Speaking to supporters in Oakland, CA, President Obama declared that his economic policies are already proven successes.
“We tried that and it didn’t work,” Obama said of Mitt Romney’s proposed tax cuts and spending cuts, which he dismissed as a Bush-style “top down” economic policy. “Just like we’ve tried their plan, we tried our plan — and it worked,” he added later in the speech. “That’s the difference. That’s the choice in this election. That’s why I’m running for a second term.”
The president mentioned the auto bailouts, and it’s reasonable to conclude that he is also discussing the two signature pieces of legislation he has signed into law, the 2009 stimulus and ObamaCare. Both were sold as plans to remedy the ailing economy. Obama also sought to convert the US energy economy from fossil fuels to “green” technology, with a promise of job creation to go along with that.
The administration promised that the stimulus would knock unemployment down to about 5.5% by now. It has not even come close to that mark.
The graph is a little dated. Gallup says unemployment remains above 8 percent, with “declines” largely attributable to unemployed giving up on finding work.