Obama’s Economists: ‘Stimulus’ Has Cost $278,000 per Job | The Weekly Standard: "When the Obama administration releases a report on the Friday before a long weekend, it’s clearly not trying to draw attention to the report’s contents. Sure enough, 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 a whole lot to stimulate the debt.
The report was written by the White House’s 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. That’s 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."
... you know it's not going to be good. Welcome to third world America Aztlan:
Enjoy this 4th! It's likely to be one of your last...
They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety. -- Benjamin Franklin
Shortened: http://gg.gg/sanity Contact: bob underscore wtf at comcast dot net
QUOTE OF THE HOLOCENE: "The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation" - V.I. Lenin -- You're welcome to point out to me any decision that Hugo Chavez Barack Obama has yet made that Lenin would quarrel with. [ crickets ]
RUNNER-UP QUOTE OF THE HOLOCENE: "When buying and selling are controlled by legislation, the first things to be bought and sold are legislators." - P. J. O'Rourke
DUAL QUOTES OF THE 20TH CENTURY: "Democracy is the theory that the common people know what they want and deserve to get it good and hard." and "The urge to save humanity is almost always a false-face for the urge to rule it." --H. L. Mencken
LAST YEAR'S QUOTE: Washington, D.C. runs "just like the mob, except it's legal," said Schweizer. "If problems are being solved, if things are going smoothly and things are being fixed, a lot of people are not going to give. The party establishments and the political leaders from both sides are collaborating a lot more than they let on," explained Schweizer."
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