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"This is truly a stunning effect"

That's the Obama Administration describing the impact of the Stimulus Bill on economic recovery and particularly job creation.

I kid you not:

The Obama administration, offering evidence that its much-maligned efforts to spur economic recovery have begun to take hold, said Tuesday that the $787-billion stimulus program saved or created 1.5 million to 2 million jobs last year.

These latest figures from the White House Council of Economic Advisors are certain to be challenged by Republicans, but the employment and economic effects of the stimulus cited in the report are generally in line with estimates from some leading private economists as well as the nonpartisan Congressional Budget Office.

"This is truly a stunning effect" of the Recovery Act, Christina Romer, chairwoman of the council, said in a conference call with reporters.

She expressed confidence that the package of tax cuts and government spending -- the largest of its kind in U.S. history -- ultimately would fulfill President Obama's promise of boosting employment by 3.5 million jobs by the end of this year. As of the end of last year, about a third of the $787 billion had been spent, although about half of the total has been committed.

The council's report, mandated by Congress as part of the stimulus act and released late Tuesday, came as Obama mounted a full-court press to defend his record on jobs. That's a major vulnerability for the White House and Democrats in Congress as they head into midterm elections in November with double-digit unemployment predicted for all or much of the coming year.

Even with the stimulus, the U.S. economy lost more than 4 million jobs last year, including 85,000 in December, according to the Labor Department. And the unemployment rate last month was 10% -- a figure that is widely expected to inch higher in the months ahead.

In its first quarterly report on the stimulus, issued in September, the White House estimated that the Recovery Act had raised employment levels by more than 1 million jobs as of the third quarter. The new report incorporates data from stimulus recipients who said they saved or created 640,000 full-time-equivalent jobs as of the third quarter.

Stimulus recipients who said they saved or created jobs.  Well shoot, why should we not trust them?

And what else did the Administration proffer to substantiate this "stunning effect":

The White House's estimate of stimulus-induced jobs for 2009 is based on economic modeling and projections and as such is likely to be met with considerable skepticism from Republicans and other critics who have not only questioned the methodology but also documented cases in which stimulus money went to dubious projects.

Considerable skepticism indeed... try Googling "bogus jobs saved or created" and see how many hits you get.

The lies this Administration is telling are reaching new heights.

Thankfully, the American people are wising up to it all.

Crossposted(*).


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Comments (22)

You can lie to some of the ... (Below threshold)
klrtz1:

You can lie to some of the people all of the time.

I listened last night in th... (Below threshold)
jim2:

I listened last night in the car as a CBS radio commentator (WTOP in DC area) called the Stimulus Bill the greatest "investment in America" that any Administration has ever made. He went on to credit it with staunching the "hemmoraging of jobs" which had been >700,000 a month in 12/2009 down to the 12/2010 85,000 loss. He predicted that, if the unemployment numbers would drop from 10% to 8%, that the Dems would lose few seats in 2010.

He also called the healthcare legislation the greatest "landmark" something-or-other since Social Security.

Given that the stimulus has... (Below threshold)

Given that the stimulus has done nothing (in other words, the money's been wasted) and there's still a ton of money to be spent (more money to be wasted), the GOP could score some serious points calling for an end to the program.

But they won't.

The following text contains... (Below threshold)
Lisa:

The following text contains highlights from a speech by Mr. Plosser, of the Federal Reserve. Not one thing he says has any basis in reality, or is so vague as to be meaningless. He is devoid of a soul. How anyone can lie so blatantly is not a matter of evasion, but just evil deception.

Plosser says:
-Fed will have to raise rates as economy continues to improve; Inflation expectations remain well anchored, fears of deflation were overblown during crisis
- Recovery to remain sustainable even as stimulus winds down, evidence of sustainable recovery is broad-based
- Sees GDP around 3-3.5% in next 2 years
- Fed should end MBS buying at $1.25T in Q1
- Full economic and financial market recovery to take time
- Reiterates jobless rate to begin to decline by end of 2010, may still rise in near term; Rates must be raised before jobless rate is at "acceptable level"
- Home prices appear to have stabilized; Commercial real estate poses some near term risks
- Economic slack is not a sufficient condition to ensure low inflation

- Q&A Comments:
- Fed preserves value of US dollar by keeping inflation low.

**Note: On Dec 1st, Plosser said may need higher rates before unemployment returns to appropriate levels. Expected to see 3% GDP growth over the next two years. Housing may have bottomed, but there remain risks for commercial real estate.
(Also note that today JP Morgan CEO Jamie Dimon says that the Commercial Real Estate risk was overblown and is behind us.)

michaelscomments.files.word... (Below threshold)
kevino:

michaelscomments.files.wordpress.com/2010/01/stimulus-vs-unemployment-december-dots.gif

Hell of job, Barry.

The stimulus bill is the gr... (Below threshold)
SER:

The stimulus bill is the greatest example of sunshine being blown up America's collective "rear end." (My wife made me change the wording after "collective.").

Stunning effect?We... (Below threshold)
Jlawson:

Stunning effect?

Well, I guess. So is a rubber mallet swung hard to the forehead - but the aftereffects might not be something you'd want!

stunning as in: te... (Below threshold)
epador:

stunning as in:

temporarily deafening

or

knocking unconscious or into a dazed or semiconscious state

That's a change I can believe in.

