5 Years Since Stimulus: 'Maybe the Most Expensive Policy Mistake Ever'
It's been exactly five years since President Obama signed the economic stimulus package into law. Jenna Lee talked to economist and FNC contributor Steve Moore this morning about whether the country has gotten what it paid nearly a trillion dollars for.
Here are some statistics:
- The unemployment rate then was 8.3 percent, while now it is down to 6.6 percent.
- The labor participation rate five years ago was 65.8 percent, while now it's dropped to 63 percent.
- There were nearly 13 million unemployed Americans in Feb. 2009, while now the total stands at 10.2 million.
- The number of people on food stamps has gone from 32.3 million then to 47 million as of last November.
"[The stimulus] was maybe the most expensive policy mistake ever made in Washington. ... If you look at what the president and his economic advisers told us was gonna happen five years ago - we were gonna have three million more jobs than we have, we were gonna have an unemployment rate below six percent by now," said Moore.
He pointed out the hundreds of billions spent on jobless benefits, green energy subsidies, and expansions of the Medicaid and food stamp programs. Moore said the stimulus spending led to the "meekest recovery we have had since the end of World War II" and noted that the latest Fox News poll showed two-thirds of Americans believe the economy is still in recession.
He disputed that there is any evidence that the trillion in spending improved the economy.
For more on this check out Your World, today at 4p ET as Neil breaks down the economic numbers.