The Democrats are in a tough spot. They’re simultaneously defending the president while proposing solutions to problems he’s either done nothing about or worsened.Bernie thinks the stimulus was a great success, though as noted by Breitbart, Bernie also made the following statement during last night’s Democrat debate:
Sanders said, “I do believe that in the year 2016, we have to look in terms of public education, as colleges — as part of public education, making public colleges and universities tuition free. I believe that when real unemployment is close to 10 percent, and when our infrastructure, our roads, our bridges, our water systems, Flint, Michigan, comes to mind, our wastewater plants, our rail, our airports, in many places, are disintegrating, yeah, we can create 13 million jobs by rebuilding our infrastructure, at a cost of a trillion dollars.”
It was so surprising to hear such a statement from Bernie, because it’s a charge that’s been long made by conservatives as an indictment of the Obama economy: that if you factor in workers who’ve simply given up looking for work (who are no longer classified as “unemployed”), you get an unemployment rate nearly double what we see in the official statistics.
To validate Bernie’s statement, we have to do nothing more than look up the U6 unemployment rate. U6 is a measure of unemployment that accounts for discouraged workers and other marginally-attached workers. Here’s what that chart looks like:
Not pretty – and it doesn’t bode well for Obama or Bernie or Hillary.
If real unemployment is still 10 percent despite the stimulus, is that really a talking point you want to campaign on for more government stimulus?[Note: This post was authored by The Analytical Economist]