Quote:
Originally Posted by King_of_NYC
After 100 days Obama had a stimulus bill passed
LOL
"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. "
Obama’s CEA Projected In The Third Quarter Of 2010 That The Stimulus Was Responsible For 2.68 Million Jobs. (Council Of Economic Advisors, “The Economic Impact Of The American Recovery And Reinvestment Act Of 2009 – Seventh Quarterly Report; Table 3,” WhiteHouse.gov, 7/1/11)
For The First Quarter Of 2011, Obama’s CEA Actually Reduced Their Estimate Of The Stimulus’ Effect By 288,000 Jobs To 2.39 Million. (Council Of Economic Advisors, “The Economic Impact Of The American Recovery And Reinvestment Act Of 2009 – Seventh Quarterly Report; Table 3,” WhiteHouse.gov, 7/1/11)
Their Estimate For The Stimulus’ Contribution To GDP Has Also Been Reduced During The Same Period From 2.7 Percent To 2.3 Percent. (Council Of Economic Advisors, “The Economic Impact Of The American Recovery And Reinvestment Act Of 2009 – Seventh Quarterly Report; Table 3,” WhiteHouse.gov, 7/1/11)
The CBO And Moody’s Mark Zandi Also Downgraded Their Assessment Of* The Stimulus’ Performance
The CBO Downgraded Their Assessment From Between 1.4 Million To 3.6 Million Jobs In The Third Quarter Of 2010 To Between 1.2 Million And 3.3 Million Jobs In The First Quarter Of 2011. (Council Of Economic Advisors, “The Economic Impact Of The American Recovery And Reinvestment Act Of 2009 – Seventh Quarterly Report; Table 8,” WhiteHouse.gov, 7/1/11)
Moody’s Mark Zandi Downgraded His Assessment From 2.52 Million In The Third Quarter Of 2010 To 2.47 Million In The First Quarter Of 2011. (Council Of Economic Advisors, “The Economic Impact Of The American Recovery And Reinvestment Act Of 2009 – Seventh Quarterly Report; Table 8,” WhiteHouse.gov, 7/1/11)
Frank Rich In New York Magazine: “The White House’s Repeated Argument That The Stimulus Saved As Many As 3 Million Jobs, Accurate Though It May Be, Is Another Nonstarter When 14 Million Americans Are Looking For Work.” (Frank Rich, “Obama’s Original Sin,” New York Magazine, 7/3/11)
Since The Stimulus Was Passed, The U.S. Has Lost 1.8 Million Jobs. (U.S. Bureau of Labor Statistics,
www.bls.gov, Accessed: 6/3/11)
Obama Promised That His Stimulus Plan Would Create Or Save 3.5 Million Jobs Over Two Years. OBAMA: “Now, what makes this recovery plan so important is not just that it will create or save 3.5 million jobs over the next two years ...” (President Barack Obama, Remarks At The Signing Of The American Recovery And Reinvestment Act, Press Release, Denver, CO, 2/17/09)
The National Unemployment Rate Is 9.1 Percent. (U.S. Bureau of Labor Statistics,
www.bls.gov, Accessed: 6/3/11)
Obama Promised Unemployment Would Not Rise Above 8 Percent With Stimulus. (Christina Romer and Jared Bernstein, "The Job Impact Of The American Recovery And Reinvestment Plan," 1/9/09)