In 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.