On February 15, 2009, President Obama’s special advisor, David Axelrod, stated on Meet the Press with David Gregory: ”this is the worst economic downturn we’ve had since World War II.“
So why is anyone surprised that on November 6, 2009, the Bureau of Labor Statistics reported that the U.S. unemployment rate had reached 10.2%?
Since World War II, the unemployment rate had previously already hit double-digits. Specifically, as late as 1983. The unemployment rate is a key metric of the economy, so why would anyone expect it to not go into double-digits during this recession?
When asked about whether the recently passed stimulus package would prevent the unemployment rate from reaching double-digits, Axelrod responded:
“Well, that’s our hope. That’s our hope. There’s no doubt that without it that’s what–that’s where we were looking, double-digit unemployment. And that’s what we’re trying to forestall. We want to turn this thing around, and we think that this will, will happen.“
Notice that he only talked about hope, and no promises. If a politician doesn’t even bother to make a promise about something happening that they want to happen, you can be pretty certain it won’t happen.
