 billion doesn't buy what it used to!