The same old debate
For Mr Huelskamp, the evidence of failure is the fact that the unemployment rate rose above 8%, despite promises from the administration that it would not. This is a useful argument for Republicans, nicely encapsulated in what Henry Blodget described as "the chart that will get Obama fired". It's also rather flimsy. As Mr Blodget notes, what the chart (and Mr Huelskamp's evidence) really shows is that the administration drastically underestimated the severity of the recession it had inherited and, therefore, overestimated its capacity to turn things around. But the stimulus? Mr Elmendorf says it created plenty of jobs.
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