The cost of payback, using GAAP
This is what comes from an effort to divert market energy into central planning schemes designed to reward Democratic constituencies.
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.
Bring the soldiers home; cut DoD in half; restore tax rates to pre-Bush levels provided the money goes to debt reduction and cut spending dollar for dollar for every tax dollar raised. eliminate home interest mortgage deduction. Eliminate the fed. Get Goldman Sachs out of the Treasury
- Obama’s Economists: Each Job ‘Saved or Created’ by the Stimulus Cost $278,000 (So Far) (kajunman.wordpress.com)
- Obama’s Economists: ‘Stimulus’ Has Cost $278,000 per Job (treeofmamre.wordpress.com)
- Obamanomics Quote(s) of the Day (bokertov.typepad.com)
- Stimulus = $278,000 per job…sound like a good deal to you? (michaeldouglasjohnson.com)
- Inside the 2009 Stimulus Package (turbotax.intuit.com)
- Stimulus to Nowhere – Reason Magazine (yzerfonteinchronicles.blogspot.com)
- Obama’s Economic Stimulus Plan Mapped Out (creditloan.com)