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December 6, 2010

SF Federal Reserve study: Net job impact of stimulus ... zero

Topics: Political News and commentaries

A study by Daniel J. Wilson of the San Francisco Federal Reserve Bank, suggests what conservatives have been saying all along is absolutely right ... that there has been no net job creation from Obama's stimulus (emphasis added):

... the $814 billion stimulus bill passed in February, 2009, was zero by August 2010. In the first year, the stimulus "saved or created" 2 million jobs (not 4 million as repeatedly claimed by the Administration), but this number proved to be short lived, paying for temporary jobs, at a very high cost of $400,000 per job "saved or created."

By August, 2010, the impact of the stimulus on net job creation had disappeared. This is an astounding result, which destroys the Paul Krugman argument that the economy would be so much better right now, if only Congress had approved much more spending in February 2009. Double the initial spending, double the number of temporary jobs, with likely the same net result by this point in time, or a trivial number of "permanent jobs created . In fact, the unemployment rate is at a substantially higher percentage rate today at 9.8% than when the stimulus bill was passed.

Read more ...

In other words, Barack Obama and the Democrats in Congress caused the American taxpayers to spend over 800 billion dollars for nothing, zippo, nada. Krugman can spin all he wants, but no matter how much lipstick he, Obama, and the Dems put on the pig named stimulus ... it's still a pig ... and not worth the time, effort, or cost.

Posted by Richard at December 6, 2010 10:34 AM



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