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"'Jobs created or saved' is such pure fiction"

That from this piece at Bloomberg:

Heresy, thy name is Christina Romer.

Last week, the chairman of President Barack Obama's Council of Economic Advisers -- a position that carried the title "chief economist" until Larry Summers took up residence in the White House -- testified to the Joint Economic Committee on the economic crisis and the efficacy of the policy response.

Here's the executive summary in case you missed it:

The crisis: "Inherited."

The economy: "In terrible shape" (the inherited one).

The shocks to the system: "Larger than those that precipitated the Great Depression."

The policy response: "Strong and timely."

The efficacy of the policy response: a 2 to 3 percentage point addition to second-quarter growth; 3 to 4 percentage points in the third; and 160,000 to 1.5 million "jobs saved or created," a made-up metric if there ever was one.

...

"Government job creation is an oxymoron," said Bill Dunkelberg, chief economist at the National Federation of Independent Business. It is only by depriving the private sector of funds that government can hire or subsidize hiring.

That's why "jobs created or saved" is such pure fiction. It ignores what's unseen, as our old friend Frederic Bastiat explained so eloquently 160 years ago in an essay.

I am now convinced that this Administration is purposed in doing one thing and in doing that one thing in a singular way.

Consolidate power by every imaginable deception.

This Administration must be stopped.  Too many of us are hoping they are stopped by their own incompetence.  I'm no longer convinced that this is going to happen.

I'm hoping I'm wrong.

Crossposted(*).


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Comments (32)

If the coming removal from ... (Below threshold)
Zelsdorf Ragshaft IIIz:

If the coming removal from power of democrats does not work and the threat of impeachment fails to stop this tyrant. He must be impeached.

I do not think they are des... (Below threshold)
DaveD:

I do not think they are destroying the middle class outright, I believe the strategy is to shift the middle class from the private to the public sector. Therefore any political notion of "limited government" in the future will be considered a threat to the new middle class. The Democrats have been traditionally touted as championing the needs of the poor but the shift to statism will do nothing for the poor. Those who lack initiative will be easily controlled with speeches on class hatred. Those who possess the desire to lift themselves from poverty will be offered a government job or in a company managed by the fascist government. I just don't know how much time this will all take.

650,000 jobs saved or creat... (Below threshold)
engineer:

650,000 jobs saved or created (mostly public sector).

How many jobs were lost (mostly private sector) to save or create these 650,000?

Rick - "Too many of us are ... (Below threshold)
Upset Old Guy:

Rick - "Too many of us are hoping they are stopped by their own incompetence. I'm no longer convinced that this is going to happen.

I'm hoping I'm wrong."

That's a lot of hoping, Rick. And I'm pretty sure none of it qualifies as the HOPE Obama was selling during the campaign.

However, this is not the time to hope. Sitting and doing nothing other than hoping is the proscription for making nothing happen. It's time to act. We get to express ourselves next week by voting. We can send a message to Washington next week.

Obama isn't going to listen, at least he won't yet. He hasn't shown any evidence of paying attention to what's going on around him and then changing his behavior so far. But the congress-critters, both Republican and Democrat, need a clear, unequivocal message delivered. One that people seeking re-election cannot ignore. One that people seeking power or seeking to maintain their power cannot ignore.

And for any and all that ignore us, fire them bums next year.

if not for the stimulus pac... (Below threshold)

if not for the stimulus package then EVERYBODY in America would have been fired...thus 150,000,000 jobs were saved!

There, I said it!

Forget adding Obama to Mt. Rushmore...it should ONLY be Obama on Mt. Rushmore!!

"How many jobs were lost (m... (Below threshold)
914:

"How many jobs were lost (mostly private sector) to save or create these 650,000?"

6,500,000

If the arithmetic is correc... (Below threshold)
Sabba Hillel:

If the arithmetic is correct, and the statement that half the 787 billion had been spent to "save" 650,000 jobs, then it come to $605,384.62 per job. I certainly would not mind working for that much money. If we use $100,000 for an average job, that would mean a wastage factor of six times.

Glad the bed-wetters on the... (Below threshold)
Steve Green:

Glad the bed-wetters on the right have something new to fret about.

