Marathon Pundit: Stimulus finally working? Jobless rate below 8 percent; Romney statement

Friday, October 05, 2012

Stimulus finally working? Jobless rate below 8 percent; Romney statement

Is President Obama's $862 billion stimulus finally working? The September jobless numbers are out--and the unemployment rate fell to 7.8 percent.

The Obama administration promised that if that stimulus passed--the jobless rate would not exceed 8 percent. Oddly enough, that rate crossed that threshold and stayed there for 44 months.

The stimulus was such a success that it was never mentioned during last month's Democratic National Convention.

In a Bloomberg.com video, Douglas Holz-Eakin, a commissioner of the Financial Crisis Inquiry Commission, called the drop "just a fluke" and a "statistical anomaly."

Mitt Romney is not impressed:

This is not what a real recovery looks like. We created 've lost over 600,000 manufacturing jobs since President Obama took office. If not for all the people who have simply dropped out of the labor force, the real unemployment rate would be closer to 11%. The results of President Obama's failed policies are staggering – 23 million Americans struggling for work, nearly one in six living in poverty and 47 million people dependent on food stamps to feed themselves and their families. The choice in this election is clear. Under President Obama, we'll get another four years like the last four years. If I'm elected, we will have a real recovery with pro-growth policies that will create 12 million new jobs and rising incomes for everyone.