10% unemployment after a $787 billion stimulus?

This is getting very interesting. According to Geraghty, the above chart is popping up everywhere, from Newsweek to FactCheck.org to Ace of Spades.

Pres BO said this:

".....the U.S. unemployment rate will reach 10 percent this year, even as the economy begins to emerge from the recession."

Didn't they say that the US$ 787 billion stimulus would prevent further job losses?

Jim Geraghty nails it:

"To get the stimulus passed, the Obama administration promised the moon, and had no idea whether it would work.

One hundred and twenty-one days since the stimulus passed, there is still no sign that it is doing what it was designed to do — mitigate the recession and put Americans back to work."

The stimulus is not stimulating.

Didn't we say this back in February?

The stimulus is also full of waste. IBD has a great editorial today:

"The government's stimulus program, not even six months old, is turning into a major source of both fraud and pork barrel spending.

If this were a private business, it would have been shut down long ago."

Something is wrong. Somebody did not tell the truth about the stimulus and the jobs that it'd create!