Didn’t take a brilliant economic strategist to know that the “Stimulus” Act of 2009 was going to do nothing to improve our economy:
Obama’s Economists: ‘Stimulus’ Has Cost $278,000 per Job
Jeffrey Anderson at The Weekly Standards reports how Obama’s plan to stimulate the economy is actually causing the economy to shed jobs. The “Seventh Quarterly Report” on the economic impact of the “stimulus,” released on Friday, July 1, provides further evidence that President Obama’s economic “stimulus” did very little, if anything, to stimulate the economy, and only added to our debt.
The White House’s Council of Economic Advisors (their web site states: “Laying the Foundation for Recovery & Growth”, cough, cough) wrote the report, 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”, the “stimulus” has added or saved just under 2.4 million jobs at a cost (to date) of $666 billion. That’s a cost to taxpayers of $278,000 per job.
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.
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.
Unemployment is up to 9.1% and our national debt is now over $14 TRILLION. That’s what we get for voting for “hopeandchange” instead of an actual experienced leader. I know it’s early, but I am officially counting down the days until the 2012 election (490).