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Democrat economists: “stimulus” cost $278,000 per job

Obama Unemployment Stimulus Graph
Obama Unemployment Stimulus Graph

From the Weekly Standard.

Excerpt:

When the Obama administration releases a report on the Friday before a long weekend, it’s clearly not trying to draw attention to the report’s contents. Sure enough, the “Seventh Quarterly Report” on the economic impact of the “stimulus,” released on Friday, July 1, provides further evidence that President Obama’s economic “stimulus” did very little, if anything, to stimulate the economy, and a whole lot to stimulate the debt.

The report was written by the White House’s Council of Economic Advisors, a group of three economists who were all handpicked by Obama, and it chronicles the alleged success of the “stimulus” in adding or saving jobs. The council reports that, using “mainstream estimates of economic multipliers for the effects of fiscal stimulus” (which it describes as a “natural way to estimate the effects of” the legislation), the “stimulus” has added or saved just under 2.4 million jobs — whether private or public — at a cost (to date) of $666 billion. That’s a cost to taxpayers of $278,000 per job.

In other words, the government could simply have cut a $100,000 check to everyone whose employment was allegedly made possible by the “stimulus,” and taxpayers would have come out $427 billion ahead.

Furthermore, the council reports that, as of two quarters ago, the “stimulus” had added or saved just under 2.7 million jobs — or 288,000 more than it has now.  In other words, over the past six months, the economy would have added or saved more jobs without the “stimulus” than it has with it. In comparison to how things would otherwise have been, the “stimulus” has been working in reverse over the past six months, causing the economy to shed jobs.

Again, this is the verdict of Obama’s own Council of Economic Advisors, which is about as much of a home-field ruling as anyone could ever ask for. In truth, it’s quite possible that by borrowing an amount greater than the regular defense budget or the annual cost of Medicare, and then spending it mostly on Democratic constituencies rather than in a manner genuinely designed to stimulate the economy, Obama’s “stimulus” has actually undermined the economy’s recovery — while leaving us (thus far) $666 billion deeper in debt.

Imagine what a report would say that wasn’t written by Obama’s own economists.

Obama spent $80 billion dollars on green jobs so where are the jobs?

Government Spending Vs Jobs
Government Spending Vs Jobs

From left-wing Politico, an evaluation of Barack Obama’s green jobs stimulus spending.

Excerpt:

President Barack Obama heads to an energy plant in North Carolina on Monday to talk once again about the job-creating power of a green economy.

The catch? Nearly three years into Obama’s presidency, the White House can’t point to much solid evidence that significant numbers of Americans are scoring the green jobs the president has been touting.

Monthly Labor Department employment reports say nothing about the new clean energy workforce, while an effort to document how many Americans actually make a living in the “green collar” field may not be done by November 2012.

Obama’s Council of Economic Advisers suggests 225,000 clean energy jobs were either created or preserved through the third quarter of 2010 thanks to more than $80 billion in the economic stimulus package. But those are estimates at best.

White House officials say asking about the connection between the 9.1 percent unemployment rate and the administration’s concerted green jobs campaign is the wrong question.

And we should not have tried this, because Spain tried spending money on green jobs and it raised unemployment.

Excerpt:

Pajamas Media has received a leaked internal assessment produced by Spain’s Zapatero administration. The assessment confirms the key charges previously made by non-governmental Spanish experts in a damning report exposing the catastrophic economic failure of Spain’s “green economy” initiatives.

[…]Unsurprisingly for a governmental take on a flagship program, the report takes pains to minimize the extent of the economic harm. Yet despite the soft-pedaling, the document reveals exactly why electricity rates “necessarily skyrocketed” in Spain, as did the public debt needed to underwrite the disaster. This internal assessment preceded the Zapatero administration’s recent acknowledgement that the “green economy” stunt must be abandoned, lest the experiment risk Spain becoming Greece.

The government report does not expressly confirm the highest-profile finding of the non-governmental report: that Spain’s “green economy” program cost the country 2.2 jobs for every job “created” by the state. However, the figures published in the government document indicate they arrived at a job-loss number even worse than the 2.2 figure from the independent study.

Green jobs programs don’t work. They haven’t worked anywhere.

Does Obama look around the world and evaluate what policies work and what policies don’t work? Or does he just decide how to spend private sector money based on what makes him feel good, and what makes him look good? Is that what being President is about? Wasting tons of taxpayer money and bankrupting the country so that you can feel good about yourself because people think you are doing something good?

Democrats want MORE wasteful stimulus spending and HIGHER taxes

The Hill reports that some Democrats want to waste even more money on “stimulus” wealth redistribution. (H/T Marathon Pundit)

Excerpt:

Senior Senate Democrats are growing frustrated by what they see as President Obama’s passivity on the economy, and are beginning to discuss a large infrastructure package funded by tax increases.

Some Democrats, such as Iowa Sen. Tom Harkin, who serves as chairman of the Health, Education, Labor and Pensions Committee, think such a package could lower the unemployment rate by as much as two percentage points.

[…]“I am concerned about the Obama administration’s approach on this,” Harkin said. “It always has been about jobs. I think the administration kind of got snookered talking about the deficit and the debt after the last election.

“The last election was about jobs and the economy, and now we’re in a position where we really do need some economic pump-priming by the federal government,” he said.

Sen. Jay Rockefeller (D-W.Va.), chairman of the Senate Commerce Committee, endorsed Harkin’s argument for more infrastructure spending, and said it is gaining support in the broader caucus.

“There’s very broad support,” Rockefeller said. “There’s no other way to get at this problem.”

Rockefeller said a spending package was discussed at several meetings Wednesday and that there’s a recognition Democrats need to be tougher in negotiations with Republicans.

“We have to be much more aggressive about all this, because as soon as they say ‘We’re not going to do that,’ as they’ve been saying for so long about so many things, you just kind of say ‘oh.’ We’ve got to stop saying ‘oh,’ ” he said, referring to the hard line Republicans have taken for Medicare cuts and against tax increases.

Even centrists like Senate Budget Committee Chairman Kent Conrad (D-N.D.) say a major infrastructure package funded by tax revenue-generating measures is what’s needed to strengthen the economy.

Here’s how well the stimulus spending has been working so far to create jobs:

Obama Unemployment Stimulus Graph
Obama Unemployment Stimulus Graph

And more:

Government Spending Vs Jobs

It’s not working! And they want more of this.