Skip to comments.The Stimulus Saved or Created 150,000 Jobs? Where? (Jake Tapper)
Posted on 05/02/2009 9:52:44 AM PDT by STARWISE
"We began by passing a Recovery Act that has already saved or created over 150,000 jobs and provided a tax cut to 95% of all working families," the president said Wednesday night.
We wondered where the president got that from, given that the Bureau of Labor Statistics estimates that more than 1.3 million jobs were lost in February and March, with dismal April numbers to come.
We were told by a White House official that the Council of Economic Advisers estimated the effect of the stimulus bill on employment in two ways:
One was to prorate the original quarterly estimates by the CEA of the effect of the stimulus bill at the time of passage 'in a conservative way."
The second way was to use the data available on actual spending to replace the assumed spend-out rate. CEA then applied the same estimates of the likely impact of spending on output and employment used in the original calculations.
Both methods yielded similar results: 150,000 jobs.
This was not good enough for our friends at Factcheck.org, who say "the presidents claim is really an estimate of what his economic advisers think the stimulus bill is doing, and not based on any evidence of its actual effects."
"It turns out the presidents claim is really an estimate of what his economic advisers think the stimulus bill is doing, and
not based on any evidence of its actual effects.
We asked the White House for substantiation of Obamas claim, and a spokesman responded that the figure comes from a recent estimate by the Council of Economic Advisers. Because the baseline for employment is obviously still strongly downward, the spokesman told us, the estimate does not mean that employment has risen by 150,000.
Rather, it means that employment is 150,000 higher than it otherwise would have been. He said the figure is an estimate of people hired to work directly on ARRA-funded projects, plus jobs created by the tax cuts, aid to the states, and other parts of the ARRA."
Nice worship and CYA he gets everywhere, huh ?
De plane, boss. De plane!
Even if this number was true, compared to the jobs that have been lost, it is laughable that Obama would try to brag about it.
maybe they mean the stimulus created 150,000 jobs to handle paperwork for new unemployment claims.
maybe saved but how many thousands of dollars did each saved job cost in the billions/trillions that was blindly thrown out in the bail out scam?
Let’s just use 1.5 trillion as a figure. That means, if my calculation is correct, each saved job cost 100,000 dollars to save.
And/or they’re projecting the new jobs
for new state infrastructure jobs on
roads, bridges, etc. He’s too cute by
Doesn’t mention the jobs that were LOST due to higher taxes.
Probably gov’t jobs only. They don’t have to produce anything of value or make a profit. As someone that works in private industry on gov’t contracts, I produce a deliverable product and my time is charged directly to the contract. Those that are considered indirect and never seem concerned about performing to budget I call NON-VALUE ADDED TRASH.
Isn't the "tax cut" temporary? A feel-good measure that creates the illusion of a tax cut to give cover while Congress revs up to spend even more money next year.
ACORN hired them.
Once the Bush tax cuts expire by December 31 2010 then all the tax payers will be paying much higher in taxes. The socialists will not extend the Bush tax cuts except may be for the lowest tax bracket. In fact I fully expect that by 2011 the top two tax brackets will not just go back at the high levels they were before the Bush tax cuts but at the high levels they were before the Reagan tax cuts i.e. insanely high levels which will lead to the destruction of the economy. All this does not include the global warming tax increase (so called cap and trade tax) where all of us will paying hundreds if not thousands of dollars more in utility bills.
He created 150,000 jobs while liosing 3,000,000. At this rate when he creates all of the jobs he promised we will all be out of work....must be the new maff.
Yes, it’s the new maff. That’s the maff our spessy ed president uses.
Jake Tapper seems to be the only one of the “White House Press Corps” who hasn’t swallowed the cool-aid.
Creating jobs? Funny when my husband works for the federal government, interviewed people for 3 jobs, sent his choices to HR and was told that there is an ‘unofficial’ hiring freeze.
Tap-Tap, as Dennis Miller calls him, is the ONLY non-bathtub water drinker in the bunch! Major Garrett drinks Obama’s bathwater by the tubful just like all the rest of the Presstitudes.
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