28 Months Later, Obama Says: Recovery’s ‘Going to Take Time’
Terence P. Jeffrey|CNSNews
Twenty-eight months ago—on Feb. 13, 2009–Congress passed a $787-billion economic stimulus law and sent it to President Barack Obama who signed it while declaring it would create or save 3.5 million jobs.
This Saturday, in his weekly address, President Obama pointed to his predecessors for causing problems in the economy and indicated a full recovery would not come soon.
“I wish I could tell you there was a quick fix to our economic problems,” Obama said. “But the truth is, we didn’t get into this mess overnight, and we won’t get out of it overnight. It’s going to take time.”
When Obama signed the stimulus, the most recent unemployment statistics (for January 2009) showed a national unemployment rate of 7.8 percent. Obama’s economic advisers had predicted the stimulus would keep the national unemployment rate below 8 percent.
Yet, today, the national unemployment rate is 9.1 percent
Not So Shovel Ready