When President Bush left office in 2009, the US unemployment rate was around 7.7%. Within the first three months, we lost almost 2.7 million jobs. By year end, on top of the 10 million people who were unemployed, over 5 million jobs were lost or a 10% unemployment rate. According to CBO:
President Obama's much-maligned economic stimulus package added as many as 3.3 million jobs to the economy during the second quarter of this year, and may have prevented the nation from lapsing back into recession, according to a report released Tuesday by the non-partisan Congressional Budget Office.If this graph is any indication, President Obama was handed a trashed economy with a huge gap in deficit spending and no money in the bank. .