How Badly Did The Obama Administration Underestimate Unemployment?

by Pejman Yousefzadeh on July 3, 2009

This badly:

unemployment-rate-with-and-without-the-recovery-plan

A ridiculously large error. If we had Congressional oversight worthy of the name, there would be hearings over this, and over the fact that the stimulus package is giving us no bang for our buck whatsoever–the Obama Administration’s promises to the contrary notwithstanding.

(Via Greg Mankiw, whose discussion from nearly two months back is worth noting.)

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