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By Darrell Issa
Published: February 7 2011 22:07 | Last updated: February 7 2011 22:07
President Barack Obama's $814bn economic expansion has woefully failed to reach each of its self-imposed targets. The president's stimulus package promised (after adjusting for inflation) that gross domestic product in the fourth quarter of 2010 would be roughly $15,200bn. Yet the latest figures, released this month, fell short by some $400bn. Instead of being an important milestone for the global recovery, the data are just one further example of the failure of Mr Obama's Keynesian misadventure.
The fourth quarter target was set in a now-infamous January 2009 report, written by Christina Romer and Jared Bernstein, then economic advisers to Mr Obama and vice-president Joe Biden. Their analysis also concluded that US unemployment would never surpass 8 per cent, and by now would be in the neighbourhood of 7 per cent. Payroll employment was also projected to be 137.6m. In fact, unemployment has stayed stubbornly above 9 per cent for 20 consecutive months, while employment is currently 6.8m below the target "“ and that is without even counting those who have given up looking for work.
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