Obama Economists: Stimulus Cost 278K Per Job
When a significant report is released or other information going into a long holiday weekend, those releasing it are obviously hoping attention will be minimal. Such was the case of the “Seventh Quarterly Report” from the Obama Administration.
Members of Obama’s own economic team admit in the report that the stimulus did very little to stimulate the economy, but did significantly add to the debt. The three hand picked economists who prepared the report found that the stimulus, which has cost 666 billion dollars to date, created or “saved” 2.4 million jobs. According to the figures in the report, the Feds would have been better off cutting a 100k check to each of these affected individuals, and it actually would have saved 427 billion dollars!
Also curious to note, two quarters ago, the Quarterly Report indicated the stimulus had created or saved 2.7 million jobs. With the current report showing 2.4, that indicates nearly 300k jobs have been lost during the working of the program. According to the Bureau of Labor and Statistics, the nation’s unemployment rate was about 7.3 percent when the stimulus plan was being debated in Congress; the rate now currently sits at 9.3 percent.