I see the wisest douchebag ... (Below threshold)
apb:

I see the wisest douchebag of 'em all, li'l Greenie, has graced our presence!

It's not "something new" to fret about, you li'l window-licker; it's part and parcel of the fraud the Jug-Eared Douche has laid on all of us. Shame you're too stupid to understand the context.

"Pure fiction" is not quite... (Below threshold)

"Pure fiction" is not quite as accurate as "saving-our-ass-no-matter-what-happens rhetorical bullshit."

Steve, being referred to as... (Below threshold)
Upset Old Guy:

Steve, being referred to as a bed-wetter by someone who chronically sounds like they're sitting there with a yellow stain soaking through their pant leg as they type isn't the worst thing that's ever happened to me. I can't speak for everyone else here but for me, pffft.

Steve: "Glad the bed-wetter... (Below threshold)
Drago:

Steve: "Glad the bed-wetters on the right have something new to fret about."

Unwittingly, Steve may have just offered up his most substantive comment to date.

A banner day this is!

In lil' Stevie's world, Oba... (Below threshold)
GarandFan:

In lil' Stevie's world, Obamanombi knows all. Cares for all. Makes no error. Except for maybe that little "policy" created for Afghanistan in March. Which once again is being "re-evaluated". When that half-assed policy is found to be wanting, there will be another 3 month hiatus during which a NEW AND IMPROVED policy will be formed. Anyone taking bets that Government Motors will soon receive additional BILLIONS because "it's too big to fail?". If ObamaCare is passed, at least THE ONE knows that he will be out of office when the shit hits the fan. He'll then spend his remaining years as the 'Black Jimmy Carter', trying to build up a discredited presidency.

Glad the bed-wetters on ... (Below threshold)

Glad the bed-wetters on the right have something new to fret about.

The truly amazing part is that you're so stunningly stupid as to buy into this "created or saved" crappola. Do your turn off your BS detector just because the President says so? Oh wait, that only applies when it's a Republican....

Glad the bed-wetters on ... (Below threshold)
iwogisdead:

Glad the bed-wetters on the right have something new to fret about.

Steve Green's level of logical analysis is stunning, isn't it? What do you say? Second grade? Third?

Nah, it's so poor it can't ... (Below threshold)
JLawson:

Nah, it's so poor it can't even be graded. I'd stamp "REJECT" on it and throw it on the scrap heap of history...

Obama is the ultimate role ... (Below threshold)
retired military:

Obama is the ultimate role model ---- for what happens when you have quotas.

Affirmative action at it's ... (Below threshold)
Ran:

Affirmative action at it's best.

They created or saved jobs.... (Below threshold)
hcddbz:

They created or saved jobs.
However unemployment rose during the stimulus and they predict it will continue to rise for the next year.

We know that real unemployment is anywhere from2 to 6% higher because of the way it is counted.

So jobs were created or save though unemployment continues to increase.

We also had a report that should the fraudulent accounting of stimulus jobs yesterday.

Now we know why new math was taught in school. It was in preparation for this administration.

This may be the reason that the NEA wants more art taught and less critical thinking.

Well even if that figure is... (Below threshold)
Sean P:

Well even if that figure is remotely accurate (and there's no reason to think it is, given the massive errors/overcounting in the last report and the VP's own admissions), lets crunch the numbers.

Total stimulus: $787 billion
jobs allegedly saved: 685,000
expendiatures per allegedly saved job: $1.115 million.

Also, of the "jobs saved", 90% are in the public sector, contrary to Obama's promise (he promised 3.5 million jobs saved or created by the end of next year, 90% of which would be in the private sector. So far he's off by about 3.4 million private sector jobs, halfway in).

I remember that moment duri... (Below threshold)

I remember that moment during his campaign when I realized he was a Communist. It blew my mind, partly because I never expected America to fall to Communists, and partly because it seemed like a bad movie plot, except that it was happening in front of my eyes. And McCain didn't help at all.

I TOLD you all to vote for Huckabee!

I know in Florida the "majo... (Below threshold)
Oyster:

I know in Florida the "majority" of jobs created were teachers. That's as specific as they'll get. It's all they'll tell us.

