White House Claims Stimulus "Created or Saved" 2 Million Jobs – Up 900,000 From December's Total
Posted by Jim Hoft on Wednesday, January 13, 2010, 4:45 AM
Will these clowns ever stop?
The White House today released their report claiming the failed stimulus created or saved 2 million jobs.
This is up 900,00 jobs from last month’s estimates.
Do you believe this garbage?
In the real world, the economy lost 85,000 jobs last month and the unemployment rate is stuck at 10%.
In the real world, 40% of the unemployed, or 4% of the workforce, a record number of people, or 6.1 million, are now unemployed for over 27 weeks. In November this number was 5.9 million, and a year ago it was a meager 2.5 million.
Nice work, Barack.
The AP reported:
President Barack Obama is trumpeting a new White House estimate that his top economist calls “stunning”: His stimulus plan has already created or saved up to 2 million jobs.
The analysis is part of the administration’s quarterly report to Congress on the controversial $787 billion package of spending and tax cuts he signed weeks after taking office.
Obama planned to highlight the report Wednesday during a visit to a Lanham, Md., training center for union electricians that specializes in “green” technology.
Republicans have denounced the stimulus plan as an expensive flop, pointing to a national unemployment rate stuck at 10 percent and December figures showing the economy shed 85,000 more jobs.
But the report from the President’s Council of Economic Advisers said the economy is a lot better off than it would have been without the stimulus. Citing its own analysis plus a range of private sector summaries, the council estimated the annual growth rate last year would have been roughly 2 percentage points lower, and there would have been 1.5 million to 2 million fewer jobs.
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Published February 8, 2012 at 8:42 pm - 82 Comments
RedBeard commented:
For background, see:
STRAWS, GRASPING AT
Comrade Terry commented:
Just another shovelful of manure added to the pile.
Freddy commented:
Soon, all jobs will be a part the stimulus count!
JPL17 commented:
From the same AP report:
However, the administration’s method of counting jobs has been controversial, and starting with fourth-quarter figures, it’s adopting a new one — giving up trying to determine if a job has been created or saved, and reporting only that it’s funded by the stimulus. The change was ordered quietly last month in a memo to federal agencies.
If I understand this part of the AP report correctly, this means the government is now simply assuming that money given out to organizations was spent to save or create a job, instead of simply extending someone’s employment for a few weeks, giving raises to existing employees, paying last month’s rent, or some other non-job-creating expense.
This appears to be a massive FRAUD.
I hope honest economists take a close look at this methodology, and if it is in fact a scam, that they loudly point out that we’re being led down the garden path by a President OBAMADOFF.
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JPL17 commented:
STRAWS, GRASPING AT
Hey Red — Ankle Biting Pundits, circa 2004? If so, great running into you again!
JimmyD commented:
I’m sorry folks, but I’ve just given up believing anything this administration says. There were several things that the Bush Administration did that I felt were wrong – but Obama’s Administration seems to be pathologically psychotic. These people, IMO, are malevolently corrupt and dangerous.
jorgen commented:
Are they insane or do they think we are?
BigAlSouth commented:
Remember: Those who have run out of benefits and are still unemployed ARE NOT COUNTED AS UNEMPLOYED. Everyone, other than Obama Administration apologists and spinners, know that this period of unemployment is UNPRECEDENTED in the post depression era.
Alas and alack, dear readers, everything that this administration does is unprecedented.
President Obama commented:
All of you are racists.
Andreas K. commented:
So the price for those 2,000,000 jobs was destroying the financial household and an unemployment rate of 10%.
Now, if he’d create 4,000,000 jobs, parts of the country would actually belong to China and the unemployment rate would go to 20%?
Because that’s the pattern I see there.
Good Lt. commented:
The White House “accounting” for it’s failed “stimulus” makes Enron’s book-cooking and Bernie Madoff’s ponzi schemes look ethical and benign by comparison.
squeaky commented:
the empty store fronts being a figment of our
imagination…….
jomojava commented:
Next quarter, they’ll tweak the methodology and take credit for saving every job in the country.
squeaky commented:
“training center for union electricians that specializes in “green” technology.” how many training centers are there that are turning out people by the droves into an economy without the jobs. the only secure jobs would be the trainers. during good times people would put their time into training/education only to find that the job numbers wouldn’t accommodate all the graduates. the job numbers will be public sector…….
