On January 10, 2009, Barack Obama delivered his Weekly Address to the Nation as the then President-Elect.
We start this new year in the midst of an economic crisis unlike any we have seen in our lifetime. We learned yesterday that in the past month alone, we lost more than half a million jobs – a total of nearly 2.6 million in the year 2008. Another 3.4 million Americans who want and need full-time work have had to settle for part-time jobs. And families across America are feeling the pinch as they watch debts mount, bills pile up and savings disappear.
Then he went on to say
It’s not too late to change course – but only if we take immediate and dramatic action. Our first job is to put people back to work and get our economy working again. This is an extraordinary challenge, which is why I’ve taken the extraordinary step of working – even before I take office – with my economic team and leaders of both parties on an American Recovery and Reinvestment Plan that will call for major investments to revive our economy, create jobs, and lay a solid foundation for future growth.
Eight days later, Larry Summers, Barack Obama’s head of the National Economic Council, told the world that Barack Obama would keep unemployment below ten percent.
Incumbent on keeping unemployment below ten percent was Obama’s stimulus plan.
Summers said that Obama has received a “terrific response” from Congress on his plan for a massive stimulus to pump money into the economy mainly by investing in infrastructure, alternative energy, education and healthcare.
The rest is history. Barack Obama got his stimulus plan. He got everything he wanted. He did so without a single Republican vote in the House and only three in the United States Senate.
Rush Limbaugh, me, and others have said all along that if Barack Obama were successful, America would fail. We were savaged. We were criticized. We even saw some Republicans and alleged conservatives try to marginalize us. “No, no, we want Barack Obama to succeed,” they said.
Well, Barack Obama succeeded. He got what he wanted. And the results speak for themselves. It’s just another example of Rush being right:
The U.S. economy will continue to contract “for some time to come,” said Lawrence Summers, director of the White House National Economic Council.
“I expect the economy will continue to decline,” with “sharp declines in employment for quite some time this year,” Summers said today on “Fox News Sunday.”
The International Monetary Fund, which held meetings last week in Washington, cut its forecast for each of the Group of Seven economies for this year and next. The IMF, established in 1944 to aid countries in financial crisis, said the U.S. economy would shrink 2.8 percent this year and have no growth in 2010, with unemployment rising to 10.1 percent.
Because Barack Obama succeeded, our economy will collapse this year, be stagnant next year, and see double-digit unemployment. Way to go, Barry!