CBO: Porkulus Created/Saved Possibly 1.1 Million Jobs +/- 500,000 Jobs
Posted by Jim Hoft on Tuesday, December 1, 2009, 12:13 PM
Your Government at Work—
A new CBO report claims that the Obama-Pelosi $787 billion Stimulus (Porkulus) Bill saved or created possibly 1.1 million jobs give or take 500,000 jobs either way.
It’s an exact science, you know.
The US unemployment spiked from 7.6% to 10.2% this year under Obama… the highest rate in 26 years.
Chart from the Bureau of Labor Statistics- via Sweetness and Light
Obama promised his stimulus plan would create 3.7 million new jobs.
Instead America has lost 3.6 million jobs.
The Wall Street Journal reported:
The Congressional Budget Office late Monday said it estimates that the federal stimulus package sustained between 600,000 and 1.6 million jobs in the third quarter, and raised gross domestic product by 1.2 to 3.2 percentage points higher than it would have been without the program.
The CBO said the figures were estimates made “using evidence about how previous similar policies have affected the economy and various mathematical models that represent the workings of the economy.”
CBO Director Douglas Elmendorf, in a blog post, said stimulus recipients have reported that about 640,000 jobs “were created or retained” with stimulus funding through Sept. 30. “However, such reports do not provide a comprehensive estimate of the law’s impact on employment in the United States. That impact may be higher or lower than the reported number for several reasons (in addition to any issues about the quality of the data in the reports),” Mr. Elmendorf wrote. The CBO is required to comment on the figures released by stimulus recipients.
The White House has recently touted the figure of 640,000 jobs tied to stimulus spending, based on the reports from grant recipients, as evidence that the package is effective. But questions about the accuracy of the reports underpinning that figure have prompted criticism by members of Congress from both parties. Republicans have said the $787 billion package of tax cuts and spending hasn’t stopped unemployment from rising to 10.2%. Some Democrats have expressed frustration with the apparent inaccuracies in the job count.
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Magnum commented:
“using evidence about how previous similar policies have affected the economy and various mathematical models that represent the workings of the economy.”
LOL
Same bunk science that predicts the stock market.
Equivalent to a monkey throwing darts at a pie chart.
That’s a hell of a +/- and I’d be damned if they could match any actual jobs sustained or created to the 600k – 1.6M in this estimate. Give me a break.
Bobbi commented:
what B.S.
wanumba commented:
Looks a hell of a lot like that “hockey stick” warming temperatures graph .. which was hard-coded to produce the flaming rise no matter WHAT was entered in as data.
AuntieMadder commented:
Porkulus Created/Saved Possibly 1.1 Million Jobs +/- 500,000 Jobs and the CBO has a hockey stick graph to prove it.
Incidentally, when the estimate is 1.1 million, isn’t half a million an awful lot of leeway for error? Talk about a CYA at the CBO.
AuntieMadder commented:
Wanumba, dammit!, you beat me to it!
averagemelon commented:
Liar, liar, pants on fire. There are no jobs for anyone around me for over 100 miles unless someone dies while at work.
JollyR commented:
Their creating jobs allright—- All in CHINA!!!
How about all those Wind Turbines they want to use to go green for energy, 95% of the jobs to be created to build those turbines are going to a company in CHINA. Sorry my bad, were not supposed to let the American public know these dirty little details.. Dumb and Dumber are running our country.
Robert commented:
Another thing, what percentage of those jobs are government jobs? A new (or “saved”) government job today is paid for with borrowed money and does not add to national productivity.
That significant portion of this cooked statistic just adds to the smoke and mirrors.
wanumba commented:
AuntieMadder
December 1st, 2009 | 2:06 pm | #6
Wanumba, dammit!, you beat me to it!
…………
Ha!
Gotta be fast to play with hockey sticks!
MaxTruth commented:
Here’s my math.
If 3.7 million jobs were supposed to be created or saved and we lost 3.6 million jobs, then Porkulus only created .1 million jobs.
AuntieMadder commented:
wanumba
December 1st, 2009 | 3:14 pm | #11
LOL!
BertoGem commented:
In other words, each job created or saved cost between $655,833 and 1,311,667. Such a deal!
Jo commented:
OK, So Bozo’s plan is lay-off much of the US work-force, then by no money; well they get sick. Then impliment BozoDeath Clinics to finish them off; and at the same time claim it was all Bush’s fault, and the evil republican — and bow to world dictators, claiming that the Freedom loving patriots are the anti-christs and then user in strict communism and total control by the wacko left. So is that the game plan?
Scrapiron commented:
I saved $25 on a case of booze and went $20,000 in debt the same week. Where can I learn some more fuzzy math? Do I have to put a president O’Dumbo sticker on my truck to prove I’m stupid?
Freddy commented:
The CBO attribues 3.2% of 3rd qtr growth as stimulus generated.
This means that the stimulus package kept the 3rd quarter, which had 2.7% growth, from being another quarter of negative growth.
So at the end of the day, good old Rush’s claim that there was NO private sector growth in the 3rd qtr was accurate.
spayandneuter commented:
You’d think with all the money being thrown around by Congress that they would at least get themselves some calculators!
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CoolCzech commented:
Why…
It looks just like the Global Warming Hockey Stick Graph!
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