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October 31, 2009

About those 'jobs saved'

Topics: Political News and commentaries

Most of those "jobs saved" were government jobs.

Apparently, as STACLU aptly calls it, the Generational Theft Act simply mortgaged the future of our children and grandchildren to transfer money to the States to keep government employees from losing their jobs, while mostly ignoring the private sector (where jobs are actually created).

For the benefit of the uninformed (are you liberals listening?), government spending of debt money does not result in any net creation of jobs, it merely confiscates wealth from private citizens and forces them to pay for centrally-planned jobs that the real economy doesn't need. The pseudo-Keynesian theory that the liberals subscribe to sounds good, and it would be nice if it made sense, but as the Cato Institute (and others) have pointed out, it has a glaring logical fallacy:

[...] It overlooks the fact that, in the real world, government can't inject money into the economy without first taking money out of the economy. More specifically, the theory only looks at one-half of the equation -- the part where government puts money in the economy's right pocket. But where does the government get that money? It borrows it, which means it comes out of the economy's left pocket. There is no increase in what Keynesians refer to as aggregate demand. Keynesianism doesn't boost national income, it merely redistributes it. The pie is sliced differently, but it's not any bigger.

[...] Unfortunately, no matter how the issue is analyzed, there is virtually no support for the notion that government spending creates jobs. Indeed, the more relevant consideration is the degree to which bigger government destroys jobs. Both the theoretical and empirical evidence argues against the notion that big government boosts job creation.

Since we all know that the real goal of Barack Obama and the liberal Democrats in Congress is to do nothing less than "redistribute the wealth" (after all - Obama has already told us that - remember what he told Joe the Plumber?), in their minds the stimulus has been a success even though in fact few, if any, jobs were actually "created." However, imagination and illusion doesn't make it reality.

Posted by Abdul at October 31, 2009 9:04 AM

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