"(Also note that today J... (Below threshold)
Steve Green:

"(Also note that today JP Morgan CEO Jamie Dimon says that the Commercial Real Estate risk was overblown and is behind us.)"

If the big money banks were loaning money in the commercial field his statement would carry a little more weight -- as in "putting your money where your mouth is" -- but I suspect the banks want to see consumer sentiment turn more strongly before they commit more heavily than they are now.

Introducing facts and expert analysis into the discussion -- how DARE you. Don't you know this is wack-a-doodle land? Tin foil and grand conspiracy theories are the order of the day here.

I looked but perhaps not ha... (Below threshold)
DaveD:

I looked but perhaps not hard enough. Does anyone know in what business sectors these jobs were saved/created???? Or are they all new government jobs created simply to administrate the illusion of a competent Obama administration???

It's Bush's fault.... (Below threshold)
iwogisdead:

It's Bush's fault.

"Reality-based' thinking at... (Below threshold)
Jlawson:

"Reality-based' thinking at its finest. Simply proclaim something, and it'll magically be true!

"Does anyone know in what b... (Below threshold)
GarandFan:

"Does anyone know in what business sectors these jobs were saved/created????"

EVERYWHERE! According to the 'new and improved' Obamanomics metric, ANY JOB that receives just $1 of "Stimulus" money is a job 'created or saved'.

Catch Stevie Green's fever! Green Shoots everywhere! All those unemployed are just lazy conservatives or Republicans who refuse to get a job just to make Barry look bad.

Upon reflection, given this... (Below threshold)
GarandFan:

Upon reflection, given this latest White House press release; somewhere Joseph Goebbels is smiling.

I feel REALLY insulted...an... (Below threshold)
Justrand:

I feel REALLY insulted...and so should ALL Americans. Seriously.

The Obama "Administration" has so little regard for the intelligence and attention span of the American public they're not even bothering to make up believable shit anymore. Or even barely believable shit.

Nope. We're not even worth that much effort.

Barry has single handedly s... (Below threshold)
914:

Barry has single handedly stimulated new ways to lose millions of jobs while calling it job growth.. what a Jug-Eared-Douche.

More on the jobless recover... (Below threshold)
Vanessa:
Whoops! 1.2 million more jo... (Below threshold)
Les Nessman:

Whoops! 1.2 million more jobs lost:

"..."This is something called the birth/death model that is used by the department. Last year it caused 356,000 jobs to be subtracted from the January job count... Nobody in the media will pick up on this, but the Labor Department will also do something called a benchmark revision on Feb. 4 that will subtract around 840,000 jobs that the government thought existed, but really don't."

356,000 jobs here, 840,000 jobs there and pretty soon you have 1,196,000 more unemployed than advertised.

Oops.

That would change that 10.0% to 10.8%.

But if you reduce the number of people seeking jobs -- the civilian labor force shrank by 1,528,000 (1%) over the past year despite a 1% growth in population -- you can, as the climatologists say, hide the decline next month. "

blogs.DailyMail.com


Failed Presidency.

Whats another 1.2 million l... (Below threshold)
914:

Whats another 1.2 million lost jobs? As long as the dufus in chief can play golf, bankroll his illgotten retirement and finish reading "My pet Goat" It's all good.

The New York Times had this... (Below threshold)
bobdog:

The New York Times had this to say about unemployment, quoting from a Bureau of Labor Statistics report:

"The growing army of the unemployed, at 11.1 million, is nearly 50 percent bigger than at the start of the recession a year ago."

In the Great Depression, 12.8 million people were unemployed at its highest mark, reaching about 22%. Smaller population, to be sure, but we're getting pretty close to Depression era unemployment in terms of numbers. And that does not include the underemployed, forced retirements and discouraged workers, which jacks this number up to over 17.2%. Almost one worker out of five is either unemployed or underemployed.

The question is this: Who are we supposed to believe when our own president is obviously lying on a daily basis to make himself look better?

What the hell is wrong with him, and what the hell is wrong with our other politicians? Think about this for a minute.

The Obama administration, Pelosi, Reid, and almost all Democrat Senators and Congressmen get up in front of TV cameras on a daily basis and flat out lie to the people they are supposed to represent, and they do it with hardly a snicker. They marginalize and suppress everybody who has an opposing point of view.

Go look at Nancy Pelosi's website. Or Harry Reid's. Listen to The Gibblet's daily press briefings. Hate to say it, but press releases from the White House (like the one today) are completely transparent bullshit, motivated almost exclusively by an almost neurotic desire to protect the president and create the unbelievable illusion that he knows all and sees all. Well, sorry. The emperor has no clothes. We're being lied to.

-------

Bottom line is this: Our democracy depends on trust in our own government and the free flow of information. Without it, it weakens us as a country. You can't read all the bullshit we're being fed without retching in disbelief.

We have a fundamental right to the truth, warts and all, and it cannot be based on an elaborate game of Three Card Monte.

No, really, it's all going ... (Below threshold)

No, really, it's all going great. I hear the unemployment rate, thanks to stimulus spending, is down to 3.5% in West Dakota, 4.7% in Pennsyltucky, and a hundred thousand jobs were created in the 947th Congressional District of Iowa alone. North Mexico, being a red state, received little funding, so their unemployment rate continues to trend high, unfortunately.

Must be those stimulus fund... (Below threshold)
bobdog:

Must be those stimulus funds, Falze.




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