Skip to comments.Obama’s Economists: ‘Stimulus’ Has Cost $278,000 per Job
Posted on 07/03/2011 10:07:51 AM PDT by Sub-Driver
Obamas Economists: Stimulus Has Cost $278,000 per Job The stimulus is now causing the economy to shed jobs. Jeffrey H. Anderson July 3, 2011 12:07 PM
When the Obama administration releases a report on the Friday before a long weekend, its clearly not trying to draw attention to the reports contents. Sure enough, the Seventh Quarterly Report on the economic impact of the stimulus, released on Friday, July 1, provides further evidence that President Obamas economic stimulus did very little, if anything, to stimulate the economy, and a whole lot to stimulate the debt.
The report was written by the White Houses Council of Economic Advisors, a group of three economists who were all handpicked by Obama, and it chronicles the alleged success of the stimulus in adding or saving jobs. The council reports that, using mainstream estimates of economic multipliers for the effects of fiscal stimulus (which it describes as a natural way to estimate the effects of the legislation), the stimulus has added or saved just under 2.4 million jobs whether private or public at a cost (to date) of $666 billion. Thats a cost to taxpayers of $278,000 per job.
In other words, the government could simply have cut a $100,000 check to everyone whose employment was allegedly made possible by the stimulus, and taxpayers would have come out $427 billion ahead.
Furthermore, the council reports that, as of two quarters ago, the stimulus had added or saved just under 2.7 million jobs or 288,000 more than it has now. In other words, over the past six months, the economy would have added or saved more jobs without the stimulus than it has with it. In comparison to how things would otherwise have been, the stimulus has been working in reverse over the past six months, causing the economy to shed jobs.
Again, this is the verdict of Obamas own Council of Economic Advisors, which is about as much of a home-field ruling as anyone could ever ask for. In truth, its quite possible that by borrowing an amount greater than the regular defense budget or the annual cost of Medicare, and then spending it mostly on Democratic constituencies rather than in a manner genuinely designed to stimulate the economy, Obamas stimulus has actually undermined the economys recovery while leaving us (thus far) $666 billion deeper in debt.
The actual employment numbers from the administrations own Bureau of Labor Statistics show that the unemployment rate was 7.3 percent when the stimulus was being debated. It has since risen to 9.1 percent. Meanwhile, the national debt at the end of 2008, when Obama was poised to take office, was $9.986 trillion (see Table S-9). Its now $14.467 trillion and counting.
All sides agree on these incriminating numbers and now they also appear to agree on this important point: The economy would now be generating job growth at a faster rate if the Democrats hadnt passed the stimulus.
The sad part....We told them so.....AND THEY KNEW IT!!!
Socialism is built on class hatred, envy, and the selfishness of both the ‘leaders’ and the followers. It has and will always fail. The only question is how many people can it hurt while on its way to inevitable failure.
I will vote for the Republican candidate that vows to repeal each and every executive order Obama has issued, work for the repeal ObamaCare, and call for the expulsion of every Illegal Alien (and their spawn) from America.
I think that America is desperate for such a candidate, buth the GOP refuses to listen.
Bump for later use...
“I think that America is desperate for such a candidate, buth the GOP refuses to listen.”
The GOP is part of the problem. We saw what happened in the early 2000’s when we had a Republican President and Republican majorities in both houses. A spending orgy unrivaled only by the current President and Congress plus a President who would not veto a spending bill.
Leadership implies risk and no current Republican “leader” wants to risk the wrath of the media, special interests, and the welfare state dependent “independent” voters. The rewards are greater to put self and special interests before the long term survival of the nation.
Anyone who believes we will see “change” if Republicans capture the Senate, keep the House, and capture the presidency in 2012 is kidding themselves as long as the GOP retains the same power structure. The power structure of the GOP is wedded to the all powerful federal government in DC.
Imagine if all the stimulus money was instead a huge tax cut plowed into the private economy instead of directed to Democrat picked special interests.
That makes all of us rich! Rich I tells ya!
This guy has pissed away Americas wealth
And notice they’re still saying “created or SAVED”. Take out the jobs that weren’t SAVED and it’s even worse.
and where’s the $278,000 per job going to come from next year?
Makes sense. In bizarro world.
That’s just the cost of the “special” temporary jobs that appeared to a temporarily lucky few. Since net jobs plunged, America paid for net firings! And when the “stimulus” jobs end, it will be even worse.
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