After 8 Months of Stimulus 3.4 Million Fewer Jobs

September-UI-rate-chartIn January Obama’s economic team published a report, including the above chart, predicting the number of jobs that would be created “or saved” by the “stimulus” $787 Billion of borrowing and spending.

The report authors, through a series of assumptions, estimates, projections, purported to determine the total at 3,675,000 jobs.  They even included figures by industry.  For example, 499,000 jobs would be created or saved in the Leisure and Hospitality Industry – not 500,000 or 498,000.

The media did it’s part, generating headlines and gushing TV commentaries to persuade us and Congress that the authors were such brilliant economists they actually knew, in advance, exactly how many people would get new jobs, and which industries would hire them.  Indeed, In his weekly Internet/radio address President-elect Obama claimed:

“The report confirms that our plan will likely save or create three to four million jobs. 90 percent of these jobs will be created in the private sector – the remaining 10 percent are mainly public sector jobs we save, like the teachers, police officers, firefighters and others who provide vital services in our communities.”

Recently, Obama and his media supporters donned their Econ professor hats to lecture us from history that re-employment has always been a “lagging indicator” as recessions end and recoveries begin.   True enough.

But that’s not what they said in January and February!  Back then, when they were hyping the stimulus, they said job losses would halt, and millions of new jobs would be created – immediately.

Actual Stimulus Results:

In January, as the President was furiously selling the stimulus, or recovery plan, promising millions of new jobs, 134.3 million people were employed.

In September, the eighth month of “stimulus” 130.9 million people were employed.


4 Comments so far

  1. Drew on October 2nd, 2009

    Not to worry. Soon electric vehicles will provide all the jobs necessary………

  2. Mannie Cruz on October 2nd, 2009

    Drew,

    I also put this in the other thread but just in case you don’t go back there I put it here too.

    Paul is a typical environmental pinhead. Nothing matters but their environment agenda. they’ll tell any lie and make up any crazy idea to try to sound like they know more than you.

    He never did say how much his solar roof cost. He probably got it free from some tax funded grant. Thats how liberals operate.

    He even said he was glad our tax money was paying for his car and his solar!

    What a self-indulgent pig

    Nice talking to you, by the way

  3. Drew on October 3rd, 2009

    Hi Mannie –

    Yes, the problem I have with these guys is that they have no regard or appreciation for the individual decisionmaking of Americans. They think they know better, and are prepared to use government to force their will upon anyone who disagrees. In short, they have no regard for the very thing this site was created for: honor individual liberty.

    As I noted, I’d actually be quite happy if solar and wind power had broad applicability, or if an electric car was viable on a large scale.

    But solar and wind power are niche sources, and will be for years and years to come. Same with the electric car.

    For these simple, practical observations one gets labeled a cancer causing, soldier killing schmuck.

    Beware an out of control zealot.

  4. Drew on October 6th, 2009

    BLS figures indicate that approximately 8 million jobs have been lost in the recession. Further, about 2 million people enter the work force every year. If you figure we are not creating jobs for awhile yet, and we have a growing workforce, its not hard to see your way to a need to create 12-14 million jobs to get back to pre-recession levels.

    At the rate of $214K per job (do the math) or 787 Billion for every 3.7 million jobs you’d need a stimulus package about 4x as big.

    The whole thing is ludicrous.

    I say over 10% unemployment as far as the eye can see.