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Obama’s Economists: ‘Stimulus’ Has Cost $278,000 per Job

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.



Full article at http://www.weeklystandard.com/blogs/obama-s-economists-stimulus-has-cost-278000-job_576014.html

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The report was written by the White House’s Council of Economic Advisors, a group of three economists who were all handpicked by Obama...

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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.

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ORIGINAL: mnottertail

1/3 of the stimulus was tax cuts or breaks.

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ORIGINAL: Musicmystery

For those interested, here's an interactive map...

http://www.recovery.gov/Pages/default.aspx

Scroll down, and move the mouse for state data. Click on the map for details, including zooming in by project and location.

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ORIGINAL: Musicmystery

Pity you aren't interested in research.

As for the map, we'll count out you out of "for those interested."

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ORIGINAL: tazzygirl

The CEA employment estimates based on the projection approach, in contrast, are above
the range of most other estimates for the past three quarters. This difference reflects two facts.
First, the other estimates are largely based on economic models similar to that used in the CEA’s
model approach. Second, the turnaround of employment has been faster than one would have
expected given the behavior of the economy before the passage of the Recovery Act and
standard estimates of the effects of stimulus. Thus, an approach that takes into account the actual
behavior of employment tends to yield higher estimates than ones that rely on a historical
multiplier approach. Furthermore, as noted above, a projection approach will include the effects
of additional policies passed since the Recovery Act and thus is likely to continue to diverge
from model based estimates over time.

In light of the actual behavior of GDP, the estimates in Table 7 suggest that most
forecasters believe that, in the absence of the Act, GDP would have declined sharply in 2009:Q2
and continued to decline in 2009:Q3, and that growth would have been considerably weaker in
subsequent quarters than it actually was. Likewise, the estimates in Table 8 imply that most
forecasters believe that jobs losses would have moderated much more slowly than they actually
did over the course of 2009, and that substantial job losses would have continued into 2010.


IV. CONCLUSION
This report continues the Council of Economic Advisers’ assessment of the economic
impact of the American Recovery and Reinvestment Act and the response of the economy as of
the first quarter of 2011.

The analysis indicates that the Recovery Act has played a significant role in the
turnaround of the economy that has occurred over the past two years. Real GDP reached its low
point in the second quarter of 2009 and has been growing solidly since then, in large part because
of the tax cuts and spending increases included in the Act. Employment, after falling
dramatically, began to grow again on a sustained basis through 2010. As of the first quarter of
2011, the report estimates that the Recovery Act raised employment by 2.4 to 3.6 million jobs
relative to what it otherwise would have been.

As discussed in previous ARRA reports, measuring the impact of policy on growth and
employment is inherently difficult because no one can observe directly what would have
occurred without the policy. But multiple methodologies and multiple sources point to similar
estimates of ARRA’s impact on the economy.

http://www.whitehouse.gov/sites/default/files/cea_7th_arra_report.pdf

That is what the actual report says.