In case you forgot, the stimulus was an epic failure
From today’s unemployment data:
Job creation by private companies grew at the slowest pace of the year in May, even while the hiring of temporary census workers drove overall payrolls up 431,000. The unemployment rate dipped to 9.7 percent as many people gave up searching for work…
Virtually all the job creation in May came from the hiring of 411,000 census workers. Such hiring peaked in May and will begin tailing off in June.
By contrast, hiring by private employers, the backbone of the economy, slowed sharply. They added just 41,000 jobs, down from 218,000 in April and the fewest since January.
Another month, another example of how badly the stimulus (which Obama promised would keep unemployment under 8 percent) failed.
Chart from Innocent Bystanders.
Take away: Keynesian economics don’t work, but at least they give us cool econ rap videos.