NBC's David Gregory showed Mitt Romney claiming that President Obama said he would lower unemployment to 5.2 percent and presented this statement as representative of Obama's economic record. But independent fact-checkers have rated the charge that Obama promised an unemployment rate of around 5 percent as false and misleading.
While economists working with Obama projected in 2009 that one version of a stimulus bill would lower the unemployment to that level, the severity of the recession wasn't fully understood at that time, and Obama never promised that level of unemployment would be achieved.
While interviewing White House senior adviser David Plouffe on Sunday's Meet The Press, Gregory aired a clip of Romney saying during a stump speech that President Obama said he would “bring the unemployment rate down to 5.2 percent by now” and that “unemployment today is higher than when Barack Obama took office.” Gregory said Romney's argument was that “the unemployment rate [is] higher than when the president took office.”
Gregory then paraphrased Romney's message as, “if you've got anxiety about the economy, this is the president's record -- you have to be disappointed.”
Romney's statement is a reference to a report produced by Obama's economic advisers in January 2009, before Obama took office, predicting that unemployment would be near 5 percent in 2012 and that it would not exceed 8 percent if the stimulus was passed. But the report was produced before the release of data showing the recession was much worse than was thought at the time.
Indeed, in August 2011, the Bureau of Economic Analysis estimated that real gross domestic product had declined by 8.9 percent during the fourth quarter of 2008 -- over twice as much as BEA's initial estimate of 3.8 percent. These revisions made the economic contraction in 2008 the worst single-quarter decline in GDP since 1958.
Estimates from the Congressional Budget Office, the White House Council of Economic Advisers, and independent economists show that Obama's stimulus plan significantly raised employment and increased GDP, and lowered the unemployment rate from the recession's peak. There are also more Americans employed now than when Obama took office in January 2009.