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First reports out on number of jobs created by stimulus package

The Obama administration has rightfully taken a lot of criticism for the non-specificity of their claims that the $787 billion stimulus package "created or saved" millions of jobs. The ambiguity between creating and saving jobs is ridiculous enough, but their totally unsupported claims of millions of job creations (or saves) in the face of 9.8 percent unemployment have been outlandish. Well, the first direct stimulus reports have finally been released and we now know that only 30,083 jobs have been created or saved as a result of the enormous spending package according to data summarized by the Recovery Accountability and Transparency Board, which oversees how the stimulus plan is carried out.

The Wall Street Journal reports the administration is pleased with the numbers:

The data posted Thursday was the result of the government's initial attempt at counting actual stimulus jobs. Obama administration officials stressed that data was partial -- it represented just $16 billion out of the $339 billion awarded -- but they said it exceeded their projections.

This is truly stunning. We have lost 3.4 million jobs since the hurried passage of the stimulus package eight months ago and they have the audacity to claim the stimulus package exceeded their projections.


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Comments (11)

Give the dumb lad a chance?... (Below threshold)
914:

Give the dumb lad a chance? He's still green between the ears. It's only been 8 months. He'll need at least 7 more year and 200 trillion debt spending, than we'll really see what he can do.

Hey cut your complaining. ... (Below threshold)
jim m:

Hey cut your complaining. That's only $531,861.85 per job. Never mind that the average income is $50,233.00 (2006 data).

So what that the government could have paid ten times as many people cash directly? So what that 90% got sucked up in government overhead and waste?

So what that the same incompetent government will now turn to running our health care? I can't wait for 90% government overhead to absorb all the money that currently is actually being spent on taking care of people today.

"Hey cut your complaining. ... (Below threshold)
914:

"Hey cut your complaining. That's only $531,861.85 per job."

Pretty damn good job if You can get one.. Where do I buy My lotto ticket? Obama headquarters?

$531,861.85 per job = union... (Below threshold)
klrtz1:

$531,861.85 per job = union jobs.

They are going to have plenty of money to elect Democrats next time. Way to go 53%.

I'm currently looking for a... (Below threshold)

I'm currently looking for a job and I just want to go on record that I would satisfied with $433,000. The IRS knows where to send the check, I'll be waiting by the mailbox.

geez, now I'm in a bidding ... (Below threshold)

geez, now I'm in a bidding war with Stephen Macklin...okay, I'll do that job for a measly $425,000!!

AND, once that check arrives I'll go ahead an fill up my own gas tank! Thank you, lord Obama.

Obama told us during the ca... (Below threshold)

Obama told us during the campaign that this massive pork sausage would create 2.5 million jobs.

Hey, he was only off by 5,869,917.

Close enough for Hopenchange.

This is what happens when c... (Below threshold)
TexBob:

This is what happens when congress farms out the task of writing a bill to the Apollo Alliance. This group of radical commies wrote the stimulus bill AND the Cap & Tax scam.

All of Congress needs to be fired for shirking their duties and responsibilities.

Don't worry the great and p... (Below threshold)
mpw280:

Don't worry the great and power O will fix all our problems.

Maybe if we tax George Soros, Bono, Warren Buffet, Bill Gates and a select few others we can pay off the national debt. Of course the tax would have to be on assets of all classes and would have to be in the 100% area, but they have all called for higher taxes and that the rich should do their share so lets go after those with the most first.

mpw

Got to hand it to Team Obam... (Below threshold)
GarandFan:

Got to hand it to Team Obama. They've 'saved or created' .008% of what they actually claimed.

Locally, the Dem shills are touting the construction jobs aboard the military base as "Stimulus". They conveniently forget that this has been an on-going job for the last 3 years.

We know precisely how to fi... (Below threshold)
Maddog:

We know precisely how to figure the jobs saved by the stimulus. The Obama economic team calculated unemployment with and without the stimulus program. See this chart for graphing of "with"," without" and actual: http://michaelscomments.files.wordpress.com/2009/10/stimulus-vs-unemployment-september-dots.gif

All we need to do is calculate the difference between the "with" and actual. It appears that actual is 9.8% and "with" is 7.8% for a difference of -2%. We then need to multiply that by the total employed (I know not exact but a reasonable estimate) of 154,000,000 employed persons. See, http://www.bls.gov/news.release/vet.t03.htm .

Looks like the stimulus is a negative number, -308,000 jobs or jobs lost not gained.

Since this job loss is based on only $16 billion in stimulus expenditures out of about 780 billion, we can further extrapolate that the remaining $764 billion. We should expect total job losses to amount to just over 18,000,000 by the time the stimulus is expended. This will amount to an unemployment change of about -15%, which we need to add to the already existing unemployment rate of nearly 10% for a final rate of 25% unemployment.

What was the unemployment rate during the Great Depression?

The real point is the Obama calculation is foolish nonsense as are mine. But my calculations have some logical basis. Obama's are post hoc fantasy.

I hope my end result is fantasy for if it were to come true the world would be quite different.

Mark Sherman




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