And now I'm hearing Crist's campaign ads for Senator as he brags about being responsible for creating the "largest tax break in history" for Floridians. That "largest tax break in history" ended up costing most of us more than we were already paying. And he's trying to cash in on the negativity Obama has gained recently by saying he's "against the President" on blah, blah, blah, whatever (I don't know. I stopped listening). This, after the spectacle he made of himself fawning all over Obama when he came to Florida.

The sad part is, Crist will win and we'll still have two Democrat Senators. I have bets laid that Crist pulls a Specter sometime in the next decade. I hope he does. It'll be the first time he's been honest.

650,000 jobs saved ... (Below threshold)
SteveP:

650,000 jobs saved or created (mostly public sector).

How many jobs were lost (mostly private sector) to save or create these 650,000?

Lots of them - BY THE PREVIOUS DISASTER OF A PRESIDENT.

Nice misguided outrage. You people, your failed administration, your incompetence and failed solutions are what was responsible for this country's problems in the first place.

And you have gaul to criticize ANYONE about ANYTHING? Are you really all lacking such necessary introspection?

Pheh. No one really cares what the answer is anyway. Smarter people have taken the lead now. Go back under your rock and hide for another eight years. We don't need you. You offer nothing and are only embarrassing yourselves.

"Smarter people have taken ... (Below threshold)
JLawson:

"Smarter people have taken the lead now."

Yeah, that's pretty damn clear. They're so smart we're looking at a $1.5 tril deficit this year, and worse to come. We're looking at unemployment officially at about 10%, unofficially a lot worse, and this AFTER spending trillions we didn't have to ensure, according to those 'smarter people' that unemployment wouldn't go over 8%.

Forgive me if I think the 'smarter people' haven't a clue what to do outside of their ideology, which insists that the only way to make the country prosperous is by taxing the hell out of the folks who actually produce jobs, leading to fewer jobs created and lots of layoffs, and giving it to the folks who can't get work or won't work in order to buy their votes. Who insist on borrowing more and more and more that'll have to be paid back eventually, but so long as you can buy votes it's all good, right?

Your 'smarter people' have until the 2010 elections to come up with something that looks even half-ass feasible. I think they're going to fail and your 'smarter people' won't know what hit them.

21 Posted by BlueNight almo... (Below threshold)

21 Posted by BlueNight almost got a "+" until he got to the bit about that bloody McRainman spoiler runner, Huckabee Finn. But a plus that he didn't put in a plug for Huckabee's Finn's homie, Thompson Sawyer.

Little StevieP: "You offer ... (Below threshold)
Drago:

Little StevieP: "You offer nothing and are only embarrassing yourselves."

If that were really true, you and your pals on the left/far left would simply shut up and allow what you claim to be our "embarrasment" to continue to your political benefit.

But you don't.

Instead, you want us to cease and desist. Hmmm.

Do you even realize how transparently stupid you are?

"Lots of them - BY THE PREV... (Below threshold)
914:

"Lots of them - BY THE PREVIOUS DISASTER OF A PRESIDENT."

Uh....Not! The previous prez had the lowest unemployment number's in history, so I dont really know where You come off supporting the current knucklehead in Chief? He out Carters Carter.

Uh....Not! The prev... (Below threshold)
SteveP:

Uh....Not! The previous prez had the lowest unemployment number's in history

You live in such pathetic denial. Obama's been in office less than a year. The current financial situation - short of the stock market recovery, courtesy OUR party - is the final tally of eight disasterous and incompetent years of the worst President this country will every have. Sorry, most of the country and world feels this way. Only the stupid are left defending this abomination of an administration.

Personally, I don't care whether you speak or not. For those of us who don't stick our heads in the sand, the ranting and complaining, uninformed speculation and fantasy on a site like this just makes us shake our heads. We all wonder how fellow human beings can be so easily duped by fear and lies - yes, the fear and lies of the Bush administration. Heck, even this week it was revealed that Cheney lied about the Plame issue. Don't believe it? Of course not. Can't mess with your carefully constructed yet fabricated world, can we?

