People are starting to note that the economic forecasts on employment data that were used to help sell the stimulus package were overly optimistic, and Administration officials are starting to admit as much. (It would be hard to argue to the contrary in view of the increasing unemployment rates.) And, others are skeptical about the job claims underlying the stimulus package on other grounds and are asking important questions — namely, what does it mean to “save” or “create” jobs anyway, and how can we measure whether that is actually happening?
Unfortunately, I think the unemployment rate is going to get worse before it gets better. I hope I am wrong.