Skeptics warned that the economic "stimulus" package President Barack Obama and his liberal supporters rammed through Congress would do little to create new jobs. We were right.
During the process of pushing the "stimulus" bill into law, the White House and liberal lawmakers said growth in unemployment had to be stopped. "Stimulus" spending would cap it at 8 percent, they assured Americans.
Last week the Bureau of Labor Statistics reported that the average unemployment rate for the nation was 9.4 percent in May.
Reporters asked Vice President Joe Biden about that. His response: "Everyone guessed wrong." He added that "the bottom line is that jobs are being created that would not have been there before."
Very few new jobs have been created by the $787 billion "stimulus" package. Just a few weeks ago it was revealed that only about $25 billion of the amount available had been spent.
That was another point critics made - that it would take months, in some cases years, for "stimulus" money to flow into the economy.
Lots of people have "guessed wrong" about the economy. But it turns out that those who labeled the "stimulus" package as ineffective weren't guessing. They were merely judging the program based on the history of ineffective government intervention in the economy. They were correct in warning that Obama's claims were unrealistic - and based more on expanding the size of government than creating jobs.
As it turns out, the skeptics were right. The economy may be recovering - but that is not because of "stimulus."