When President Obama sold the country on his $787 billion “stimulus” plan, he said the goal was to keep the jobless rate below 8 percent. It is now 9.4 percent and rising, meaning about 1.8 million more people than promised have lost their jobs since this plan was passed-including me. (Disclosure: I stand to benefit from the plan because my family’s outrageously expensive COBRA health insurance will be subsidized by 65 percent.)
Meanwhile, household net worth dropped by $1.33 trillion in the first quarter. Home foreclosures are up 18 percent over a year ago.
I know Obama keeps saying his plan will “create or save” X number of jobs, but that’s cold comfort to the millions of us “recently employed.”