Comparing Unemployment Rate Projections in President Obama's First and Current Budget

Are You Now (or Will You Become) One of the 28 Million Unemployed the Administration Missed?

The table below displays unemployment rate projections in (1) President Obama’s first budget in February 2009, and (2) President Obama’s current budget, released today.

Significantly, as the Administration’s budget documents in 2009 noted, their projections then incorporated the effects of the Administration’s trillion-dollar February 2009 stimulus plan, which the President said will “save or create at least three and a half million jobs, and help to revive our economy.”  As the Administration’s current figures confirm, however, that stimulus plan has been a colossal failure, with 4.5 million more people unemployed this year than they projected in 2009.

What’s worse, the pain isn’t even close to being over.  Literally millions more people will be unemployed in the coming years than the Administration promised in 2009.  In all, the Administration’s current budget estimates admit that 28 million more Americans will be unemployed during this decade than their first budget predicted.