Obama not so great at economic prognostication

A great catch by Jim Geraghty. President-elect Barack Obama on January 3, 2009:

“If we don’t act swiftly and boldly, we could see a much deeper economic downturn that could lead to double-digit unemployment.”

So after acting swiftly and boldly (and recklessly)unemployment in north of 9%. But Obama doesn't think it will stop there.

President Obama yesterday:

In an interview with Bloomberg News’ Al Hunt today, President Obama says he thinks unemployment will hit 10% this year.

Will unemployment reach 10%? asks Hunt.

“Yes,” says the president.

Before the end of this year? asks Hunt.

“Yes,” says the president.

But Obama's bold action must have helped some, right?? I mean we keeping hearing about jobs saved or created. If we hadn't acted it would be much worse right ??

Well, there is a chart (using the administration's own projections) that has gone viral that sort of sums it up:

Hope and change!!!