Obama’s “stimulus” has actually undermined the economy’s
recovery
The economy would generate job growth at a faster rate if Obama hadn’t
passed the “stimulus.”
The “Seventh Quarterly Report” on the economic impact of the “stimulus,”
released on Friday, July 1,2011 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.
Again, this is the verdict of Obama’s own Council of Economic Advisors,
which is about as much of a home-field ruling as anyone could ever ask for.
In truth, it’s 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, Obama’s “stimulus” has actually
undermined the economy’s recovery while leaving us (thus far) $666 billion
deeper in debt.
The actual employment numbers from the administration’s 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. It’s 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 hadn’t passed the “stimulus.”
http://www.weeklystandard.com/blogs/obama-s-economists-stimulus-has-cost-278000-job_576014.html
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