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Author Topic: Frank: Obama admin 'dumb' to predict no higher than 8% unemployment  (Read 2351 times)

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Offline Chris_

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Frank: Obama admin 'dumb' to predict no higher than 8% unemployment
« on: August 18, 2010, 07:47:42 PM »
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Rep. Barney Frank (D-Mass.), the chairman of the House Financial Services Committee, called into question the wisdom of projections issued by the Obama administration during the congressional fight over the stimulus bill that argued it would prevent higher levels of joblessness.

"President Obama, whom I greatly admire ... when the economic recovery bill — we're supposed to call it the 'recovery bill,' not the 'stimulus' bill; that's what the focus groups tell us — he predicted or his aides predicted at the time that if it passed, unemployment would get under 8 percent," Frank said Tuesday evening during an appearance on the Fox Business Network. "That was a dumb thing to do."

The administration famously released a chart during the fight over its signature $787 billion American Recovery and Reinvestment Act (ARRA) showing that, if that package were enacted, unemployment would not exceed 8 percent. The projection, authored by Council of Economic Advisers (CEA) Chairwoman Christina Romer, argued that without the stimulus, unemployment would reach a high of 9 percent in the third quarter of 2010.

The current unemployment rate, according to the Bureau of Labor Statistics, stands at 9.6 percent.


The Hill
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Offline Carl

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Re: Frank: Obama admin 'dumb' to predict no higher than 8% unemployment
« Reply #1 on: August 18, 2010, 07:51:59 PM »
They presumed they could buy enough public sector jobs to force the numbers but never imagined the private sectors view on the thing would be stifling any kind of risk or expansion.

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Offline thundley4

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Re: Frank: Obama admin 'dumb' to predict no higher than 8% unemployment
« Reply #2 on: August 18, 2010, 07:56:58 PM »
I'd like to see that same graph with the actual unemployment imposed on it.
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Offline Chris_

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Re: Frank: Obama admin 'dumb' to predict no higher than 8% unemployment
« Reply #3 on: August 18, 2010, 08:00:13 PM »
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Offline djones520

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Re: Frank: Obama admin 'dumb' to predict no higher than 8% unemployment
« Reply #4 on: August 18, 2010, 08:12:09 PM »
Here is one thats a bit more recent.

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Offline dutch508

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Re: Frank: Obama admin 'dumb' to predict no higher than 8% unemployment
« Reply #5 on: August 18, 2010, 08:14:28 PM »
When you look at the actual unemployment numbers, it's around 14.8%.
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Offline Chris_

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Re: Frank: Obama admin 'dumb' to predict no higher than 8% unemployment
« Reply #6 on: August 18, 2010, 08:14:45 PM »
I did grab the one from 2009, didn't I?  Sorry. :p
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Offline DumbAss Tanker

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Re: Frank: Obama admin 'dumb' to predict no higher than 8% unemployment
« Reply #7 on: August 19, 2010, 09:20:07 AM »
You know the Dems are in real trouble when even Barney Fwank starts telling the truth about their programs.
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Offline thundley4

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Re: Frank: Obama admin 'dumb' to predict no higher than 8% unemployment
« Reply #8 on: August 19, 2010, 09:36:05 AM »
Quote from: DumbAss Tanker on August 19, 2010, 09:20:07 AM
You know the Dems are in real trouble when even Barney Fwank starts telling the truth about their programs.

Bawney Fwank is now saying that Fannie and Freddie now need to be done away with.  He was one of their staunchest supporters when it was the GOP'ers saying they needed more regulation and restructuring.
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Offline true_blood

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Re: Frank: Obama admin 'dumb' to predict no higher than 8% unemployment
« Reply #9 on: August 19, 2010, 11:55:57 AM »
Quote from: thundley4 on August 19, 2010, 09:36:05 AM
Bawney Fwank is now saying that Fannie and Freddie now need to be done away with.  He was one of their staunchest supporters when it was the GOP'ers saying they needed more regulation and restructuring.
I think it's all talk. I don't think he "really" means it. They're just looking out for their own best interests right now. It's every man for himself in Congress.
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Offline NHSparky

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Re: Frank: Obama admin 'dumb' to predict no higher than 8% unemployment
« Reply #10 on: August 19, 2010, 07:34:50 PM »
This from the same guy who told us Fannie and Freddie were basically sound.

STFU already, and fix your damn tie, and get a shirt that fits.  You look like you're being strangled every time I see you on TV--which isn't a bad idea, really.
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Offline true_blood

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Re: Frank: Obama admin 'dumb' to predict no higher than 8% unemployment
« Reply #11 on: August 20, 2010, 07:36:15 PM »
Quote from: NHSparky on August 19, 2010, 07:34:50 PM
This from the same guy who told us Fannie and Freddie were basically sound.

STFU already, and fix your damn tie, and get a shirt that fits.  You look like you're being strangled every time I see you on TV--which isn't a bad idea, really.

HA HA!!!! :rotf:
You are correct. Every time I see him, I laugh! What a messy fag!! :lmao: :loser:
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