President Obama is making many unsubstantiated claims in this campaign but we remember his promises from two years ago. On January 9, 2009 he said what became the $865 billion stimulus would create $4.1 million new jobs. The economy has actually lost 3.3 million jobs since the stimulus was enacted.
When you factor the costs associated with servicing the debt the final tally for the stimulus will be well over a trillion. The President was not alone in making rosy predictions. Reactions from other prominent Democrats at the beginning of 2009 were as follows:
Vice President Joe Biden: “In 18 Months the stimulus will create 3.5 million jobs … literally drop-kicks us out of this recession.”
Majority Leader Harry Reid (D-NV): “This bill creates 3.5 million jobs.”
Sen. Patty Murray (D-WA): “The stimulus gives our economy the jolt it needs to create jobs and help get our country back on track.”
Sen. Russell Feingold (D-WI): “The stimulus takes an important step toward creating or saving millions of jobs.”
Sen. Chuck Schumer (D-NY): “This is a very significant stimulus, 3.5 million to 4 million jobs is a lot of jobs.”
White House Chief of Staff Rahm Emanuel: “‘The most important number here for this recovery plan is how many jobs it produces, not how many votes it gets.”