I'm not really arguing because the facts are all on my side. Always have been. Any party that would make John McCain and Palin their standard bearers is laughable if it weren't so pathetic.

Keep speaking. It only continues to make you look ridiculous.

Alinsky Rule 5. "Ridicul... (Below threshold)
JLawson:

Alinsky Rule 5. "Ridicule is man's most potent weapon. It is almost impossible to counteract ridicule. Also it infuriates the opposition, which then reacts to your advantage."

In this case, SteveP - you fail. You also fail to even address the proposition that Obama doesn't know what he's doing and hasn't a clue about finding an answer outside his ideology of increasing government involvement and taxing everyone and everything to fund the handouts.

You might want to start poking around in the BLS stacks - you'll at least have an idea whether what you've been told is credible or not.

(From the BLS, Unemployment rates, 1999 to 2009)

Year Qtr1 Qtr2 Qtr3 Qtr4 Annual
1999 4.7 4.2 4.2 3.8
2000 4.4 3.9 4.0 3.7
2001 4.6 4.3 4.8 5.2
2002 6.2 5.7 5.7 5.6
2003 6.3 6.1 6.0 5.5
2004 6.1 5.5 5.4 5.1
2005 5.6 5.0 5.0 4.7
2006 5.0 4.6 4.7 4.2
2007 4.8 4.4 4.7 4.6
2008 5.3 5.2 6.0 6.6
2009 8.8 9.1 9.6

Go to http://www.bls.gov/cps/

Go down to CPS Databases, select the One Touch Search for "Labor Force Statistics including the National Unemployment Rate", wait for the java applet to load.

Use defaults all the way through - then click "Unemployment rate" in #7, Labor Force Status.

Obama got into office, started 'fixing' things - and the rate rose.

Have a nice day.

You also fail to ev... (Below threshold)
SteveP:

You also fail to even address the proposition that Obama doesn't know what he's doing and hasn't a clue about finding an answer outside his ideology of increasing government involvement and taxing everyone and everything to fund the handouts.

Typical republican response - based on ignorance.

John McCain didn't know what he was doing or talking about. He even claimed no understanding of economics. Palin could barely form a sentence, like most of you people. Intelligence has little equity in today's republican party.

The economy's been pulled out of a full-blown collapse by Obama and his people. It was created by the ignorance self-serving nature and negligence of your people. Don't believe that? Well, the usual republican approach is to take one small opposing sliver of a greater truth and try to equate that to some general consensus. Unemployment has ALWAYS been the last recovering element of recessions. Look at history. Do you understand history? It will also show you that the last few republican administrations lead to huge recessions and democrats had to mop it up every time - only to have republicans screw it up again.

The majority doesn't buy what you're selling anymore. They're not cowards who feel the need to be protected, like you still are. They don't believe trickle-down economics benefits anyone but the rich anymore. Your entire belief system is bankrupt.

Don't want to believe Obama is better for us than the shrub? Well, who cares. You're opinions are failed ones anyway so they carry no weight whatsoever. Only you people and your echo chamber here are listening anymore. The rest of us grant you no authority at all, deservedly so.

"Ridicule is man's ... (Below threshold)
SteveP:

"Ridicule is man's most potent weapon. It is almost impossible to counteract ridicule. Also it infuriates the opposition, which then reacts to your advantage."

No one needs to ridicule you. You ridicule yourselves every time you open your mouths with uninformed - or unproven - accusations.

Unfortunately, the incompetent never realize they're incompetent. Any party that would prop up Sarah Palin for ANYTHING is actually beyond ridicule. It's sad.

The majority of us who know how incompetent you've been all these years do get some satisfaction out of deflating your balloons. It's been a long time coming, but the few holdouts, like you people, never really hear how stupid you sound.

Can't teach a cockroach to do the lindy hop.

"The majority of us who ... (Below threshold)
JLawson:

"The majority of us who know how incompetent you've been all these years do get some satisfaction out of deflating your balloons."

You want incompetence?

Wait and watch, SteveP. Obama's going to be giving lessons till 2012, though I think his influence will be curtailed in 2010. You're going to be wishing for the 'incompetence' of the Bush years before Obama's done.




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