"Ten days before his inauguration, the President's chair of the Council of Economic Advisers, Christina Rohmer, released a report describing what to expect economically during the first 100 days and beyond. It presented two starkly different scenarios: one good (if the stimulus were to be passed), and one terrifyingly bad (if we did nothing). Amazingly, the report estimated that if the stimulus package were to pass, the unemployment rate would not go above 8% at any time until at least 2014.
"It's already at 8.5%."In fact, while there is an acknowledged level of uncertainty, the projections estimated that the unemployment rate would be lower today if we had done nothing at all."
Wonderful. Good thing you have Mr Indispensable, Tim Geitner, heading up Treasury, eh?