White House Claims 6 Million Jobs Saved or Created by the Stimulus
I beg, nay, plead any unemployed persons to demand a White House correction be issued immediately regarding this questionable mathleticism.
White House economists praised the government’s $787 billion stimulus program as a success on Wednesday, saying it had saved or created 2.5 million to 3.6 million jobs since it was signed a year ago.
The new report by the Council of Economic Advisers showed that the pace of fiscal stimulus had accelerated, with spending growing to $116 billion in the second quarter, from $108 billion in the first quarter and $80 billion in the final three months of 2009.
The good news is that America isn't buying it:
Many Americans remain skeptical of the program. The latest CBS News poll found that almost three-quarters of Americans said the stimulus had not improved the economy. Unemployment remains stubbornly high, at 9.5 percent, with few signs of improving in the short term. The reluctance of businesses to add jobs has weighed on other parts of the economy and there are signs that growth has begun to slow. On Wednesday, the government reported that retail sales declined for a second month, dropping 0.5 percent in June after a 1.1 percent fall in May.
9.5% is, firstly, optimistic. Watching that number over time is useless since many have given up on finding work after months of searching. Why on Earth is 99 weeks of unemployment not enough if this harebrained scheme to spend our way out is working as planned?
In fairness to the White House, they admit that committing to an actual number is pretty hard. No shit. It's a lot easier when you're pulling the numbers directly from your ass.
The report used historical data and statistical modeling to arrive at the estimate of jobs saved or created, but Ms. Romer, a professor on leave from the University of California, Berkeley, acknowledged that there was some uncertainty over the job estimates, which rely on reporting from recipients of federal aid.
“There’s obviously a lot of uncertainty about any job estimates, and I suspect the true effects of the act will not be fully analyzed or fully appreciated for many years,” she said, adding that outside experts and the Congressional Budget Office agreed that the stimulus had had a “significant, beneficial impact on employment and output over the past year.”
I'm sorry but this is blatant deception. Blatant.