A report released Friday, written by the White House's Council of Economic Advisors, a group of three economists who were all handpicked by Obama, and it chronicles the alleged success of the "stimulus" in adding or saving jobs. The council reports that, using "mainstream estimates of economic multipliers for the effects of fiscal stimulus" (which it describes as a "natural way to estimate the effects of" the legislation), the "stimulus" has added or saved just under 2.4 million jobs -- whether private or public -- at a cost (to date) of $666 billion.
That's a cost to taxpayers of $278,000 per job. In other words, the government could simply have cut a $100,000 check to everyone whose employment was allegedly made possible by the "stimulus," and taxpayers would have come out $427 billion ahead.
Furthermore, the council reports that, as of two quarters ago, the "stimulus" had added or saved just under 2.7 million jobs -- or 288,000 more than it has now. In other words, over the past six months, the economy would have added or saved more jobs without the "stimulus" than it has with it.
According to the report, in comparison to how things would otherwise have been, the "stimulus" has been working in reverse over the past six months, causing the economy to shed jobs -- NOT ADD THEM.
Or how about the $700 billion the banks were given? They used it to buy other failing banks and pay out executive bonuses. All right under America's noses and also with a don't ask don't tell policy of where the $$ went.
So the BANKS cause the recession due to poorly awarded mortgages, which ultimately go into default. Duh. "Oh you have an annual household income of $29,000/year? We'll give you a $250,000 mortgage. Congratulations!"
So the administration's answer to this complete lack of responsibility is to reward them with a $700 billion bailout which nobody has to account for?
Bush didn't lose a minutes sleep over it either. What did he care? He was on his way out anyway. When you think of the trillions this country is now further behind because of only two bills signed by Bush and Obama it makes you sick. It's like collecting over $4000 from every man, woman and child in this country for yet again something that didn't work.
