Unemployment up despite first stimulus, why not try a second?

The hurry-up offense to get Barack Obama's stimulus bill boondoggle passed into law was supposed to "create or save" four million jobs. Yet current unemployment rate is 9.4 percent, the highest it's been in 25 years.

Last month over 300,000 jobs were lost, the month before 500,000 pink slips were issued.

So far 2.9 million jobs have vanished since the New Year's Day.

So how does the Czar of all the Czars respond? Well, with more stimulus spending!

Here's what Politico says:

President Barack Obama is announcing Monday that he is ramping up stimulus spending exponentially in the next three months, allowing the administration to "save or create" (emphasis mine) 600,000 jobs — four times as many as during the first 100 days since he signed the bill.

The spending plans include national parks, summer youth jobs, veterans' medical centers, police and teachers.

In late April, the president claimed that his policy "saved or created" (Here we go again) 150,000 jobs.

Factcheck.org skewers that statement.

Fausta's Blog has more.

Technorati tags: Obama Barack Obama economy news economy jobs politics