Promises, Promises
Unemployment was supposed to be 5.7% now.
The nationwide unemployment rate dropped to 5.7% in May, as--huh? Oh wait, sorry, that's wrong. Actually, according to the
Bureau of Labor Statistics, "nonfarm payroll employment changed little in May (+69,000), and the unemployment rate was essentially unchanged at 8.2 percent." By "essentially unchanged" they mean increased from 8.1% in April.
We got the actual unemployment rate mixed up with what the Obama administration promised. As
James Pethokoukis notes, 5.7% was the administration's forecast (or, to be precise,
transition team's forecast) for May 2012 unemployment if Congress had enacted its $831 billion so-called stimulus bill, officially styled the American Recovery and Reinvestment Act of 2009. Congress balked, and here we are stuck with 8.2% unemployment.
Oops, sorry, wrong again! It turns out Congress did pass the so-called stimulus. The
White House website even has video of Obama signing it into law on Feb. 17, 2009