September 7, 2010

Job Creation Update

Stimulus Spending and Unemployment
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This chart by Senior Research Fellow Veronique de Rugy shows that the administration’s promise that the ARRA bill would reduce unemployment rates and create jobs did not materialize. To this day, $275 billion has been reported spent in grants, contracts, and loans through the stimulus bill and yet unemployment has not decreased. In fact, the latest data from the Bureau of Labor statistics shows a slight increase in the unemployment rate from 9.5 percent in July to 9.6 percent in August. This rate is much higher than the 8.8 percent unemployment rate that the administration expected the country would face if it did not pass the gigantic spending bill.