Obama's Stimulus Is Now causing Americans To Lose Jobs

The “Seventh Quarterly Report” on the economic impact of the “stimulus,” released on Friday, July 1, provides further evidence that Barack 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.  This is a group of three economists who were all handpicked by Obama.   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 so far of $666 billion. That’s a cost to taxpayers of $278,000 per job.

The government could  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.

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.

It’s entirely possible that by borrowing an amount greater than 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 doing so  leaving us to date $666 billion deeper in debt.

The real employment numbers from the administration’s own Bureau of Labor Statistics show that the unemployment rate was 7.3% when the “stimulus” was being debated.  The unemployment rate is now 9.2%.

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 growing.  That is $4.5 trillion of debt that belongs to Obama and the Democrats in two and a half years.

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