Corporal Vere commented:
This statistical method also is used by Zimbabwe President-For-Life Mugabe. It works well in Venezuela.
See:
Chavez rings in 2010 by state rationing electricity.
Obama has huge support from the poor – that’s why he’s making more poor people!
Seems Venezuelans love Chávez’s nanny state, and his public relations gimmicks – beating up oppositon politicians. Revista Veja shows, things are a lot worse since Chávez took power:
Before Chávez Now
People below poverty level—43%————54%
Unemployment—————–11%————16%
Income per capita———–$4,650——–$4,190
Number of industries— —-11,000———5,000
Foreign investment——-$2 billion——$1 billion
Inflation————————11%————17%
Public debt————$27.5 billion—$44.8 billion
BTW: Michelle’s (Spiritual Leader of the Nation) lovely face will grace the $1,000,000,000,000,000 bill.
You who oppose the One Big Arse Mistake America are racists.
LytnUp commented:
Good news from the administration:
People are enjoying the highest level of free time in years!
Schools are producing an overflow of qualified workers!
Your chocolate ration is about to be increased!
Is this any indication on what kind of grader he was as a professor?
Melvin Winter commented:
Related parody: Obama Administration Rocked by Congressional Testimony of Three Year-Old Girl http://optoons.blogspot.com/2010/01/obama-administration-rocked-by.html
Militant Conservative commented:
Dear President Obama,
We here at GP did not inject race, you did. We judge people by thier actions and the results of those actions. Content of caracter not light skined with no negro accent. OH Harry reid said that. I know your one of two groups a guilty white liberal or a racist black person. I care not, Obama is a socialist and I knew this before the election. His administration has all three houses in sufficent number to pass anything. The Left is showing us who they really are and AMERICA in general is condemning them and thier socialist agenda. Go cry somewhere else, real americans do what is right for the country not themselves or their party.
Militant Conservative commented:
jorgen, no the President is not nuts or Ignorant this is being done by design. That’s even worse.
Flyover Sam commented:
“Saved or created” is in essence an off balance sheet “special purpose entity.” It is used to transfer employment losses to another category using absolutely prohibited financial trickery, and then through that transfer, is relabeled as a financial gain.
This is precisely what Enron did. Look up “special purpose entity” on Wikipedia: an entity created to hide (job) losses and fabricate (job) earnings. (emphasis mine)
Were the USFG under its own Sarbanes-Oxley regulation, Obama would be headed to jail, along with his VP, Geithner, and much of his administration. These are criminal accounting methods and his cabinet is well aware of it – particularly Geithner. Were it not for a Congress implicated in the greatest crimes against the nation, we’d almost certainly have the grounds for impeachment and imprisonment of an entire administration.
Does this regulation matter? Given that the whole public sector is carrying out this ponzi scheme while raiding and sucking the private sector dry, yes. And given Obama and Geithner are using it to create the greatest bubble ever (in Treasuries), which is now being proposed to be propped up by converting your IRA and 401K and forcing you invest it solely in Treasuries? You ain’t seen a bubble pop like this one will. It’ll bury the United States and the global commerce system for at least a few hundred years and subject this nation to a defenseless border and unrestrained tyranny.
bill-tb commented:
HAve you checked out the new Communist of Venezuela? They are in lie about everything mode as they are now facing total collapse.
Americans appear much smarter. AT least half of them do.
timajin commented:
SNL needs to bring back John Lovitt for an on-going run through O’doofus’ term.
I created….
Two….Miiiiilllllliiiiion….Jobs….
Yeah…..Two…..Million….Jobs…
…That’s the ticket!
Tom63010 commented:
I wonder if any of these idiots uses a checking account?
jim from cleveland commented:
I don’t call him The Blowhard for nothing.
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