Obama’s Experts Revise Their Bogus Projections.

President Obama and Congress scorn Constitutional limits on government power, with massive legislative initiatives that spend trillions of borrowed dollars and empower the central government to intervene in the lives of every American.

Their justification for these initiatives is based not on the timeless principles of liberty and individual autonomy, but promised benefits based on economic projections by “experts.”  The President often cites the opinion of, in his words, “independent experts” as the only justification for new laws, policies and regulations.

Stimulus-jobs-report

Obama’s first projection based blowout was the “stimulus,” $787 Billion in new borrowing and spending.  It was enacted with great urgency in the 3rd week of his Presidency, before it was printed in final form, by Congressmen who did not read it, because his “experts” promised immediate recovery from job losses, and immediate job growth.

Fifteen months later the stimulus is a manifest failure.  There are 3.8 million fewer jobs now than there were the month before the stimulus was enacted.

In their quarterly stimulus progress report, published April 15, the Administration’s Council of Economic Advisers (CEA), the same “experts” who promised immediate job growth, tried to rewind history and retroactively change their projection.   In the report They lay out a series of economic assumptions and complex calculations to project future employment.  Then, they assert had they used this methodology back at the beginning of 2009 they would have projected a loss of 5.9 million jobs without the stimulus.

CEA now claims the stimulus is a success because the massive job losses we’ve suffered since its enactment are still fewer job losses than they would have projected had they used the methodology they just developed this month!

The chart above is the Liberty Works progress report, showing that we’re way behind the promises made in CEA’s original projections.  To meet CEA’s original promise of 4 million additional, new jobs by the end of 2010, employers would have to create 861,000 jobs per month, every month from now through December.

To put this number in perspective, the most rapid employment expansion in history was during the eighties when 21 million new jobs were created in 90 months, for an average of 233,000 per month.  The best one-month job increase ever was 509,000.

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  1. uberVU - social comments on April 23rd, 2010

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