On Friday, righ before the long Fourth of July weekend, the White house released a report on the results of the Stimulus Package. Releasing it on Friday assured minimal coverage. Wonder why?
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”, 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.
Now just think for one minute. We all know about the huge growth of government jobs created by the "stimulus". Those jobs not only cost $278,000 per tax-payer, but since these are government jobs, what is the actual and real cost of these jobs? Their future salaries and benefits, which are quite handsome, are also paid for by tax-payers. And how do these government jobs contribute to the actual economy? What do they create/make? How do they impact GDP?
Bottom line: This administration has created/saved jobs that will be an even bigger drag on the US economy.